Wrong card Limit in CIBIL

[Krish]

My cibil score from 762 to 714 within one month. What can be the reason? I have made all the payments on time. The ICICI card is on FD , limit is 18,000 , previous month due was 695 , why it’s taking as max limit.
And hdfc card limit is 50,000 (new card, issued on 24 May 2022)

 

[Krish]

Which app?

Wishfin

 

[007]

My cibil score from 762 to 714 within one month. What can be the reason? I have made all the payments on time. The ICICI card is on FD , limit is 18,000 , previous month due was 695 , why it’s taking as max limit.
And hdfc card limit is 50,000 (new card, issued on 24 May 2022)

HDFC shares the Max Utilized amount only (not the credit limit) to credit bureaus. To see the actual limit you need to spend the entire credit limit once (₹50K in your case), so that it shows the credit utilization accordingly.
I have no idea regarding ICICI FD based (secured) cards, maybe they also follow the same. For unsecured ICICI CCs though they update the actual credit limit (not the Max Utilized amount)!

 

[Krish]

HDFC shares the Max Utilized amount only (not the credit limit) to credit bureaus. To see the actual limit you need to spend the entire credit limit once (₹50K in your case), so that it shows the credit utilization accordingly.
I have no idea regarding ICICI FD based (secured) cards, maybe they also follow the same. For unsecured ICICI CCs though they update the actual credit limit (not the Max Utilized amount)!

So if I use the full 50k limit for this month, won’t it again show as 100% credit utilisation and further decrease the credit score?

 

[BankExpertIndia]

Wishfin

Don't / Never Use Wishfin

 

[007]

So if I use the full 50k limit for this month, won’t it again show as 100% credit utilisation and further decrease the credit score?

For the first time it will, afterward the utilization would be according to ₹50K. Hence, it will be less than 100% until and unless you spend ₹50K again.

 

[007]

Credit utilisation doesn't matter

It does. The credit utilization for all your cards (combined) should be less than 20-30% for a better score.

 

[Krish]

Don't / Never Use Wishfin

Why?

 

[Krish]

Bill generation date is 21st , and I heard that HDFC reports only on 30/31 of month to CIBIL, so If I clear the dues on 21st , the limit that will be used from 21 to 30/31 will be shown?
Or will it be took from the last billed statement?

For the first time it will, afterward the utilization would be according to ₹50K. Hence, it will be less than 100% until and unless you spend ₹50K again.

 

[ashwink]

My cibil score from 762 to 714 within one month. What can be the reason? I have made all the payments on time. The ICICI card is on FD , limit is 18,000 , previous month due was 695 , why it’s taking as max limit.
And hdfc card limit is 50,000 (new card, issued on 24 May 2022)

If your credit Journey started less than 6 months it's quite common
Me also seen many fluctuations in my score.

 

[BankExpertIndia]

Why?

When The Fraud Will Happen Then You Can Let Me Know... Why I Said Never Use Wishfin But At That Time "It's Too Late Now"

 

[Krish]

When The Fraud Will Happen Then You Can Let Me Know... Why I Said Never Use Wishfin But At That Time "It's Too Late Now"

I already use now , if that’s the case , then will stop using.

 

[007]

Bill generation date is 21st , and I heard that HDFC reports only on 30/31 of month to CIBIL, so If I clear the dues on 21st , the limit that will be used from 21 to 30/31 will be shown?
Or will it be took from the last billed statement?

The outstanding amount shown on 30/31st would be updated as the Max Utilized amount in next month's credit report. It won't take the last billed amount, so don't pay your bill until 30/31st.

 

[Krish]

The outstanding amount shown on 30/31st would be updated as the Max Utilized amount in next month's credit report. It won't take the last billed amount, so don't pay your bill until 30/31st.

Okay 👍🏼

 

[BankExpertIndia]

I already use now , if that’s the case , then will stop using.

Much Better

 

[SC_23]

The outstanding amount shown on 30/31st would be updated as the Max Utilized amount in next month's credit report. It won't take the last billed amount, so don't pay your bill until 30/31st.

Glad I stumbled upon this thread