Hi Team,
I have been keeping a tab on my CIBIL score from the past 6 months after understanding the importance of it. Before i became aware of CIBIL body and its functioning i have had multiple Credit card applications rejected which pulled my score down to 750.
But since October 2013 i have not applied for any CC/loan. I have an auto loan and personal loan running for 28 months now. Not a single EMI missed till date. The details on my CIBIL report is all fine and error free.
However i don’t understand the scoring. When i looked at my score for this month(JUNE) i see a drop from 808 to 783 in 3 months. I have not missed my credit card payment and EMIs not only in the past 6 months but in my life. In fact current outstanding amount on both my credit cards is ZERO. Its all there on my CIBIL report correctly.
Any idea/reason which could have affected my score ? It’s a puzzler to me.
Starting October 2013, i have been checking my CIBIL report every 3 months –
Between October and now i have not applied for any loan or credit card. Nor have i missed my EMIs and credit card bills. No delayed payments either.
October 2013- 756
December 2013- 764
March 2014 – 808
June 2014 – 783
Regards,
Vikram
Ajay,
Thank you for your inputs.
I would say not more than 30% of the limit available and i have always paid in full since Dec 2013. I haven’t used up credit anywhere close to available limit on my cards in an year or so.
I have gotten real credit cautious particularly CC since i need to apply for a home loan next quarter. I am thriving to maintain a good , clean CIBIL report as i don’t want any surprise rejections.
Still remains a puzzler to me… Any thoughts?
Regards,
Vikram
Do you use too much of credit card and reach close to the limits each month (even though you pay it off on time) ? Will this be considered as “credit hungry”.
PS: This may not be the answer to your query, but I am interested to learn why would it happen. Kind of keeping the ball rolling so that someone can answer the question. 🙂