Huge Drop in score

[akshay685]

My score dropped from 761 to 730, in a day. There were couple of education loan enquires recently, one was 22nd of Last month, and other was on 4th july. Could these trigger this big drop ? I only have a hdfc credit card with 1.5 lackh limit and I pay on time, I see utilization is negative could this be the reason for it ? Is it some kind of error ? Can some one please help me to find I did something wrong and let me know if there is a way to correct it.

 

[RaviAgl]

Download and scrutinize your credit report.

It could be something else rhat is bringing your score down.

Thanks!!

 

[suhasa010]

My score dropped from 761 to 730, in a day. There were couple of education loan enquires recently, one was 22nd of Last month, and other was on 4th july. Could these trigger this big drop ? I only have a hdfc credit card with 1.5 lackh limit and I pay on time, I see utilization is negative could this be the reason for it ? Is it some kind of error ? Can some one please help me to find I did something wrong and let me know if there is a way to correct it.

It could be due to the "newness" of your credit history, that a few education loan enquiries brought your score down drastically.

The older your credit history, lesser the impact of enquiries on your credit score.

 

[RaviAgl]

It could be due to the "newness" of your credit history, that a few education loan enquiries brought your score down drastically.

The older your credit history, lesser the impact of enquiries on your credit score.

I was about to say that but missed it.

Very good point indeed.

If this is the case, then your score will bounce back quickly and you need not worry.

 

[Ranger]

It could be due to the "newness" of your credit history, that a few education loan enquiries brought your score down drastically.

The older your credit history, lesser the impact of enquiries on your credit score.

My cibil was down like 720 due to some enquiries. It went up to 748, at end of the last month. Now it has gone down to 708 for no reason, like wtf. I didn't miss any payment, utilization is just 20% and only 1 enquiry in last month.

 

[srikant]

My cibil was down like 720 due to some enquiries. It went up to 748, at end of the last month. Now it has gone down to 708 for no reason, like wtf. I didn't miss any payment, utilization is just 20% and only 1 enquiry in last month.

Utilization 20% isn't great - try to keep 9% and below (you can "remember" it as below 10%).

I think 20 or so points can be easily gained by keeping it below 10% vs over hovering at 20%.

I mean, note that 20% isn't bad - typically even up to 30% shouldn't be a big problem - once in a while, with a long history and multiple timely-paid credit lines. Indeed, unless you plan on applying for an important loan shortly, simply keeping it below 30% should be fine. But if you're "gaming" for high score, 9% and below is the way to go.