CIBIL SCORE DECREASED

[vsharad]

Any Suggestions, how much time will it take to recover? And what precautions should i take?

 

[deep@vie]

I've not missed any payments! I pay on the bill generation date

enquiries don't affect for longer period of time

 

[kgaurav00]

Ofc I'm not going to apply for any credit products for some months as my credit history is weak, bank reject the application!

no matter your application approved or rejected but your CIBIL will surely go down.

 

[VGisHere]

One golden rule I follow, never exceed number of enquiries given by following formula.

No of enquiries in a month <= Min(6, 2*Credit History (in years))!

With this, I never had CIBIL drop based on number of enquiries!

 

[cryoengine]

Off topic @cryoengine did you apply Axis Airtel on Airtel thanks app one one day and did VKYC another day ?

Or you application and VKYC both were done same day ??

Why 2 cibil hits then, can you confirm both dates of cibil hit by axis?

application on Airtel app and vkyc was done on the same day along with first cibil enquiry. The second cibil hit happened on the day card was approved which was a day later.

my 7 enquiries are, 2x axis, 1x icici amazon pay, 2x hdfc from neu app , 2x idfc(I was just playing around on the website and got 2 free enquiries)

 

[rockyBalboa]

One golden rule I follow, never exceed number of enquiries given by following formula.

No of enquiries in a month <= 2*Credit History (in years)!

With this, I never had CIBIL drop based on number of enquiries!

I disagree. Because according to this formula it is ok for someone with 15 years long credit history to have upto 30 enquiries every month. Or for 5 years history to have 10 enquiries. This doesn't make sense. Having many credit enquiries in a short span may not affect one's score much but it can definitely send signal to lenders that the applicant is credit hungry.

Only right formula is, apply for credit products only when you need it, can use it responsibly and can repay it.

 

[VGisHere]

I disagree. Because according to this formula it is ok for someone with 15 years long credit history to have upto 30 enquiries every month. Or for 5 years history to have 10 enquiries. This doesn't make sense. Having many credit enquiries in a short span may not affect one's score much but it can definitely send signal to lenders that the applicant is credit hungry.

Only right formula is, apply for credit products only when you need it, can use it responsibly and can repay it.

Agreed, updated formula to cap at 6 😅

 

[Deleted member 8482]

I disagree. Because according to this formula it is ok for someone with 15 years long credit history to have upto 30 enquiries every month. Or for 5 years history to have 10 enquiries. This doesn't make sense. Having many credit enquiries in a short span may not affect one's score much but it can definitely send signal to lenders that the applicant is credit hungry.

Only right formula is, apply for credit products only when you need it, can use it responsibly and can repay it.

Have 22 enquiries in last 4 months and cibil increases from 764 to 784 (In process got 10 CC in these 4 months)

 

[rockyBalboa]

Have 22 enquiries in last 4 months and cibil increases from 764 to 784 (In process got 10 CC in these 4 months)

Great. You have proven me wrong. Well, you have 13 years history so according to the formula provided by @VGisHere you can have upto 26 enquiries every month without a problem. With ONLY 22 in 4 months you are well within the limits and have not even exhausted your 1 month's quota. I suggest, you go ahead and utilize your full potential. 😀

 

[rockyBalboa]

Have 22 enquiries in last 4 months and cibil increases from 764 to 784 (In process got 10 CC in these 4 months)

And I noticed that your CIBIL goes almost 1 point up with every enquiry. So with this trend, if you use your full quota your CIBIL would go over the roof. You would be touching 880-890 in no time.😉

 

[Deleted member 8482]

And I noticed that your CIBIL goes almost 1 point up with every enquiry. So with this trend, if you use your full quota your CIBIL would go over the roof. You would be touching 880-890 in no time.😉

ha ha

 

[Deleted member 8482]

Great. You have proven me wrong. Well, you have 13 years history so according to the formula provided by @VGisHere you can have upto 26 enquiries every month without a problem. With ONLY 22 in 4 months you are well within the limits and have not even exhausted your 1 month's quota. I suggest, you go ahead and utilize your full potential. 😀

 

[CCJUGAAD]

Any Suggestions, how much time will it take to recover? And what precautions should i take?

Within 2-3 months.. I have also faced similar issue many times.. Inquiries only have short term impact if everything else is fine!!