iScore ICICI - impact on pre-approved offers and credit & loan Limits

[SSV]

iScore by ICICI

This discussion is to understand what is an iScore by ICICI which appears in iMobile App under " Discove" tab for SB account holders
its impact on pre-approved offers and their limits..​

What is iScore?

iScore is an internal/proprietary score score provided by ICICI Bank to its customers, on the basis of their transactions in the physical and digital world.
Before we go on to the details of how it is calculated , let us see its uses from customer perspective based on my observations:

1) iScore - its impact on Credit card pre approved offers
( Very minor role as of now, but could play a considerable role in future)..

iScore is not playing a siginificatnt role in triggering pre-approved credit card offers yet.. but in future it may be considered with some greate importance depending upon how ICICI wants to take this forward ..
I found only one instance where low iScore had resulted in no pre-approved offers for a customer.. ..in the following case..
complete details are here in this thread..

What it essentially means, iScore is playing some part in triggering pre-approved CC offers , albiet a very minor role as of now..

pre approved offer

So do u guys know how do i get pre-approved offer in hdfc. My situation right now is: 1) I have an fd backed icici instant platinum credit card with 45k limit 2)I am 19 yrs old 3)civil of 760, Experian of 764 the issue here is my age as I believe no bank gives card to under 21. So I don't have...

www.technofino.in

2) Significant role in Crdit limits on products like Credit card, Home Loan, Personal Loan , Auto loan etc.

This is where the plot thickens.. I have found quite a significant co-relation between iScore and limits offered on various Credit / Loan products ..
The higher the iScore the higher the limits offered.....

3) Essentially iScore is useful for limits offered on differnt pre-approved loans largely and to credit card limits to some extent ...


Now.. We will go into the academics of iScore,
What is an iScore, how it is built, how to improve, what are the different slabs, etc..
Here I am providing allt he screenshots of these FAQ's taken directly from iMobile App...
It is quite easy to understand...

Some basic details of iSocre..

1) This is available under " Discover " tab in iMobile app.
2) The customer had to hold a SB account to see thid option
3) In the first screen it will show your score..
4) You will find a button there to find out " how to improve your iScore?" .. these options are customized according to the cutomer's current profile..
Basically they want us to use thier different ICICI products..

Tip: Try to use as many products as possible with the least amount of cashoutflow.. the trick is we need to use different prodcuts offerd by ICICI and make sure they are not forced spending on our part. and still try to cover maxmium products with least amuont of outflow..
for eg. regularly we can use some token pre-paid recharge ( load Rs10 into mobile's main balance), a few payments thru QR scan etc...
This way I kept my iScore at 90 at one point of time...
Like this you can find your own spend types..


You can find your iScore( for SBA holders) under " Discover " in iMobile App..
Scroll down to the bottom in the " Discover" tab.












Now FAQ's part














My Old iScore Screeshot: found in this thread..

ICICI MOBILE iscore

Anyone using ICICI 10k account or zero amb account. How to increase I score .any suggestions

www.technofino.in

My Pre-approved credit limits offered on different loans based on my

1) 24L income recorded as per ICICI records
2) current iScore of 80, ( before 90)

1. Home Loan : 95L
2. Auto Loan : 50L
3. Two Wheeler Loan: 4.10 L
4.Loan against Property : 80L
5. Loan against comeercial property: 80L










Now, Let us do some collobarative research on this topic to establish some facts based on my above observations...
Share your profile, iScore, your pre approved offers, its limits etc.. your expereince and observations ..

I believe , this will definitely help in understanding how ICICI triggers its pre-approved offers and limits going into the future...

Imprtant Note: If you have very high income (ITR) and a very good CIBIL, and have availed decent amount of credit products from ICICI, then iScore's role is negligible in your pre-approved Credit card offers.. Actually some of these factors will contirbute to the high iScore itself and there by good offers...

 

[Infamous]

Y E S

They need to being it back lol, but looks unlikely

 

[Tejo]

you can check this specific info in Experian as well.. there they will classify the loan type as well..

Get fresh cibil experian report and check

If the overdraft in experian marked with collateral amount

Then experian treats as secured only

Because experian showed the current balance (not used amount of OD) as secured balance so the ac is secured .... check in summary of the report.

So third parties are not Analysing properly the secured or unsecured in default they consider few account types(like secured cc, secured loan, loan against securities) as secured and remaining all as unsecured.

 

[mayank_i]

In case you are referring to my comment,
I increased SIPs as part of portfolio update.
I was not aware of this score until yesterday.
And Yes, all are direct MFs 😀.

How to identify it as direct or regular? It's just written ICICI Pru Commodities-IDCW.

Also do ICICI charges while redeeming or any other charges as I have shifted some funds from Groww app to ICICI app?

