itssuhan
TF Buzz
Hey guys,
This is my first time using a credit card and I’m a bit confused and hoping someone here can help me make sense of this.
I got my Apay ICICI credit card on April 4th with a credit limit of ₹1.2L. So far I have noticed that ICICI usually reports to the credit bureau every 1.5 months and it's usually very irregular, and in my case, it was first reported on May 15th. Everything seemed fine until I saw that my CIBIL score dropped from 755 to 737, even though I’ve been using the card responsibly and paid all dues on time.
Here’s what’s confusing:
• My bill generation date is the 2nd of every month.
• In the credit report, the “Sanctioned Amount” is shown as ₹5.9k. From what I understand, the “Sanctioned Amount” in a CIBIL report refers to the highest transaction done on the credit card so far.
• But in my case, ICICI seems to be using my April bill amount (₹5.9k) as the “Sanctioned Amount”, even though that was not my highest transaction.
In fact, my current balance amount is actually the highest transaction I’ve done on the card, so that should’ve been reported as the “Sanctioned Amount” instead.
• The “Last Payment Date” is also wrong and I paid my dues in full on May 3rd, when my bill was generated on 2nd of May but the report doesn’t reflect that accurately and it shows 21st April.
So,
• Is it normal for ICICI to report data like this with mismatches and delays?
• Is it common for your score to dip the first time a new credit card is reported?
• Should I be concerned and raise a dispute with ICICI or CIBIL, or is this just how it works?
If anyone has experienced something similar or can help explain how ICICI reports data, I’d really appreciate it.
This is my first time using a credit card and I’m a bit confused and hoping someone here can help me make sense of this.
I got my Apay ICICI credit card on April 4th with a credit limit of ₹1.2L. So far I have noticed that ICICI usually reports to the credit bureau every 1.5 months and it's usually very irregular, and in my case, it was first reported on May 15th. Everything seemed fine until I saw that my CIBIL score dropped from 755 to 737, even though I’ve been using the card responsibly and paid all dues on time.
Here’s what’s confusing:
• My bill generation date is the 2nd of every month.
• In the credit report, the “Sanctioned Amount” is shown as ₹5.9k. From what I understand, the “Sanctioned Amount” in a CIBIL report refers to the highest transaction done on the credit card so far.
• But in my case, ICICI seems to be using my April bill amount (₹5.9k) as the “Sanctioned Amount”, even though that was not my highest transaction.
In fact, my current balance amount is actually the highest transaction I’ve done on the card, so that should’ve been reported as the “Sanctioned Amount” instead.
• The “Last Payment Date” is also wrong and I paid my dues in full on May 3rd, when my bill was generated on 2nd of May but the report doesn’t reflect that accurately and it shows 21st April.
So,
• Is it normal for ICICI to report data like this with mismatches and delays?
• Is it common for your score to dip the first time a new credit card is reported?
• Should I be concerned and raise a dispute with ICICI or CIBIL, or is this just how it works?
If anyone has experienced something similar or can help explain how ICICI reports data, I’d really appreciate it.
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