What should I do to maintain my credit score after a significant hit?

[n00b]

Hi,
I'm new to credit cards and have a secured OneCard (SBM bank, Rs. 5,000 limit) just to maintain my credit score up. Also, Lazypay, which helped me in starting my credit score.

But I became greedy a month ago (you could say) and attempted to apply for SBI CC at an IRCTC KIOSK. There was a server issue, so the agent reapplied it several times (I asked if it would affect my credit score, and he said not to worry).

So, SBI made four inquiries, lowering my CIBIL score from 746 to 724. (I tried to track my applications, but they show pending status; they were most likely declined.) I have appealed to the Nodal Officer citing server issue, but it won't help certainly.

Anyway, I recently got Amazon ICICI CC, so I think that will suffice for the time being.

I am willing to forget the CIBIL hit and start building my score again but I have few queries -
1. Should I close OneCard? (Use it for small transactions)
2. Should I close Lazypay? (Don't use it anymore)
3. Any other thing I should keep in mind?

Thanks

 

[yolofino]

Hi,
I'm new to credit cards and have a secured OneCard (SBM bank, Rs. 5,000 limit) just to maintain my credit score up. Also, Lazypay, which helped me in starting my credit score.

But I became greedy a month ago (you could say) and attempted to apply for SBI CC at an IRCTC KIOSK. There was a server issue, so the agent reapplied it several times (I asked if it would affect my credit score, and he said not to worry).

So, SBI made four inquiries, lowering my CIBIL score from 746 to 724. (I tried to track my applications, but they show pending status; they were most likely declined.) I have appealed to the Nodal Officer citing server issue, but it won't help certainly.

Anyway, I recently got Amazon ICICI CC, so I think that will suffice for the time being.

I am willing to forget the CIBIL hit and start building my score again but I have few queries -
1. Should I close OneCard? (Use it for small transactions)
2. Should I close Lazypay? (Don't use it anymore)
3. Any other thing I should keep in mind?

Thanks

Don't close your oldest credit card.

Keep utilisation below 30% of your credit limit.

Repay in full, always.

 

[Wealth is my birth right!]

Hi,
I'm new to credit cards and have a secured OneCard (SBM bank, Rs. 5,000 limit) just to maintain my credit score up. Also, Lazypay, which helped me in starting my credit score.

But I became greedy a month ago (you could say) and attempted to apply for SBI CC at an IRCTC KIOSK. There was a server issue, so the agent reapplied it several times (I asked if it would affect my credit score, and he said not to worry).

So, SBI made four inquiries, lowering my CIBIL score from 746 to 724. (I tried to track my applications, but they show pending status; they were most likely declined.) I have appealed to the Nodal Officer citing server issue, but it won't help certainly.

Anyway, I recently got Amazon ICICI CC, so I think that will suffice for the time being.

I am willing to forget the CIBIL hit and start building my score again but I have few queries -
1. Should I close OneCard? (Use it for small transactions)
2. Should I close Lazypay? (Don't use it anymore)
3. Any other thing I should keep in mind?

Thanks

One card lazypay I don’t have any experience but if any bnpl u have to close it immediately after clearing

 

[n00b]

Don't close your oldest credit card.

Keep utilisation below 30% of your credit limit.

Repay in full, always.

My OneCard FD based is oldest (around 6 month old) right now but I just got an unsecured Amazon ICICI so I'm not sure if I should keep the FD one. Is there a chance of a significant hit again if I close the OneCard in say mid 2024? I just want to weight pros and cons.

 

[n00b]

One card lazypay I don’t have any experience but if any bnpl u have to close it immediately after clearing

Yes I just requested Lazypay which is a BNPL to close my account and provide NOC.

 

[vaibhav111vaibhav111 is verified member.]

FD based you can close once it completes 6 months with that ICICI will also complete 6 months till then, do check if one card gives secured to unsecured after how long or months! since it is unsecured keep it for another 3 months at least since lazy pay of your a/c will be deactivated as you mentioned

 

[Wealth is my birth right!]

Yes I just requested Lazypay which is a BNPL to close my account and provide NOC.

Great move
Get NOC and check cibil for effectiveness

 

[n00b]

FD based you can close once it completes 6 months with that ICICI will also complete 6 months till then, do check if one card gives secured to unsecured after how long or months! since it is unsecured keep it for another 3 months at least since lazy pay of your a/c will be deactivated as you mentioned

Lazypay BNPL - May 2022 (10 months) // Closed it today and got NOC.
OneCard FD based - Sep 2022 (5-6 months) // Not sure what to do about it.
Amazon ICICI Unsecured - Feb 2023 (few days old) // Best card for my spending need.

From what I've read, if you close your account, OneCard will not offer you another card. They also do not convert secured to unsecured cards.
Now, I don't think I am going to use it unless there is any offer (Swiggy Zomato mostly). So, is it worth keeping since it is my first card and secured one? Or I should close it in few months?

 

[n00b]

Great move
Get NOC and check cibil for effectiveness

I think it will be reflected in a few days, right? So, I'll check in a week.

 

[Wealth is my birth right!]

