CIBIL dropped to 755, Need guide and reason.

[devsfinance]

Hello Everyone,

I have recently started my credit card journey. My first card was from Icici with a limit of 3L they provided me it without any documents due to Alumni offer may be. Around 2.5 months old now and had no credit score prior.

After that from reading and resources from this amazing community I got to know that I should not be applying to many cards as it can drop my credit score and hence the chances of getting cards as well.

Other than that I got suggestions from others to use my card below 30% and pay on time other than that I found a thread Cibil Formula revealed which suggests that usage in 1 to 9% is giving most score and hence I have had my spend around that much only and also paid

My first score which got generated was 772 after around 10 days of first payment and then after my second payment my new report shows my score is 755. To get a LE in my card and following thread Share ICICI LE Journey I have done 0 spends till now in this cycle however I can have spends as well.

So please suggest as to what I should be doing to get good score as I want to add more cards to my portfolio later. Also please suggest when should I apply for my next CC?

 

[D₹V]

As you already read that popular thread, I believe you're already aware.

Just keep it simple.
1 enquiry per month max.
1-9% usage max.

Just fine. Don't overthink.

 

[devsfinance]

As you already read that popular thread, I believe you're already aware.

Just keep it simple.
1 enquiry per month max.
1-9% usage max.

Just fine. Don't overthink.

I don't have any enquiry and doing the spend in 1-9% only. But still the score is getting dropped. Is 755 a good score to apply for DCB? I am also short on salary criteria. :'(

 

[D₹V]

I don't have any enquiry and doing the spend in 1-9% only. But still the score is getting dropped. Is 755 a good score to apply for DCB? I am also short on salary criteria. :'(

Good score but CIBIL profile isn't strong.

You apply if income strong 👍.

 

[CARDBITRAGE]

Don't worry. The first year will be very volatile.

 

[devsfinance]

Good score but CIBIL profile isn't strong.

You apply if income strong 👍.

Income way below 1.75 Lacs 🥲 more than 1 Lacs though

 

[devsfinance]

Don't worry. The first year will be very volatile.

Oh but what should I do so that when it’s stable it becomes stable in higher range.

 

[SSV]

Hello Everyone,

I have recently started my credit card journey. My first card was from Icici with a limit of 3L they provided me it without any documents due to Alumni offer may be. Around 2.5 months old now and had no credit score prior.

After that from reading and resources from this amazing community I got to know that I should not be applying to many cards as it can drop my credit score and hence the chances of getting cards as well.

Other than that I got suggestions from others to use my card below 30% and pay on time other than that I found a thread Cibil Formula revealed which suggests that usage in 1 to 9% is giving most score and hence I have had my spend around that much only and also paid

My first score which got generated was 772 after around 10 days of first payment and then after my second payment my new report shows my score is 755. To get a LE in my card and following thread Share ICICI LE Journey I have done 0 spends till now in this cycle however I can have spends as well.

So please suggest as to what I should be doing to get good score as I want to add more cards to my portfolio later. Also please suggest when should I apply for my next CC?

First of all just calm down..
CIBIL score is a loooooong game...( not a T20..)
As you already read that thread know the best practices..
Just do those best practices and stop watching score for a year and comedown here and ask questions if any...

 

[SSV]

Oh but what should I do so that when it’s stable it becomes stable in higher range.

Just follow those best practices in the thread where you read about 1-9% usage...

Quick reference from the horses mouth...
Explore this website you will find a plent of information...

CIBIL Market Place

CIBIL Market Place is an online platform that provides you the best loan and credit card offers from multiple participating lenders. Its a single view platform where offers are customized basis your CIBIL Score, income and other parameters.

www.cibil.com

 

[CARDBITRAGE]

Oh but what should I do so that when it’s stable it becomes stable in higher range.

It will become stable after a period of time(>1 year).
Keep the utilisation in single digits, don't close old accounts unless absolutely necessary, don't open too many accounts in a short period of time, always pay your bills in full, and never ever miss a single payment. As long as your score is above 750 and you have a stable source of income, you don't need to worry.

 

[devsfinance]

Just follow those best practices in the thread where you read about 1-9% usage...

Quick reference from the horses mouth...
Explore this website you will find a plent of information...

CIBIL Market Place

CIBIL Market Place is an online platform that provides you the best loan and credit card offers from multiple participating lenders. Its a single view platform where offers are customized basis your CIBIL Score, income and other parameters.

www.cibil.com

Will be following these things as much as possible. Just a small question if I Use more than 10%(For availing offers) but then immediately pay back the partial amount to keep it less than 10% (before the bill generation) it is not counted in utilisation right?

 

[SSV]

Will be following these things as much as possible. Just a small question if I Use more than 10%(For availing offers) but then immediately pay back (before the bill generation) it is not counted in utilisation right?

Yes, it won't be considered as utilization. Utilization only comes into picture with the amount that is due after bill generation

 

[devsfinance]

It will become stable after a period of time(>1 year).
Keep the utilisation in single digits, don't close old accounts unless absolutely necessary, don't open too many accounts in a short period of time, always pay your bills in full, and never ever miss a single payment. As long as your score is above 750 and you have a stable source of income, you don't need to worry.

Here from accounts you meant credit account like CC, Loan right?

 

[CARDBITRAGE]

Here from accounts you meant credit account like CC, Loan right?

I'm referring to credit card accounts.

 

[Aditya12]

After going through a lot of posts I’ve come to conclusion that if your credit score journey is new, your score becomes very volatile. A single enquiry can change your score or a missed payment can drastically reduce your score but once your history is old, things like enquiries will have little impact as long as your other parameters are good.
1-2 months back I made 10 credit card enquiries in a month or two and got 3-4 new cards. Surprisingly my score changed from 780 to 787 even with so many enquiries. It’s hard to tell what happened but it may be that my utilisation went really really low due to multiple cards.

 

[Pankhuri]

Oh but what should I do so that when it’s stable it becomes stable in higher range.

No enquiries for 1 year. No missed payments. Usage remaining under 15%.

 

[Pankhuri]

Will be following these things as much as possible. Just a small question if I Use more than 10%(For availing offers) but then immediately pay back the partial amount to keep it less than 10% (before the bill generation) it is not counted in utilisation right?

Also don't worry about it this much. Be absolutely vigilant about not crossing 30% utilization, but if out of 12 months, in 9 you are below 10% and in remaining 3 you are say 20%, it won't affect much.

 

[devsfinance]

No enquiries for 1 year. No missed payments. Usage remaining under 15%.

So I should not get any new cards in this year now?

 

[devsfinance]

After going through a lot of posts I’ve come to conclusion that if your credit score journey is new, your score becomes very volatile. A single enquiry can change your score or a missed payment can drastically reduce your score but once your history is old, things like enquiries will have little impact as long as your other parameters are good.
1-2 months back I made 10 credit card enquiries in a month or two and got 3-4 new cards. Surprisingly my score changed from 780 to 787 even with so many enquiries. It’s hard to tell what happened but it may be that my utilisation went really really low due to multiple cards.

That’s the thing I only have 2 enquiries from ICICI (I asked them to remove once but Cc Over mail told me that as I have dual variant CC my account had 2 enquiries 🥲) other than that nothing.

 

[devsfinance]

Just posting this to get suggestions from experienced people here. So the thing is I have some spends on my icici CC (around 25% of my limit) due to current sale.

Should I prepay before my statement or keep it? (From prepay I meant partial to get spends less than 10%) or any other suggestions are welcome.