Reason for the Drop in CIBIL Score

[suhailmz]

Hi All,
My CIBIL just dropped from 774 to 764.
Changes I can see is that I added an Amex card, which has been just reported to CIBIL today. I had simulated the score before applying for new cards & as per it, my score shouldn’t have dropped.
Upgraded my ICICI Credit card, closed the old one. But it still doesn’t reflect as closed in the report!
My credit utilisation went from 4% to 6%, which I don’t think will result in the drop.

Can someone help me understand what could be the actual reason for the drop?

 

[V360V360 is verified member.]

Hi All,
My CIBIL just dropped from 774 to 764.
Changes I can see is that I added an Amex card, which has been just reported to CIBIL today. I had simulated the score before applying for new cards & as per it, my score shouldn’t have dropped.
Upgraded my ICICI Credit card, closed the old one. But it still doesn’t reflect as closed in the report!
My credit utilisation went from 4% to 6%, which I don’t think will result in the drop.

Can someone help me understand what could be the actual reason for the drop?

Its a mystery - no-one can predict how CIBIL's algorithm works. Check out how it spans out in your next refresh.

 

[purush]

my ICICI Credit card, closed the old one. But it still doesn’t reflect as clos

closed card might not reflect immediately in the CIBIL report , that might be the cause.

 

[suhailmz]

Its a mystery - no-one can predict how CIBIL's algorithm works. Check out how it spans out in your next refresh.

Yeah, let’s wait and see