Does applying for multiple credit cards affect score?

[ChurningNoob]

I already have three credit cards but these are no good to me so started apply few new cards. After applying I noticed 'a query' made by HDFC in my cibil report appreed so does this query or getting new cards approved affect my CIBIL score?

Also, I applied for HDFC card online they made query to my CIBIL score and did not hear anything from them. What does that mean?

 

[souvikdey2002]

It matters....

I have applied 5-6 different cards in last February & March alone.
Each of them was approved with minimum limit of 2,00,000 up to 9,00,000, last being Eterna which I received today with a 2,00,000 Limit.
So i don't think it matters because if you see the impact of enquiries being made in to the Cibil (Hard/Soft) is low, not even medium.
Because applying Credit Card doesn't necessarily mean that you are Credit hungry unless you are using them all at 100%.
Yes, I do agree multiple Credit Card enquiries/application may affect Cibil Score by 5-10 Points by max but that will be recovered within 1 month.
For my case my score came down from 793 to 790 & again this month it went up to 791.

I have a Credit Utilization ratio of less than 2% & depth of Credit History is more than 10 years.
Therefore I believe the Key to keep Cibil always up is 3 things, i.e. Timely Repayment, Timely Repayment & Timely Repayment.

 

[souvikdey2002]

It was not limit upgrade but pre-approved credit limit of 75k, basically I just had to apply for CC or some other loan for it to pass. But what's strange is that they did not accept the CC application, not only did they not they made 3 inquiries in CIBIL (one each for each time I tried to get CC due to this offer)

After 7th wonders in the World, Axis Bank is the 8th wonders for sure.
Being an Indian bank, they pretend to be a Foreign Bank while it comes to Credit Limit & Credit Card issuance, on the other hand for Home/Car/Personal Loan they will behave like a beggar.

 

[souvikdey2002]

See real problem happens when your application is rejected. Also, another problem is there are two type of inquiries, one is done by bank bot/algo other one is done by verifying authority. Bot will just launch inquiry which will be for amount like 1k,10k or sometimes something in between. Those might not affect your CIBIL that much if you have 2-3 rejected inquiries in a single month. But the hard verification ones can be very damaging. Effects increase when there is data discrepancy, like address, phone number, working/profession details etc. And it can very easily happen if you apply for multiple products across multiple banks.

Credit score is not a straightforward calculation, don't worry too much about it but don't do obvious mistakes. Also, for pre-approved offers some banks do CIBIL inquiry, for example I had pre-approved limit offer on my priority account but not credit card offer (Strange I know), but when the sales people called me they did not clarify difference, and since I didn't know either I said yes, my application was rejected for different reasons but there were 3 different inquiries in that month for axis card since the representative kept calling and asking me to apply.

Funny thing is when I got upgrade offer on my existing card they did not even call me second time, I got the card in mere 2 days.

See the difference? Don't take things for granted, banks always do as per their convenience and policies.

Most scientific theory about enquires I have ever read anywhere.
By the way, are you working as Credit Risk Analyst in any of these bank??

One question for you then:- What is the difference between Hard Enquiries & In-Person verification?

 

[Bob78900]

Might be will skip Zomato RBL for now for a month at least ..

Is this card even wroth taking? I don't think it gives you benefits except Zomato. And also the points got credited in Zomato wallet which can be only used in Zomato 😔

 

[souvikdey2002]

Is this card even wroth taking? I don't think it gives you benefits except Zomato. And also the points got credited in Zomato wallet which can be only used in Zomato 😔

If you are getting it on Life Time Free, take it
What's harm in it?

 

[Bob78900]

If you are getting it on Life Time Free, take it
What's harm in it?

Yes that's the only valid point with this card😂😂

 

[AllSeeker]

Most scientific theory about enquires I have ever read anywhere.
By the way, are you working as Credit Risk Analyst in any of these bank??

One question for you then:- What is the difference between Hard Enquiries & In-Person verification?

Lmao

I'm just stating my little experience of year and I have been told by various people like you.

I've no idea, for all my 8-9 credit cards, I've never had an occasion where in person verification was done, in fact with the exception of SBI and one time indusind nobody did any home/office/business verification either.

 

[Sravan]

How u approach them to conduct a soft enquiry ? If u know pls share 😬

i dont no

 

[Batmanbaba]

I had 13 enquires.... In last two month... 8 alone from sbi.... My score went from... 745 to 730....again back to 745.....Credit utilisation is less than 10% and no late payment till date....

 

[Akashgod]

I had 13 enquires.... In last two month... 8 alone from sbi.... My score went from... 745 to 730....again back to 745.....Credit utilisation is less than 10% and no late payment till date....

Sir why 8 alone from sbi? Applying all the products from bank at once .. 😬

 

[Batmanbaba]

Sir why 8 alone from sbi? Applying all the products from bank at once .. 😬

No.... I applied once... Rejected.... After that... Every 3-4 days.... Some sbi agent called and again retrived the application..... I didn't realized.... What was going on.... But now I have stopped taking calls of them....

 

[Sravan]

my sbi card limit is increased from 48k to 72k(updated limit 2 months ago)
if bank requirement is minimum 50k limit with 6 months old statement
im i eligible for that?

 

[AllSeeker]

I had 13 enquires.... In last two month... 8 alone from sbi.... My score went from... 745 to 730....again back to 745.....Credit utilisation is less than 10% and no late payment till date....

SBI is really doing number on everyone lately lmao

 

[Akashgod]

my sbi card limit is increased from 48k to 72k(updated limit 2 months ago)
if bank requirement is minimum 50k limit with 6 months old statement
im i eligible for that?

Bro no bank asks 6 months statement.
And in cibil if new limit is updated then go ahead!

 

[Batmanbaba]

Same happened with me. Fortunately I didn't have any Cibil enquiries.

SBI agents are idiots!

I didn't knew this scam.... I applied for first time..... Only benefits of sbi cards is in sales... They don't provide ant LTF card... And only good card is I guess simply click.... I didn't had sbi account then... Now I have opened one... And wait for any pre approved offer...

 

[Sravan]

Bro no bank asks 6 months statement.
And in cibil if new limit is updated then go ahead!

for c2c apply how many months statement is required ?

 

[Batmanbaba]

You won't get LTF pre approved offer either

Yes.... But if I will get pre approved then only will apply now for sbi....

 

[AllSeeker]

In last 2 months I've had 8 inquiries and 4 new credit cards, 3 out of 4 which were made but rejected were from SBI and one from BOB which is still in process.

My CIBIL went down by only 3-4 points, in fact I didn't even notice it. And this month it is completely recovered with couple of extra points.

 

[AllSeeker]

Which CCs did you take?

I would agree too that it really doesn't affect much.

Axis flipkart
HDFC millennia
IDFC millennia
Zomato

Later,
Airtel axis (Through upgrade)
And Axis neo (Through closing and replacing Axis Freecharge plus)

Last two didn't have any inquiries made, so not really counting them.

 

[AllSeeker]

Ah nice
Great collection
Seems after we already have some CCs and CC is atleast one year old, it's easier to get more CCs ...

Indeed, I've experienced same.