Closing Credit Card Help

Closing Credit Card Help

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I want to close my SBI SimplyClick Card this month. My current CIBIL score is 769 how much it will reduce my score. What is the procedure to close SBI Credit Card.

35 Comments  |  
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Deal Cadet
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CIBIL is depends on many factors when closing card-

Your total limit and SBI simplyclick limit.?
How old is your simplyclick.?
Your total uses per months.?

Generally closing cc may increase or decrease your score. .

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Deal Cadet
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Is it your oldest CC? If yes, then impact will be more.

If not and you have other CC’s, then close it. The credit score will recover if it gets impacted.

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Deal Cadet
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This is my 1st credit card against FD. Credit limit is 17k. Using this for 10 months. SBI is sh****t.
SBI doesn’t remove lien on FD even if you always pay in time.

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Deal Cadet
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Why are you closing simply click card?
Its is a good card if used along with APay cad. 1.25% for all transactions AFAIK

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Deal Subedar
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Donald-Trump wrote:

This is my 1st credit card against FD. Credit limit is 17k. Using this for 10 months. SBI is sh****t.
SBI doesn’t remove lien on FD even if you always pay in time.

Many banks don’t. They differentiate b/w unsecured and secured loans/ cards.

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Donald-Trump wrote:

This is my 1st credit card against FD. Credit limit is 17k. Using this for 10 months. SBI is sh****t.
SBI doesn’t remove lien on FD even if you always pay in time.

Then take the jump. Just ask SBI, if they can replace the secured one with an unsecured CC. Else, close it off. Credit score eventually recovers, never stopped me from closing off an account if I don’t need it.

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DealBroker23 wrote:

Why are you closing simply click card?
Its is a good card if used along with APay cad. 1.25% for all transactions AFAIK

17k is very low limit. I can’t spend more than 5k to be under 30% credit utilisation. I will put my money in HDFC to get pre approved card.

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Donald-Trump wrote:

17k is very low limit. I can’t spend more than 5k to be under 30% credit utilisation. I will put my money in HDFC to get pre approved card.

Oh,

I did not know spending less than 30% increases the credit score.

I personally never checked my score.
I guess checking scores also decreases the score.

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DealBroker23 wrote:

Oh,

I did not know spending less than 30% increases the credit score.

I personally never checked my score.
I guess checking scores also decreases the score.

No checking score won’t reduce score. I check my score every month on wishfin.

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Donald-Trump wrote:

No checking score won’t reduce score. I check my score every month on wishfin.

Checking score again and again looks like you are credit hungry and decreases the score as far as i know

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DealBroker23 wrote:

Checking score again and again looks like you are credit hungry and decreases the score as far as i know

No bro checking your own score don’t mean credit hungry. What if your credit card company by mistake put late payment in CIBIL. All datas are manually updated in CIBIL. You should also check your score every month for any error. I’m checking my score from last 8 months and my score is 769. Hard Inquiry affects credit score.

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Donald-Trump wrote:

17k is very low limit. I can’t spend more than 5k to be under 30% credit utilisation. I will put my money in HDFC to get pre approved card.

This applies for final bill amount.e.g. If you spend 15k on a phone with only 2k limit remaining but pay 10k before bill generation date then in bill statement it will be 5k payable amount before due date & it is this amount which counts & not the 15k transaction you did. Still I agree that 17k limit is a bit low if planning on buying 20k+ mobile phone or laptop in some sale.

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Donald-Trump wrote:

No bro checking your own score don’t mean credit hungry. What if your credit card company by mistake put late payment in CIBIL. All datas are manually updated in CIBIL. You should also check your score every month for any error. I’m checking my score from last 8 months and my score is 769. Hard Inquiry affects credit score.

What is Hard enquiry vs checking score myself?

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DealBroker23 wrote:

What is Hard enquiry vs checking score myself?

Hard enquiry happens when your cibil/credit score is checked for the purpose of processing some lone application by you. Soft inquiry means just checking your cibil/credit score for self purpose or some data collection task etc with no relation to any loan application.

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DealBroker23 wrote:

What is Hard enquiry vs checking score myself?

Hard enquiry happens when your cibil/credit score is checked for the purpose of processing some loan application by you. Soft inquiry means just checking your cibil/credit score for self purpose or some data collection task etc with no relation to any loan application.

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guest_999 wrote:

Hard enquiry happens when your cibil/credit score is checked for the purpose of processing some loan application by you. Soft inquiry means just checking your cibil/credit score for self purpose or some data collection task etc with no relation to any loan application.

Enquiry from cred comes under hard enuiry?

Can you suggest the websites to see credit score.

OP mentioned wishfin

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DealBroker23 wrote:

Enquiry from cred comes under hard enuiry?

Can you suggest the websites to see credit score.

OP mentioned wishfin

Unless you have applied for some type of loan from cred(I don’t use the app) or applied for some form of pay later flipkart/amazon type scheme(this is also a form of loan) from cred then it should be a soft enquiry.

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DealBroker23 wrote:

@guest_999 @Donald Do you see increase spam call rates after wishfin credit score check?
Do they sell your details?

I have the same doubt so never used 3rd party cibil score checking sites till now.

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guest_999 wrote:

I have the same doubt so never used 3rd party cibil score checking sites till now.

So how do you check your score (Soft Enquiry)?

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DealBroker23 wrote:

So how do you check your score (Soft Enquiry)?

I have created a free account on cibil site. As per RBI instructions all credit rating agencies have to provide 1 free report in an year to all customers. I don’t think it is updated more than once a year but since this is my first time using it I am not sure. Maybe the wording “1 free report” means 1 free detailed report & just the credit score does not count as “free report”.

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guest_999 wrote:

I have created a free account on cibil site. As per RBI instructions all credit rating agencies have to provide 1 free report in an year to all customers. I don’t think it is updated more than once a year but since this is my first time using it I am not sure. Maybe the wording “1 free report” means 1 free detailed report & just the credit score does not count as “free report”.

I tried creating the account but it is falling with some error. I will try sometime afterward.

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why do bank reduces CIBIL if I close the cc after paying all my dues ? any logic behind this ?

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DealBroker23 wrote:

@guest_999 @Donald Do you see increase spam call rates after wishfin credit score check?
Do they sell your details?

From last 1 year I’ve not received a single spam calls from Wishfin. Wishfin is the official partner of CIBIL. But never ever use paisabazar/bankbazar they will make your life hell with spam calls.
BTW I have Full DND activated on my number.

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akki.akki wrote:

why do bank reduces CIBIL if I close the cc after paying all my dues ? any logic behind this ?

The logic is that your credit taking capacity is reduced.e.g. originally you were in a job getting 60k salary & having a card with 40k limit. Then your job is changed to a low paying one with 30k salary & you decide to close the card as you can’t afford the card with your now less paying job.

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guest_999 wrote:

The logic is that your credit taking capacity is reduced.e.g. originally you were in a job getting 60k salary & having a card with 40k limit. Then your job is changed to a low paying one with 30k salary & you decide to close the card as you can’t afford the card with your now less paying job.

shouldn’t it be other way around: got hike in salary and have enough savings now and don’t need credit card ?

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akki.akki wrote:

shouldn’t it be other way around: got hike in salary and have enough savings now and don’t need credit card ?

Logic also depends somewhat on majority. It is more likely for the scenario I mentioned to happen compared to the scenario you mentioned.

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guest_999 wrote:

Logic also depends somewhat on majority. It is more likely for the scenario I mentioned to happen compared to the scenario you mentioned.

Suppose if I completed my personal, consumer loan etc and then loan account gets closed will it boost or reduce my CIBIL score?

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