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How to improve CIBIL beyond 807

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sjmajumder

sjmajumder

TF Ace
I had CIBIL score of 820 when I took a car loan in 2019 which brought down my CIBIL straight to 798 (not sure why such a big drop). Canara Bank did make 2 hits by mistake and refused to remove it. They made the first hit for personal loan (LMAO) whereas I applied for car loan. Later when they realized they made another hit for car loan for same amount and even debited my account by Rs. 55 as charge for the same which again they refused to reverse.

I never missed any EMI and closed my 7 years loan in 2 years. But ever since then my CIBIL moves between 802 to 807. Never gone beyond 807 ever after that.

How can I improve it further. Any suggestions? Please help :)
 
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sudheerreddy

sudheerreddy

TF Premier
sjmajumder said:
I had CIBIL score of 820 when I took a car loan in 2019 which brought down my CIBIL straight to 798 (not sure why such a big drop). Canara Bank did make 2 hits by mistake and refused to remove it. They made the first hit for personal loan (LMAO) whereas I applied for car loan. Later when they realized they made another hit for car loan for same amount and even debited my account by Rs. 55 as charge for the same which again they refused to reverse.

I never missed any EMI and closed my 7 years loan in 2 years. But ever since then my CIBIL moves between 802 to 807. Never gone beyond 807 ever after that.

How can I improve it further. Any suggestions? Please help :)
Click to expand...
Read this thread hope it helpful

www.technofino.in

Credit Score (CIBIL) Formula Revealed

How CIBIL Score is Calculated in India ? Check CIBIL Score formula & learn how does it calculated. Now, This is the Ratio, that our Credit Score comes from and has an Impact on Gaining and Losing Credit Score in Points. 1. PAYMENT HISTORY- This is the Most Important Factor, Now see the...
www.technofino.in www.technofino.in
 
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sjmajumder

sjmajumder

TF Ace
sudheerreddy said:
Read this thread hope it helpful

www.technofino.in

Credit Score (CIBIL) Formula Revealed

How CIBIL Score is Calculated in India ? Check CIBIL Score formula & learn how does it calculated. Now, This is the Ratio, that our Credit Score comes from and has an Impact on Gaining and Losing Credit Score in Points. 1. PAYMENT HISTORY- This is the Most Important Factor, Now see the...
www.technofino.in www.technofino.in
Click to expand...

Thanks @sudheerreddy

Went through it...seems the only way to improve is to have an ongoing case and take few loans. So, first I need to default on payment and then make a case and take more loans :O

And if it is strictly followed, my CIBIL is set to go down further as I just closed my home loan few days back and the only type of credit I have now is Credit Cards. The moment this gets reported my credit mix is going to go down from 2 to 1 which according to this article will take my score DOWN by 10-15 points :(
 
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varun__goel_

varun__goel_

TF Legend
sjmajumder said:
Thanks @sudheerreddy

Went through it...seems the only way to improve is to have an ongoing case and take few loans. So, first I need to default on payment and then make a case and take more loans :O

And if it is strictly followed, my CIBIL is set to go down further as I just closed my home loan few days back and the only type of credit I have now is Credit Cards. The moment this gets reported my credit mix is going to go down from 2 to 1 which according to this article will take my score DOWN by 10-15 points :(
Click to expand...
You have such an excellent score. There's no point of worrying about it if the score is above 750, and you have more than 800. Why do you care to increase it more? It's an unnecessary headache..
 
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D

deep@vie

TF Legend
sjmajumder said:
I had CIBIL score of 820 when I took a car loan in 2019 which brought down my CIBIL straight to 798 (not sure why such a big drop). Canara Bank did make 2 hits by mistake and refused to remove it. They made the first hit for personal loan (LMAO) whereas I applied for car loan. Later when they realized they made another hit for car loan for same amount and even debited my account by Rs. 55 as charge for the same which again they refused to reverse.

I never missed any EMI and closed my 7 years loan in 2 years. But ever since then my CIBIL moves between 802 to 807. Never gone beyond 807 ever after that.

How can I improve it further. Any suggestions? Please help :)
Click to expand...
I've never seen 800.
Once saw 798 then it again came back 794 for something.
We can exchange 🤣
 
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coolguy1

coolguy1

TF Ace
Contributor
VIP Lounge
8akq86.jpg
 
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Z

zenchill

TF Select
cibil algorithm works in mysterious ways although the link shared does make sense but they keep tweaking. What all bureaus do consider is mixture of credit. So instead of having just 1 loan even if you repay before time having a mix of secured loans like loan along with unsecured loans do add more value. But its not worth the effort for nothing is guaranteed. Also the number of years of your credit history also matter so maintaining good score for 10 years is better than good score for 1 year.
 
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