CIBIL help dimers

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Deal Cadet
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I checked my CIBIL score today and found 5 hard inquiries for CC in last 3-4 months. 2 from SBI which I never applied and 2 from ICICI despite my application being for a secured CC. Will this badly affect my score? Also how to get this removed. CIBIL says it will stay on the report for 7 years.

10 Comments  |  
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Deal Cadet
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Hard inquiry have very low impact. If 5 inquiry in 1 month then it’ll reduce your score significantly.

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Deal Cadet
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It was some idiot from sbi sales team checking whether you are eligible for a card or not. But he/she should have gone for a soft inquiry.
ICICI people were doing their job. Nothing can be “removed” now.

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Deal Cadet
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Cibil is bull shit.
If u use cc wisely then most probably your score moves down .

High cibil doesn’t mean your are expert it only means banks or financial institutions can earn more money from you

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Critic
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Donald-Trump wrote:

Hard inquiry have very low impact. If 5 inquiry in 1 month then it’ll reduce your score significantly.

I think you meant to say high impact, hard inquiry always affects cibil score negatively compared to soft inquiry.

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Deal Subedar
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billubakra wrote:

It was some idiot from sbi sales team checking whether you are eligible for a card or not. But he/she should have gone for a soft inquiry.
ICICI people were doing their job. Nothing can be “removed” now.

Every enquire reduces 5 points
Impact becomes very less after 6 months passes of enquiry
I mean later points increases
As analysis is done monthly

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VellaBoy wrote:

Every enquire reduces 5 points
Impact becomes very less after 6 months passes of enquiry
I mean later points increases
As analysis is done monthly

Can you share the source of info about this 5 point thing?
Afaik every credit rating agency’s point calculation system is unique.

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Deal Subedar
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billubakra wrote:

Can you share the source of info about this 5 point thing?
Afaik every credit rating agency’s point calculation system is unique.

I had conversation with bank manager
He told me so i conveyed
Also cleared with cibil Transunioun that imapct of hard enquiries stay till 6 months
And becomes less with time

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Deal Newbie
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CIBIL Score is calculated using the credit history found in your CIBIL Report. It reflects a person’s credit behaviour which includes frequency of applying for loans/credit cards, credit repayment history, mix of secured and unsecured credit, etc. Generally a score closer to 900 is considered to be a good score. Some factors which affect a person’s CIBIL score are given below:

1. Repayment History: Loan repayment history like timely payment of your credit card bills and EMIs (equated monthly installments) affects your CIBIL score. Missing timely payments of your credit card bills or EMIs tends to adversely affects your CIBIL score and thereby your ability to secure new credit in the future.

2. Credit Utilization Ratio: Credit Utilization Ratio is calculated by dividing the amount of credit availed by the available credit limit. A high credit utilization ratio indicates a heavy repayment burden that negatively impacts your CIBIL score. A person with a low credit utilization ratio (30% or lower) has higher credit worthiness for lenders and can avail additional credit with greater ease.

3. Simultaneous Loan/Credit Card Applications: Applications for new credit cards/loans trigger hard enquiries from prospective lenders. These enquiries show up on your CIBIL report which adversely affects your CIBIL score is multiple hard enquiries show up on your report simultaneously.

4. Credit Mix: It is good to have a balanced mix of secured and unsecured loans. Having too much unsecured debt in the form of credit card debt and outstanding personal loans adversely affects your CIBIL score. This is because such credit behaviour is often interpreted as a sign of mismanagement of personal finance. Having a mix of secured loans (like Auto and Home loans) and unsecured loans, can help you maintain a high CIBIL score and increase chances of availing new credit.

5. Increasing Credit Card Limit Frequently: Making frequent requests for increasing the credit limit on your credit cards may increase the number of hard inquiries. This may adversely affect your CIBIL score as it might be perceived as high dependence on credit by potential lenders leading to an increased chance of default in the future.

6. Errors in Credit Report: Errors in CIBIL reports such as an incorrect mention of default in repayments, wrongly assigned loans/credit cards, errors in personal information, etc. may adversely affect your CIBIL score. Additionally, incorrect or delayed reporting by banks may also negatively impact your CIBIL score.

7. Lack of Credit History: Your CIBIL score is calculated on the basis of your credit behaviour, loan repayment history, credit utilization limit, etc. Absence of credit history negatively affects your CIBIL score. It becomes difficult for the lender to determine the risk category the individual falls into in case he/she has never taken a loan or never had a credit card.

8. Inability to fulfill your role as a loan guarantor: Becoming a guarantor for somebody else’s loan makes you liable to pay the loan in case he/she fails to do so. The guarantor’s CIBIL score is impacted in case he/she fails to repay a loan where the primary borrower has already defaulted.

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Deal Cadet
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VellaBoy wrote:

I had conversation with bank manager
He told me so i conveyed
Also cleared with cibil Transunioun that imapct of hard enquiries stay till 6 months
And becomes less with time

Don’t listen to him.

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