Closing the oldest Credit Cards *may* not impact the credit score

[pothi]

Sharing my experience with the community. YMMV.

I had only 2 credit cards until 5 months ago. No other loans. CIBIL was 796. Age of credit cards were 10 years and 7 years.

Made appr 10 inquiries since then and got two new credit cards. CiBIL dropped to 794, likely due to inquiries. Initially I got Amazon Pay ICICI card and then Airtel Axis CC.

Closed the oldest cards a couple of months ago one by one after getting the new cards.

Last month CIBIL score for three cards (two old cards and APay ICICI CC)… 795.

This month CIBIL score for just one card (APay ICICI CC)… 795

Airtel Axis CC is yet to be included in the CIBIL. I will update here after the inclusion.

Just sharing my experience. Please don’t blame me if you close your oldest CCs and see a drop in CIBIL score as the calculation of CIBIL score isn’t open to public, yet.

 

[Lobogris]

ABSOLUTELY NO.. It seems the agent just faked it to mask his inability to get u higher CL. Infact, more CL in other bank means those banks trust you with that much high limit. Indicating more trustworthiness of customer & hence the limit should be high.. Moreover, you can always take a low limit card (if you badly want that card) then send mail to cc desk to match the limit of your other bank cc. They'll happily match upto 90%..you can reconfirm the same with more experienced TFians like @bhavyegoel @S S V @Wealth is my birth right! @Batmanbaba.
(Also pls do tag me if you get contrary opinion from any senior member )

To a certain extent. After that, there is something called over extended or over leveraged. So seeing too much availability of credit is something the banks don't like either.