CIBIL score decreased on closing consumer loan

[96kuli]

I had CIBIL score 803 in 2022 and when I closed my Amazon Pay Later account (Karur Vyasa/Capital Float) consumer loan it decreased to 774.
Now my score is always between 772-775 for past 5-6 months.

Card utilization: Is it calculated per card wise or total?

Which options from below will improve my CIBIL score?
1. Re apply for Amazon Pay Later or any other similar service (To have mixture of Loan)
2. Reduce Credit card limit - (to increase credit card utilization which is currently below 1%)
3. Reduce number of credit cards (Currently holding 12)

 

[vaibhav111]

1. NOOO Bro don't apply for any Consumer Loan
2. Reduce Credit card limit - it just Cibil Score above 750 it well Sufficent
3. Reduce number of credit cards (Currently holding 12) - may be i hold 22 cc now with 792 Cibil.

 

[96kuli]

1. NOOO Bro don't apply for any Consumer Loan
2. Reduce Credit card limit - it just Cibil Score above 750 it well Sufficent
3. Reduce number of credit cards (Currently holding 12) - may be i hold 22 cc now with 792 Cibil.

I need 800+ score to get loan offer for discounted interest rate

 

[vaibhav111]

I need 800+ score to get loan offer for discounted interest rate

can you pls elaborate more.. which kind of loan you're looking for cause just on 800+ cibil doesn't guarantee something hence pls elaborate more.

 

[96kuli]

can you pls elaborate more.. which kind of loan you're looking for cause just on 800+ cibil doesn't guarantee something hence pls elaborate more.

Local NBFC offering 0.25% discount on the interest rate for the Home loan if CIBIL is 800+.

 

[vaibhav111]

Local NBFC offering 0.25% discount on the interest rate for the Home loan if CIBIL is 800+.

NBFC is a trigger word.. take loan from proper bank bro.. peace of mind is more important here.

 

[Vasuki]

Local NBFC offering 0.25% discount on the interest rate for the Home loan if CIBIL is 800+.

Take home loan from bank
So incase of unhappiness u can change the bank & move to another.
Not happening with nbfc.

Plus if u take 30c loan for example
With 2-3 lakh pre payment in first 1-2 year will help u with 5 lakh in intrest.
Bcz any amount pre payment goes directly to loan amount & not Intrest

 

[96kuli]

Thank you for advice.
I'll take loan from bank.

However, will above mentioned strategy improve the CIBIL score. I'm thinking to reduce the credit limit to increase cred utilisation

 

[Vasuki]

Thank you for advice.
I'll take loan from bank.

However, will above mentioned strategy improve the CIBIL score. I'm thinking to reduce the credit limit to increase cred utilisation

For loan anything above 760 is good
770 above you are better
775+ with right bank and right executive u can land some good deal .
Talk to bank first .
Because one can give u 1% less interest rate but might tweak in a way u will end up paying more
There is lot of question need to be addressed.
Cibil only says u gonna pay back or not .
Actual big loan goes on trust of bM on you .
This is case of lien property based loan ..
So don't worry talk to bank .get loan around march but start talking to banks