Closing 6 credit card at a time

[CHOCOPANDA]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
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Will the bulk closure improve my score or it will hamper it more?

 

[Vasuki]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
Standard chartered platinum rewards credit card
RblShopriteLtf
ICICI platinum chip
ICICI Coral rupay
Au altura

Will the bulk closure improve my score or it will hamper it more?

By closing these how much would you save in negotiations nothing substantial..
Don't go behind heard saying more cibil = sure low interest rate.

There are many ways u can save lakhs in a home loan .
Home loan is secured loan so it all depends on your job profile = ability to repay
Home = valuation
Market rate = the overall scenario of Flat/ flot rate going up or down in long term

By doing 1-2 extra emi payment every 6-12 month u will save lakhs in intrest alone.

No of cc don't determine the ability to repay the loan .. but the total dues overall shows how much u need to repay per month / per month earning is its less than 20% u don't need to worry while getting home loan

so better would be to take cibil subscription ( discount going on )

& Not get paranoid about this too many active account thing.rest is your call .unless bank tells u to don't close bcz it doesn't even matter

one score is such a bogus App it shows some or other suggestions to everyone.

they show different address as remark to be bad but is it ?

 

[amitr29]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
Standard chartered platinum rewards credit card
RblShopriteLtf
ICICI platinum chip
ICICI Coral rupay
Au altura

Will the bulk closure improve my score or it will hamper it more?

Having more credit card doesn't matter but total credit limit usage does. If usage is more than 30%, it will impact your score. Infact, I took 8 new cards in last 6 months and my score has increased by 23 points.

If you want home loan, 774 is a good score and you will have no issues. Anything above 700 is good unless you have continuous delays or default. Don't stress much about CIBIL and just follow basics of paying on time.

 

[CHOCOPANDA]

By closing these how much would you save in negotiations nothing substantial..
Don't go behind heard saying more cibil = sure low interest rate.

There are many ways u can save lakhs in a home loan .
Home loan is secured loan so it all depends on your job profile = ability to repay
Home = valuation
Market rate = the overall scenario of Flat/ flot rate going up or down in long term

By doing 1-2 extra emi payment every 6-12 month u will save lakhs in intrest alone.

No of cc don't determine the ability to repay the loan .. but the total dues overall shows how much u need to repay per month / per month earning is its less than 20% u don't need to worry while getting home loan

so better would be to take cibil subscription ( discount going on )

Thank you Bhai for a detailed reply

 

[reach2dpg]

By closing these how much would you save in negotiations nothing substantial..
Don't go behind heard saying more cibil = sure low interest rate.

There are many ways u can save lakhs in a home loan .
Home loan is secured loan so it all depends on your job profile = ability to repay
Home = valuation
Market rate = the overall scenario of Flat/ flot rate going up or down in long term

By doing 1-2 extra emi payment every 6-12 month u will save lakhs in intrest alone.

No of cc don't determine the ability to repay the loan .. but the total dues overall shows how much u need to repay per month / per month earning is its less than 20% u don't need to worry while getting home loan

so better would be to take cibil subscription ( discount going on )

You have explained it well. To add to this please find the response from the CIBIL app. No of cards is not a criteria, but rather how you maintained your credit health in the past. It actually recommends to keep unused cards 😁

 

[Zacobite]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
Standard chartered platinum rewards credit card
RblShopriteLtf
ICICI platinum chip
ICICI Coral rupay
Au altura

Will the bulk closure improve my score or it will hamper it more?

Keep all LTF..No need to close.. Any card with high limit also try and retain.. helps in the long run.. fee based cards not used can be closed gradually.. 6 at a time can be avoided as CIBIL is also a lil unpredictable and if it drops a lot may hamper HL application.. If possible close after your HL is taken

 

[hellobois]

By closing these how much would you save in negotiations nothing substantial..
Don't go behind heard saying more cibil = sure low interest rate.

There are many ways u can save lakhs in a home loan .
Home loan is secured loan so it all depends on your job profile = ability to repay
Home = valuation
Market rate = the overall scenario of Flat/ flot rate going up or down in long term

By doing 1-2 extra emi payment every 6-12 month u will save lakhs in intrest alone.

No of cc don't determine the ability to repay the loan .. but the total dues overall shows how much u need to repay per month / per month earning is its less than 20% u don't need to worry while getting home loan

so better would be to take cibil subscription ( discount going on )

whats the benefit of having a CIBIL subscription? usually we dont need to check the cibil score on monthly basis, any specific usage? pls tell.

 

[cardio_guy]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
Standard chartered platinum rewards credit card
RblShopriteLtf
ICICI platinum chip
ICICI Coral rupay
Au altura

Will the bulk closure improve my score or it will hamper it more?

nothing will happen, close everything, and be at peace.
Your life will be simple neat and clean from next month onwards.

 

[Vasuki]

whats the benefit of having a CIBIL subscription? usually we dont need to check the cibil score on monthly basis, any specific usage? pls tell.

Nothing its just u can refresh cibil daily (24 hr time )
So if u planning to apply u can take ..to see exact report of same day.

