Hot Deal

Credit score fell 158 Pts in just 6 months from 877 to 719 without any reason

349°
Talk-Of-The-Town
xxxyyyzzz

Hi Guys,
My Credit score took a sharp dip from Feb 2021 this year, without much fault of mine.
100% of timely payments before the due date, Reasonable credit limit spends (20% of limit acc to Experian), 6 active accounts (1 Amazon icici credit card with 70k limit and a few NBFC types for Amazon pay later, Flipkart pay later, zest money, Paytm postpaid and Bajaj Finserv)
6 credit enquiries were made in the last one year, (two of which are from last week – Axis approved, Citi rejected after 2 KYC)
Opinion, information on mistakes I did and how to fix this are welcome 🤗

Added necessary report information for analysis, https://ibb.co/f...wP

48 Comments  |  
18 Dimers
  • Sort By
Deal Subedar Deal Subedar
Link Copied

Too many pay later accounts is probably the cause.

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
igen wrote:

Too many pay later accounts is probably the cause.

They were already there for quite some time, petty amounts like 4k~5k.
Should that cause this much drop?
Is it a good idea to close all of them at once, I heard closing account causes more drop.
I have already asked Zest to close my account.

Deal Subedar Deal Subedar
Link Copied
igen wrote:

Too many pay later accounts is probably the cause.

Exactly, you have opened up around 4 pay later services, which are basically loans. Also 2 new credit cards. On top of that a couple of hard hits in the recent.

My suggestion would be to close all such paylater services if you don’t need. You have a credit card now, so use that and avoid using paylater services and have them closed asap. Also give your hard enquiries some cooling period, don’t apply for any more credit for a couple of months unless really needed. It will get back to normal in a couple of months.

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
Expand
BlueFlash wrote:

Exactly, you have opened up around 4 pay later services, which are basically loans. Also 2 new credit cards. On top of that a couple of hard hits in the recent.

My suggestion would be to close all such paylater services if you don’t need. You have a credit card now, so use that and avoid using paylater services and have them closed asap. Also give your hard enquiries some cooling period, don’t apply for any more credit for a couple of months unless really needed. It will get back to normal in a couple of months.

Pay later services I don’t even use much (will initiate closing procedure tonight), Just kept them in case if need arises.
Was checking up on Axis application progress and saw this huge drop.

And btw, Experian says 719 & Transunion CIBIL says 776. Which one is more reliable as a difference of 60 pts. is quite something.

Deal Cadet Deal Cadet
Link Copied

sab credit card credit score chal rha hai dd pe

Deal Captain Deal Captain
Link Copied

This is your experian score right?

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
MrKool_JJ wrote:

This is your experian score right?

Experian is 719,
Transunion is 776

Deal Lieutenant Deal Lieutenant
Link Copied

haa bhai pata ni kyaa hai
mera to 800 hai aur mujhe koi redit card ni chahiye. amazon pay later ka band karaya abhi tak chlra hai , band hi ni hua . Try kar le ye bhai bhi. Flipkart pay later kaha to nahi but shayad vo inactivate ho gya hai . paytm postpaid chlta thaa but ab aa hi ahi raha vo.

Deal Lieutenant Deal Lieutenant
Link Copied
pranavcool wrote:

sab credit card credit score chal rha hai dd pe

haa bhai pata ni kyaa hai
mera to 800 hai aur mujhe koi redit card ni chahiye. amazon pay later ka band karaya abhi tak chlra hai , band hi ni hua . Try kar le ye bhai bhi. Flipkart pay later kaha to nahi but shayad vo inactivate ho gya hai . paytm postpaid chlta thaa but ab aa hi ahi raha vo.

Deal Lieutenant Deal Lieutenant
Link Copied
pranavcool wrote:

sab credit card credit score chal rha hai dd pe

jab Notice aane ka time aayega to Notice Notice chlega because IDFC wale ne to plan kr hi liya hoga

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
Expand
ErenYeager wrote:

haa bhai pata ni kyaa hai
mera to 800 hai aur mujhe koi redit card ni chahiye. amazon pay later ka band karaya abhi tak chlra hai , band hi ni hua . Try kar le ye bhai bhi. Flipkart pay later kaha to nahi but shayad vo inactivate ho gya hai . paytm postpaid chlta thaa but ab aa hi ahi raha vo.