I think it will be reflected in a few days, right? So, I'll check in a week.

Sometimes cibil takes more time keep on checking

 

[gabzvee]

Lazypay BNPL - May 2022 (10 months) // Closed it today and got NOC.
OneCard FD based - Sep 2022 (5-6 months) // Not sure what to do about it.
Amazon ICICI Unsecured - Feb 2023 (few days old) // Best card for my spending need.

From what I've read, if you close your account, OneCard will not offer you another card. They also do not convert secured to unsecured cards.
Now, I don't think I am going to use it unless there is any offer (Swiggy Zomato mostly). So, is it worth keeping since it is my first card and secured one? Or I should close it in few months?

Keep your OneCard, since it is your oldest.
Closing your oldest card will negatively affect your score according to what I've read here.

Unless you need the 5k from the FD urgently, let it sit until you reach a point where you can take another hit...

Once your ICICI card is 6-12 months old, then consider closing your Fd based OneCard...

I'm glad I didn't fall for the SBI IRCTC Kiosk thing, I wasn't getting a card via online application so was going to fall prey to one of the salesmen out of desperation... but then waited longer and got an SBI CC via completing half the online process.

As for OneCard, I've made a nice big 50k FD, before I knew that I can't partially close it. 50k is fine sitting in an FD as an emergency fund for me, have spoken to customer care and they've said that Secured to unsecured upgrade and partial closing of FD is in the roadmap and under consideration, which is a relief to me because I anyways don't think I'll worry about it for 3-5 yrs possibly. And it's my 1st card + looks classy so I'm attached to it haha!

Hope that helps!

Btw, I intend to get the Amazon ICICI card next too, just wanted to know, if you don't mind me asking (can share on dm too) - how much salary did you show and what limit did you get?
Also, did you get a preapproved offer or did you apply via the Amazon app itself?

 

[n00b]

Keep your OneCard, since it is your oldest.
Closing your oldest card will negatively affect your score according to what I've read here.

Unless you need the 5k from the FD urgently, let it sit until you reach a point where you can take another hit...

Once your ICICI card is 6-12 months old, then consider closing your Fd based OneCard...

I'm glad I didn't fall for the SBI IRCTC Kiosk thing, I wasn't getting a card via online application so was going to fall prey to one of the salesmen out of desperation... but then waited longer and got an SBI CC via completing half the online process.

As for OneCard, I've made a nice big 50k FD, before I knew that I can't partially close it. 50k is fine sitting in an FD as an emergency fund for me, have spoken to customer care and they've said that Secured to unsecured upgrade and partial closing of FD is in the roadmap and under consideration, which is a relief to me because I anyways don't think I'll worry about it for 3-5 yrs possibly. And it's my 1st card + looks classy so I'm attached to it haha!

Hope that helps!

Btw, I intend to get the Amazon ICICI card next too, just wanted to know, if you don't mind me asking (can share on dm too) - how much salary did you show and what limit did you get?
Also, did you get a preapproved offer or did you apply via the Amazon app itself?

Thank you for your suggestions.

I don't require the 5k FD right away, so I'll keep it until I can take another hit. I'm hoping they'll let me convert it to an unsecured one in the near future.

As for Amazon ICICI I tried to apply in 2021 but I was ignorant about Credit Cards, and I didn't have a Credit score so they rejected obviously. Recently Amazon ICICI banner started showing up frequently in my account, so I thought of retry applying. Amazon Banner said something like 'Complete VKYC' so I'm not sure if that counts as pre-approved.

I'm self-employed so I filled the company details column properly so that they don't reject it for that reason. As for Income proof/ITR they didn't ask me for it. I don't remember if I uploaded ITR/Income proof last time in 2021. They just asked for income bracket. And it was approved the next day. I got 50k limit which is enough for me.

 

[gabzvee]

Thank you for your suggestions.

I don't require the 5k FD right away, so I'll keep it until I can take another hit. I'm hoping they'll let me convert it to an unsecured one in the near future.

As for Amazon ICICI I tried to apply in 2021 but I was ignorant about Credit Cards, and I didn't have a Credit score so they rejected obviously. Recently Amazon ICICI banner started showing up frequently in my account, so I thought of retry applying. Amazon Banner said something like 'Complete VKYC' so I'm not sure if that counts as pre-approved.

I'm self-employed so I filled the company details column properly so that they don't reject it for that reason. As for Income proof/ITR they didn't ask me for it. I don't remember if I uploaded ITR/Income proof last time in 2021. They just asked for income bracket. And it was approved the next day. I got 50k limit which is enough for me.

Oh wow that's amazing!
I'm in the same boat, self employed business owner, have been seeing the banner more often from the time I've crossed 6 months of credit history...
But since I just got my SBI CC I guess I'll wait for 3-5 months till I apply...
Even LazyPay's RBL card also has been notifying me to " Apply for RBL card for ₹250 cashback and 1% cashback on all spends" every single day lol, I had applied for RBL Zomato when I was ignorant of CCs, and was declined... So I'm waiting to improve my score further and then only try again, but, after ICICI, because I've heard ICICI gives insane limits as compared to most other banks