Personal Finance23mo
by ZippyNarwhalFreelancer
Your CIBIL scores
What is your CIBIL Score and how many lines of credit due you have open currently? (loans + credit cards).
My score is 787. With 5 active credit cards.
FluffyUnicorn
Does having too many credit cards affect CIBIL score?
In this month alone i got 3 new credit cards. Yes bank approached me saying there’s a pre-approved credit card, which will be the fourth one.
This will be the fourth enquiry on my CIBIL this month, but none of them got rejected. Current score is 770+ and age of credit is almost 3y
My understanding is having more credit limit will help keep Credit Card Usage index below 20-30%. Is this correct?
12mo ago
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JazzyNarwhal
Stealth12mo
SwirlyTaco
Stealth12mo
You don't need more than 2. Easy to administer and time due dates spaced out by 15 days.
Focus on enhancing card limits rather than getting more cards. They just make managing cards painful.
Also, all the bells and whistles come at a cost - don't make card selection basis rewards. Thats an activity for the #ccgeeks people who don't have anything better to do with their time and burn time / brains gaming the cards.
Cash back / upfront discounts are the best and consistent rewards.
FluffyUnicorn
Stealth12mo
Right.. some cc benefits do make sense. For instance for frequent travellers Priority Pass is amazing, Vistara club cards are also helpful.
I’m having many right now, but I’ll discontinue some of them before the end of the next cycle. Keeping a track with excel sheet is time/energy consuming. Thanks for the tips ✌🏼
CosmicQuokka
Paralleldots12mo
If you keep paying on time not miss bills your cibil score will increase.
FluffyUnicorn
Stealth12mo
Yes I have never missed payments to date, always make sure to keep it on time 👍🏼
BouncySushi
Stealth12mo
Even if your score gets temporarily impacted because of multiple bureau enquiries , it will bounce back in sometime. Not sure about having a new card just because it’s Pre approved, every other bank would say/offer the same thing.
FluffyUnicorn
Stealth12mo
True, I’m not falling for it again. Done with them, will probably discontinue few of them by next year
DizzyLlama
Freelancer12mo
It affects your score temporarily. But it would bounce back.
In my experience, I haven't seen it reduce the score below 750
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by WobblyCupcakeStealth
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