I recently closed my home loan and noticed a sudden drop in my credit score from 802 to 754. Despite having a credit history of almost 6 years with no late payments and a credit utilization of -1%, the closure of my home loan seems to have impacted my score. I am concerned about this drop of 50 points and would like to know how long it will take for my score to increase.
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Credit score dropped by 50 points after closing home loan.
- Thread starter zaid_2913
- Start date
Solution
Believe me these got nothing to with credit mix, in fact the above are detrimental to the score
My score was 803 with just 14 CC accounts with 5 years of history. and I have paid membership in all 4 bureaus
Check here
Thread 'My Credit Bureau Journey - An Experience (Experian, CRIF and Equifax)'
https://www.technofino.in/community...n-experience-experian-crif-and-equifax.14542/
You may mark any of my posts as a solution if you feel like
suryatejad
TF Buzz
It's temporary, it will jump in 2-3 months
Calm Radiance
TF Premier
My sister's CIBIL in year 2024; Jan - 774 and Feb - 744, have IDFC wow secured card and card is used each month with utilization ratio of less than 10% and all bills are paid on time and no cards applied till date. Still the drop, any idea?
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My score first dropped from. 794 to 760 and today it dropped to 724. I only got alerts from cibil stating new update when I checked abi updated my address and contact as new contact for same details and standard chartered updated my contacts wrongly and address to both these were old and also had changed address 3 yrs back and amex too updated with same address and phone no which is same that they hold as new contact and address.
This is the first time am seeing that a contact or address details are affecting the score I send emails to both amex sbi and std chartered but amex rep said we need to contact cibil and find out why the drop happened when there is no remark on account. Still waiting for reply from sbi and standard chartered cards.
This is the first time am seeing that a contact or address details are affecting the score I send emails to both amex sbi and std chartered but amex rep said we need to contact cibil and find out why the drop happened when there is no remark on account. Still waiting for reply from sbi and standard chartered cards.
The fun part is before closing home loan i checked CIBIL score simulator and it was showing gain of 10 points from 802 to 812.
After seeing this msg i checked mine and my score has jumped back to 794 from 724. Still apprehensive as i did not recive any alert of increase in score.
Had closed few accounts last month.
Axio previously capital float a amazon payblater 1lakh limit closed now
Citi indian oil master - closed now 261k limit still it is not updated as closed in cibil my oldest card 2005
Citi indian oil visa 130k still not updated in cibil as closed.
Sbi prime was closed last year still show open active card had sent email to pno he says closed from their end stupid staffs of sbi they dont work properly and investigate they just reply forsakes.
Dcp got upgraded to dcb last month
Rbl shopritte closed 361k limit
Amex smartearn closed 130k
Let us see if i get alert
I hear you need > 5 yrs of history for >800 score, feels correct?
Also whats the practical benefits of >800 score?
Not much really…
For most of the nerds 780 and above is fine..
800 and above provides preferential rates in case of home loans etc..
you have a very good bargaining power when you have 800+