 

[rogerthat]

Looks like CIBIL score is going down for everyone no matter what they are/aren't doing.

 

[Zacobite]

nothing will happen, close everything, and be at peace.
Your life will be simple neat and clean from next month onwards.

he wants an HL.. closing all will definitely impact cibil in the near term.. pls advise accordingly...

 

[ThriftyPlasticPundit]

After reading a few posts, I'm uncertain whether they've been fact-checked or are just random. I remember conversations I've had with bank managers both in India and abroad. They mentioned that if there's a credit card linked to your profile, even if it's unused, the credit limit is assigned to you. This limit plays a role when the bank analyzes and approves your overall credit limit.

While having a credit card on your profile can positively influence the bank's decision based on your payment history, for instance, if you have multiple cards with a combined limit of 30 lakhs, and you're requesting a loan of 80 lakhs with monthly payments of 30 to 40k, the bank may question your ability to manage your finances effectively.

Another crucial factor considered by banks is your income. If your monthly income is 5 lakhs, the bank perceives you as having a higher purchasing power and, therefore, may be more inclined to approve your loan request. However, if your spending exceeds your income, it raises concerns about your ability to repay the loan.

 

[Vasuki]

he wants an HL.. closing all will definitely impact cibil in the near term.. pls advise accordingly...

That was a jibe / sarcasm i believe

 

[Vasuki]

After reading a few posts, I'm uncertain whether they've been fact-checked or are just random. I remember conversations I've had with bank managers both in India and abroad. They mentioned that if there's a credit card linked to your profile, even if it's unused, the credit limit is assigned to you. This limit plays a role when the bank analyzes and approves your overall credit limit.

While having a credit card on your profile can positively influence the bank's decision, for instance, if you have multiple cards with a combined limit of 30 lakhs, and you're requesting a loan of 80 lakhs with monthly payments of 30 to 40k, the bank may question your ability to manage your finances effectively.

Another crucial factor considered by banks is your income. If your monthly income is 5 lakhs, the bank perceives you as having a higher purchasing power and, therefore, may be more inclined to approve your loan request. However, if your spending exceeds your income, it raises concerns about your ability to repay the loan.

Only fixed loan emi are considered liability in credit profile.. not cc limit
Maybe if usage is high they can question or suggest you to lower credit utilisation & nothing else

If we talking of sbi .. those guys are different breed

 

[ThriftyPlasticPundit]

Only fixed loan emi are considered liability in credit profile.. not cc limit
Maybe if usage is high they can question or suggest you to lower credit utilisation & nothing else

If we talking of sbi .. those guys are different breed

I was referring to the limit of Home Loan, you can get loan but the limit might be the problem if the bank notice multiple credit cards ( and if your expenses are higher than your income ) - that's what bank told me few years ago and advised to close few cards.

 

[Rkr]

By closing these how much would you save in negotiations nothing substantial..
Don't go behind heard saying more cibil = sure low interest rate.

There are many ways u can save lakhs in a home loan .
Home loan is secured loan so it all depends on your job profile = ability to repay
Home = valuation
Market rate = the overall scenario of Flat/ flot rate going up or down in long term

By doing 1-2 extra emi payment every 6-12 month u will save lakhs in intrest alone.

No of cc don't determine the ability to repay the loan .. but the total dues overall shows how much u need to repay per month / per month earning is its less than 20% u don't need to worry while getting home loan

so better would be to take cibil subscription ( discount going on )

Everything in one Go....
Keep enlightening the fellow Members .🫡

 

[Zacobite]

That was a jibe / sarcasm i believe

yeah.. but not everyone will get it! What if someone takes it literally..

 

[Riya]

I saw this message in one score app. It is recommending to close some cards which I don't use. So I have sent email to bank to close them. Thelist is followed. I am thinking to increase my cibil score but it is going down and reached 769 from 774. As in near future I would take home loan. So what will be the consequences of this cibil score. My experon score has also gone down by 28 points and reached 798 from 826.
Someone has suggested me that many credit card shows to bank this person is credit hungry and is fully dependent on it. So taking this decision.
I have closed
Axis Flipkart recently
And now will close

Bob easy virtual rupay
Standard chartered platinum rewards credit card
RblShopriteLtf
ICICI platinum chip
ICICI Coral rupay
Au altura

Will the bulk closure improve my score or it will hamper it more?

go slow.... keep oldest one for sure..... but if your card potfolio is not crossing 15-20 then you can procrastinate this step

 

[cardio_guy]

he wants an HL.. closing all will definitely impact cibil in the near term.. pls advise accordingly...

A housing loan is not based on how many cards one closed recently. Closing many unused cards improves his risk position.
Also, I don't think CIBIL will reduce if one closes some cards. It takes 1-3 months for each card closure to reflect in CIBIL.

 

[Zacobite]

A housing loan is not based on how many cards one closed recently. Closing many unused cards improves his risk position.
Also, I don't think CIBIL will reduce if one closes some cards. It takes 1-3 months for each card closure to reflect in CIBIL.

ok.. its easier said than done.. CIBIL themselves say that it is one of the factors.. better safe than sorry especially when he has an upcoming credit need...