How much of an impact does a one-time overlimit usage have on your Cibil?

[rohansamal]

Planning to use an Overlimit Facility. It will be a one-time use with no subsequent uses envisioned for quite a few years. My biggest question is - will this have a significant CIBIL hit?

Also, how much do banks allow for overlimit? Does it differ by bank/card?

 

[Rkr]

Planning to use an Overlimit Facility. It will be a one-time use with no subsequent uses envisioned for quite a few years. My biggest question is - will this have a significant CIBIL hit?

Also, how much do banks allow for overlimit? Does it differ by bank/card?

Overall no impact on CIBIL if your bank allows to go overlimit and after going overlimit ,if you are paying the thersold of amount to keep utilization below 30% overall before reporting the statement amount to credit agencies by the bank.

Some card issuers needs pre activation of overlimit uses like SBI Card,Axis etc in order to do go overlimit and some other allows based on their algorithm .In both the cases one have to pay the overlimit charges for going overlimit.

 

[rohansamal]

Overall no impact on CIBIL if your bank allows to go overlimit and after going overlimit ,you are paying the thersold of amount to keep utilization below 30% overall before reporting the statement amount to credit agencies by the bank.

Some card issuers needs pre activation of overlimit uses like SBI Card,Axis etc in order to do go overlimit and some other allows based on their algorithm .In both the cases one have to pay the overlimit charges for going overlimit.

Ah so I should just pay the amount before the bill Generation for lesser or no impact on cibil. Thanks

 

[Rkr]

Ah so I should just pay the amount before the bill Generation for lesser or no impact on cibil. Thanks

Absolutely 💯.

Here is the link where you came to know when did different card issuers reports the data to CIBIL.

Credit Card CIBIL Reporting Date

Hello everyone, If you are holding multiple credit cards, and wants to keep your credit utilisation ration under 30% then you should know, on which date your card issuers report your card uses data to CIBIL. To know more about how to maintain credit utilisation ratio under 30% or lower watch...

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