 

[panchabhut]

This is what mine looks like. Dont know what it implies. The main salary acct is 24 yr old. Main CC is 22 yr old and amz CC is 7 yrs old. Got 1 home loan since 2011 and another since last yr.

 

[SSV]

This is what mine looks like. Dont know what it implies. The main salary acct is 24 yr old. Main CC is 22 yr old and amz CC is 7 yrs old. Got 1 home loan since 2011 and another since last yr.
View attachment 58478

Almost perfect score... 👏

This means:
1Generous pre-appoved offer limits
2) Easy approval process with no / minimum docuementation etc..

 

[Rahul Gupta]

This is what mine looks like. Dont know what it implies. The main salary acct is 24 yr old. Main CC is 22 yr old and amz CC is 7 yrs old. Got 1 home loan since 2011 and another since last yr.
View attachment 58478

Whats your apay credit limit boss?

 

[panchabhut]

Whats your apay credit limit boss?

8.5 L. But I keep it reduced to 2.5 L.

 

[hks789]

How to identify it as direct or regular? It's just written ICICI Pru Commodities-IDCW.

Also do ICICI charges while redeeming or any other charges as I have shifted some funds from Groww app to ICICI app?

If you are using icici app for mutual funds they are Regular funds.
You can check them by login into mfcentral website.

MFCentral

www.mfcentral.com

Regular funds have a higher expense ratio compared to the same direct fund.
So the actual returns will be low compared to the direct counterpart.

Direct vs Regular Mutual Fund - Which is Better?

Learn about the difference between direct and regular mutual fund and check reasons Why Direct Funds Will Make You Wealthier compared to regular funds.

groww.in

 

[mayank_i]

If you are using icici app for mutual funds they are Regular funds.
You can check them by login into mfcentral website.

MFCentral

www.mfcentral.com

Regular funds have a higher expense ratio compared to the same direct fund.
So the actual returns will be low compared to the direct counterpart.

Direct vs Regular Mutual Fund - Which is Better?

Learn about the difference between direct and regular mutual fund and check reasons Why Direct Funds Will Make You Wealthier compared to regular funds.

groww.in

So how to get direct funds from ICICI?

 

[hks789]

So how to get direct funds from ICICI?

You can use Groww or similar brokers with Direct funds.
The fund name will have "Direct" key word.
Like

ICICI Prudential Commodities Fund Direct-Growth​

 

[mayank_i]

You can use Groww or similar brokers with Direct funds.
The fund name will have "Direct" key word.
Like

ICICI Prudential Commodities Fund Direct-Growth​

Okay that means I have to switch back to Groww.

BTW.. @hks789 mentioned that he did SIP in direct MFs here

 

[Wealth is my birth right!]

So how to get direct funds from ICICI?

Try this it should work

MFCentral

Web site created using create-react-app

app.mfcentral.com

 

[hks789]

Okay that means I have to switch back to Groww.

BTW.. @hks789 mentioned that he did SIP in direct MFs here

I do. I use Groww and my primary bank acc is ICICI in groww.

 

[mayank_i]

Try this it should work

MFCentral

Web site created using create-react-app

app.mfcentral.com

Yeah, I got this.
My question was whether we should not invest in MFs from any bank app or net banking as they are regular plans instead of from brokers or AMC.

So is there any way any banks know that we have invested in their direct plan?

 

[mayank_i]

I do. I use Groww and my primary bank acc is ICICI in groww.

I do the same, but someone recommended me to do some investment in MFs from bank app ( any bank )

 

[Wealth is my birth right!]

Yeah, I got this.
My question was whether we should not invest in MFs from any bank app or net banking as they are regular plans instead of from brokers or AMC.

So is there any way any banks know that we have invested in their direct plan?

Pan is the core for this financial institutions they can fetch all across the available investment in market

 

[hks789]

Yeah, I got this.
My question was whether we should not invest in MFs from any bank app or net banking as they are regular plans instead of from brokers or AMC.

So is there any way any banks know that we have invested in their direct plan?

You cannot increase TRV or NRV with banks through direct funds afaik.
If thats what you are after.
They are not getting any commission from you.

 

[hitirfan]

Will I get any pre-approved offer on iMobile app for using HDFC bank UPI. I don't have account in ICICI.

I recently installed the app my iScore is 65.

 

[mayank_i]

You cannot increase TRV or NRV with banks through direct funds afaik.
If thats what you are after.
They are not getting any commission from you.

Thanks for the advice. I was just trying to diversify and not keep all investments in a single app.

 

[SSV]

Will I get any pre-approved offer on iMobile app for using HDFC bank UPI. I don't have account in ICICI.

I recently installed the app my iScore is 65.

so , you have icici sb accountonly, but no crdiet card right??
what is your cibil? what other cards do you have?
salaried/ self employed/ or no ITR?