Cibil score from start

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Deal Subedar
pranavcool

I just want to know if i start credit card journey from now ,how much spend min i have to do per month to get a cibil score and after how many months cibil score is generated.

My aim is 700+ so tell me min amount and how much min time it takes for this.
i got the credit card of limit 75k on basis of relationship with bank

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Deal Subedar Deal Subedar
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Will take at least 5-7 months to generate a score
Get a secured card by doing 15k fd and spend only 2k , pay bills after statement date and before due date .
Watch your score rocket
Always use 10-15% of your credit limit and dont go beyond 30% during this time

Deal Subedar Deal Subedar
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EkdamSastaRaju wrote:

Will take at least 5-7 months to generate a score
Get a secured card by doing 15k fd and spend only 2k , pay bills after statement date and before due date .
Watch your score rocket
Always use 10-15% of your credit limit and dont go beyond 30% during this time

If used only 500-1000 rs per month sometimes

Deal Subedar Deal Subedar
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- Take a loan against FD for 20% of the amount of the FD (preferably over 50K) and keep repaying it every month. Close loan after an year. It’s mentioned as loan against FD in CIBIL. - Secured card as mentioned above against FD, though amount can be increased to 50K.
Deal Cadet Deal Cadet
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If you want cibil score instantly injust one moth above 770 then pm me

Deal Subedar Deal Subedar
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Apply for pay later service

Deal Subedar Deal Subedar
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Ramta_Jogi wrote:
- Take a loan against FD for 20% of the amount of the FD (preferably over 50K) and keep repaying it every month. Close loan after an year. It’s mentioned as loan against FD in CIBIL. - Secured card as mentioned above against FD, though amount can be increased to 50K.

i got a credit card on basis on my relationship thats not a ques i got 75k limit

Deal Subedar Deal Subedar
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B3A5T wrote:

Apply for pay later service

bro i got credit card

Deal Lieutenant Deal Lieutenant
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First of all 700+ is not a good score. 750+ is expected. 780+ is good and 800+ is excellent (approx range).
You have a CC now, congrats for that. Now all you have to do is just that make sure that the generated bill is no more than 30% of it (so around 25K max) anytime, prefer to keep it around 10% only if possible for the initial few months (you can prepay before bill generation to achieve this). Pay off the complete bill on time always. Avoid applying for another card in the next 5-6 months (avoid in general, but if there’s a blue moon offer like Amex LTF cc, then only go for it, as an example).
Within the next 6 month, you will certainly have a score of around 770ish using this simple approach. First score generation takes around 3 months from the time when you got your first credit.

Deal Subedar Deal Subedar
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BlueFlash wrote:

First of all 700+ is not a good score. 750+ is expected. 780+ is good and 800+ is excellent (approx range).
You have a CC now, congrats for that. Now all you have to do is just that make sure that the generated bill is no more than 30% of it (so around 25K max) anytime, prefer to keep it around 10% only if possible for the initial few months (you can prepay before bill generation to achieve this). Pay off the complete bill on time always. Avoid applying for another card in the next 5-6 months (avoid in general, but if there’s a blue moon offer like Amex LTF cc, then only go for it, as an example).
Within the next 6 month, you will certainly have a score of around 770ish using this simple approach. First score generation takes around 3 months from the time when you got your first credit.

See i have to spend 50k to make it ltf and hdfc do not reports limit to cibil so shd i pay 50k complete in one month then pay on time and rest not cross 10%?

Deal Lieutenant Deal Lieutenant
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pranavcool wrote:

See i have to spend 50k to make it ltf and hdfc do not reports limit to cibil so shd i pay 50k complete in one month then pay on time and rest not cross 10%?

Oh, for HDFC it’s a different game; as you said, it reports the max bill generated as the credit limit; so for now, you can spend 50K in one month if possible; that will act like a credit limit for cibil purpose; now from next month, spend 10-20K max (you can spend more, but prepay so bill generated amount is this range max). So your credit utilization will be 100% for first month (can’t do anything for hdfc), but from next month will be 20-30% max if your bill comes around 10-15K.

P.S: This is why I suggest people not to take HDFC as their first credit in general; it doesn’t report the CL which makes the credit utilization values go haywire.

Deal Newbie Deal Newbie
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BlueFlash wrote:

Oh, for HDFC it’s a different game; as you said, it reports the max bill generated as the credit limit; so for now, you can spend 50K in one month if possible; that will act like a credit limit for cibil purpose; now from next month, spend 10-20K max (you can spend more, but prepay so bill generated amount is this range max). So your credit utilization will be 100% for first month (can’t do anything for hdfc), but from next month will be 20-30% max if your bill comes around 10-15K.

P.S: This is why I suggest people not to take HDFC as their first credit in general; it doesn’t report the CL which makes the credit utilization values go haywire.

@BlueFlash is this still true or has Hdfc changed it ? 
I got Hdfc cc few months back and 1st bill amount was 10k.in recent months, my bill is more than 10k. does that mean Hdfc will report my CL as 10k and I have over utilised my credit limit ?

Deal Lieutenant Deal Lieutenant
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mbelllabs0231 wrote:

@BlueFlash is this still true or has Hdfc changed it ? 
I got Hdfc cc few months back and 1st bill amount was 10k.in recent months, my bill is more than 10k. does that mean Hdfc will report my CL as 10k and I have over utilised my credit limit ?

Your new “CL” will now be more than 10K (whatever outstanding value is when hdfc reports to cibil); and yes, your utilization ratio will be 100% (provided you have only 1 cc), but that’s fine, it won’t impact too much in such cases; do check the score after a month or so.

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