My CIBIL score has been dropped (159 points in 1 year)
Hello,
Last year I had requested for the CIBIL report on 22-11-2011. The score was 787.
This year again I have requested for the CIBIL report on 30/10/2012. The score I see this time is 628. I see the score drop of 159 point.
The fact is, I have made the EMIs of my personal loans and consulmer loan regularly, Credit utilization was very less in during this year. I have made the payments of credit cards and personal loans on time. More details are provided below.
1. I have closed 2 credit cards (1 of standard charted and 1 of citi bank) by paying the out standing amount
2. There were two accounts closed (1 of Bajaj finance for electronic loan and 1 of HDFC bank – for personal loan)
3. There were two applications that I have filled for credit cards ( 1 for citi and 1 for IndusIND) and 1 for personal loan through ICICI. However I have requested them to cancel the same.
I would like to know why this much of drop in 1 year. Also, can I have calculation formula that you sue for calculating credit score? Even after making clear payments without any mis-payments and cheque bounces, I am wondering there is huge dip in score.
I am more worried about this now. Even if I continue making payments of EMI and credit cards, by the next year score might come down to below 500?
I am planning to go for home loan. With this score I am afraid Banker refuse to give loan.