Is it just me or are others noticing that banks are not reporting the credit card balances to CIBIL every month. I think they are doing it bi-monthly now. Most of my credit card accounts show reported month of Jan.
P.S. I have cibil membership. So i keep checking my report bi-weekly.
No, actually. High credit is the highest amount of credit limit has been used. The primary measurement factor, which is the credit limit provided by the bank, will not be present.
It'll help on one thing only, when banks will pull out credit report, they'll be able to estimate your credit limit provided to your card
cancelled, (dont use flipkart much) but some items needs OTP and some dont (usually high value packets need OTP). my concern is if it is delivered without OTP then may be delivery agent mark as delivered. OR someone(family member or guard etc) might collect ony behalf and i then have to pay that huge amount. although i can ask all in family but can guarantee of guard etc. so was calculating risk via analyzing procedure.
Initially I did not care much about this non reporting of credit limit issue despite having an HDFC CC, since my CIBIL Score is perfectly fine even with an HDFC card. But seeing a lot of confusion on this thread, I decided to dig some details myself. Initially, I searched about this issue from Indian sources, but was not able to find any significant info on this. Then I thought of looking into foreign sources of information. Since HDFC does not issue its credit cards outside India(Maybe, but it would be very low in number), I decided to look for a card with similar credit reporting like HDFC Bank. And the cards which struck me instantly were the Amex Charge cards. I don't have an Amex charge card, but came to know from the Internet that it also does not report its credit limit to the rating agencies. On searching the internet for some time, I came across these videos and articles;
On the surface, charge cards and credit cards look almost the same. Both payment methods are around 3.37 by 2.125 inches and generally made of plastic or, in some cases, metal. You use charge cards and credit cards to pay for purchases and repay the card issuer at a later date. And either type of ac
Many of Amex's best rewards cards are charge cards rather than credit cards. Learn about the implications for your credit score and credit utilization ratio.
thepointsguy.com
I do not know about the much about the YouTube channel of the video I shared, but the other 2 articles are from reputed sources. The last article by 'The Points Guy' in fact, showed a TransUnion (parent of CIBIL, India)credit report screenshot of an Amex Charge card. In the screenshot, it was shown that no credit limit was reported for the charge card and the credit utilisation ratio was 'N/A'. All the 3 sources I have claimed the same thing that Credit Utilisation Ratio is NOT considered in calculating your FICO score through your Charge Card account.
Now since TransUnion is the parent company of CIBIL and HDFC cards' reporting is quite similar to Charge Cards' reporting, I am pretty confident that Credit Card Utilisation Ratio is NOT considered in calculating your CIBIL score through your HDFC CC account. At least I have not seen anyone hurting his/her credit score solely because of an HDFC card.
Hope this clears all the doubts regarding this issue. Any corrections and suggestions are welcome.
I think this is correct. I highly doubt CIBIL would include HDFC cards in utilisation calculation when they're aware that the bank doesn't report credit limit.
My theory is the reason we see utilisation % for HDFC cards on apps like OneScore is that these apps are merely speculating the factors that are contributing to the overall credit score.
What these apps probably get from CIBIL is just the score, the timely/missed payment info, and the spend info for HDFC cards. Based on this info, these apps then make their own calculations of the various parameters.
Since a credit limit is not available for HDFC cards, the apps merely fill in the blanks using the max. utilized amount and use that for credit utilisation %, but this doesn't mean that such a parameter was included in the calculation of the overall credit score by CIBIL.
HDFC will start reporting the Total Credit Limit instead of Utilized Limit from May 2023. P.s. - Previously, HDFC was not reporting total credit limit to Credit Bureau. Due to this, usage calculation was high which wasn't true & lt led down the user's credit score. This is really a relief to...
I heard from multiple sources that HDFC Bank doesn't report their customers' credit limit to the credit bureaus (per their internal policy) resulting in reporting high credit utilisation in CIBIL/CRIF/EXPERIAN/EQUIFAX etc.
I'm yet to own a card from HDFC and unable to verify this fact personally.
Can long time HDFC Card holders please explain and share some insights on this for me to understand how much true this is and what are the best practices you are already following to overcome this unpleasant situation caused by HDFC?
That was correct a while ago. Today I saw credit limit fir my infinia was updated in cibil. For my tata neu card it’s still missing not sure if this is because it’s a shared limit
www.forbes.com
thepointsguy.com
www.technofino.in
