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?

 

[SSV]

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.

The lesser the better, in my view..

 

[devsfinance]

The lesser the better, in my view..

Thank you for letting me know.

 

[P B R G]

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.

One important thing to keep in mind. Different banks have different reporting dates to Credit bureaus. You can utilise full limit also, just make sure to prepay the excess amount atleast 3-4 days before the bill generation date incase of ICICI and before month end for banks like Axis, HDFC, IDFC etc. These banks like many others reports to CIBIL at month end. The total due amount on the reporting date would be your current balance in CIBIL (irrespective of your statement due amount) and the score will be calculated based on that (along with other factors).

 

[Trust Me]

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.

Occasional spikes (like during festival times) shouldn't matter. It's consistent high usage over extended periods that matters.

 

[devsfinance]

One important thing to keep in mind. Different banks have different reporting dates to Credit bureaus. You can utilise full limit also, just make sure to prepay the excess amount atleast 3-4 days before the bill generation date incase of ICICI and before month end for banks like Axis, HDFC, IDFC etc. These banks like many others reports to CIBIL at month end. The total due amount on the reporting date would be your current balance in CIBIL (irrespective of your statement due amount) and the score will be calculated based on that (along with other factors).

Oh okay but it seems that ICICI has the same reporting date.

 

[devsfinance]

Occasional spikes (like during festival times) shouldn't matter. It's consistent high usage over extended periods that matters.

Thanks for the suggestion.

 

[Survivor35]

Thanks for the suggestion.

Just keep utiization less than 10%,make payments on time.

These two factors carry a lot of weight in Cibil

 

[devsfinance]

Just keep utiization less than 10%,make payments on time.

These two factors carry a lot of weight in Cibil

Yes but sadly can’t prepay now as HDFC DC takes 3 days to reflect the payment 🥲

 

[Survivor35]

Yes but sadly can’t prepay now as HDFC DC takes 3 days to reflect the payment 🥲

Agreed, even if u use above 90% pay most of dues before bill generation. And leave rest Ie 1-9%. That way bank knows your financial capability .

give it time.

 

[devsfinance]

Also the CIBIL Yearly Subscription is pretty cool. You get real time alerts for changes in the report right in your inbox! this really helps to see whats happening and what can be improved.

You can DM technofino, he provided me with 500rs/year price (its 1000 otherwise)

I can check my CIBIL using Icici app as of now but yes this alert thing does sound great

 

[edm]

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?

after 3 years cibil become stable
cibil with short timeframe likely to fluctuate with inquiries and spend increase

 

[devsfinance]

after 3 years cibil become stable
cibil with short timeframe likely to fluctuate with inquiries and spend increase

Oh thanks for letting me know. Although I just wanted to know this so that the fluctuation isn’t in negative side.

 

[Manoj Pant]

My CIBIL dropped 792 to 760 without any reason. There was Unknown ATLAS enquiry alert but that was error from CIBIL side, so not mentioned in enquiry section.One year of credit history, no missed payment. Does 0% or 1% low utilisation is the reason for CIBIL drop?

 

[devsfinance]

My CIBIL dropped 792 to 760 without any reason. There was Unknown ATLAS enquiry alert but that was error from CIBIL side, so not mentioned in enquiry section.One year of credit history, no missed payment. Does 0% or 1% low utilisation is the reason for CIBIL drop?

Not sure about 0% is the reason for drop but others have suggested to keep below 10% hence 1% should not be an issue I guess.

 

[devsfinance]

I wanted to ask what will happen in negative usage? I.e. I was keeping my spending 0(By looking at threads here suggesting to not use the card at all for getting LE in ICICI) but now I am getting a refund of something in the CC.

How can it impact the score as well as how can it impact LE if anyone has idea?

 

[devsfinance]

Continuing this thread, after reading a lot of post threads here I kept my spend 0 to get LE on my ICICI card. But then due to a delivery issue of Flipkart from BBD I received some refund in my card and the bill generated is of negative amount now. Should I take that in my savings account or keep there only?

With respect to the credit score scenario, I want to increase the score as well as get an LE currently.

 

[D₹V]

Should I take that in my savings account or keep there only?

Yes, take in Savings account or use it via card.

 

[devsfinance]

Sure Thank you. I was just being careful to not get negative impact on credit score.

Yes, take in Savings account or use it via card.

 

[D₹V]

Sure Thank you. I was just being careful to not get negative impact on credit score.

Even if it's in negative, it'll increase the CIBIL score.

 

[SSV]

Continuing this thread, after reading a lot of post threads here I kept my spend 0 to get LE on my ICICI card. But then due to a delivery issue of Flipkart from BBD I received some refund in my card and the bill generated is of negative amount now. Should I take that in my savings account or keep there only?

With respect to the credit score scenario, I want to increase the score as well as get an LE currently.

Here are my Apay and coral balances( all -ve, always) and my score is around 800 always..