Bohot drama hai bro, paytm guy called to increase limit. I said don’t need even existing one, please close. He cut the call 🤣

Deal Cadet Deal Cadet
Link Copied
igen wrote:

Too many pay later accounts is probably the cause.

Having too many Paylater accounts do not means we are consuming paylater money. I have multiple paylater account buy I hardly used them. I just used them for rewards/discounts only.

Deal Captain Deal Captain
Link Copied
Expand
xxxyyyzzz wrote:

Experian is 719,
Transunion is 776

What about Cibil?

Deal Cadet Deal Cadet
Link Copied
Expand
xxxyyyzzz wrote:

They were already there for quite some time, petty amounts like 4k~5k.
Should that cause this much drop?
Is it a good idea to close all of them at once, I heard closing account causes more drop.
I have already asked Zest to close my account.

If you don’t close the oldest credit line and axe the recent pay later ones, the average age of credit or age of oldest credit won’t change, so there won’t be much of a hit.
Look for any guarantee you have given for someone’s loan and they defaulted badly, it would be reported on you

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
Expand
decideaim wrote:

If you don’t close the oldest credit line and axe the recent pay later ones, the average age of credit or age of oldest credit won’t change, so there won’t be much of a hit.
Look for any guarantee you have given for someone’s loan and they defaulted badly, it would be reported on you

No such guarantees.
Plus these reports only give drop percentage and not the reason for that drop so i was wondering if its worth paying for annual subscription of transunion for a more detailed review? 🤔
From what i have come to know, experian relies on reports from cibil. I can’t comprehend on what projection they reduced even more than cibil.

Deal Cadet Deal Cadet
Link Copied
Expand
xxxyyyzzz wrote:

No such guarantees.
Plus these reports only give drop percentage and not the reason for that drop so i was wondering if its worth paying for annual subscription of transunion for a more detailed review? 🤔
From what i have come to know, experian relies on reports from cibil. I can’t comprehend on what projection they reduced even more than cibil.

If they give their algorithms, dimers will rig the score, no wonder it’s kept secret

Deal Cadet Deal Cadet
Link Copied

सभी pay later अकाउंट्स बंद करा दो….कृपा आनी शुरु हो जायेगी
https://cdn0.desidime.com/attachments/photos/713544/medium/7950212images-16.jpg?1632328363

Deal Cadet Deal Cadet
Link Copied

Yes pay later are considered personal loans, the worst kind of debt for credit score, According to @BlueFlash

Deal Subedar Deal Subedar
Link Copied
Expand
guest_999 wrote:

It is experian score that had a huge drop, cibil is still fine.

I thought It Was CIBIL

Even EXPERIAN Has Huge Drop

Deal Subedar Deal Subedar
Link Copied
Expand
sauravDD wrote:

jab Notice aane ka time aayega to Notice Notice chlega because IDFC wale ne to plan kr hi liya hoga

IDFC ka kya plan bhai ?

Deal Subedar Deal Subedar
Link Copied

Previously I Have Amazon And Flipkart Pay Laters

Two Months Back I Closed Both

Now I Have Only Unsecured CCs

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
Expand
sauravDD wrote:

jab Notice aane ka time aayega to Notice Notice chlega because IDFC wale ne to plan kr hi liya hoga

Notice? 🤔
Am i missing something,

Talk-Of-The-Town Talk-Of-The-Town
Link Copied
Expand
guest_999 wrote:

It is experian score that had a huge drop, cibil is still fine.

All these time i was under the impression that unless i default or make way too many late payments. Then only credit score will be affected.
The reports also say having 6 active accounts is fine.
That’s why didn’t bother closing them 🤦.

Now i will close everything ASAP except amazon and flipkart ltf card but i think it may take a very long time to go back to 850+

Deal Subedar Deal Subedar
Link Copied

Most probably enquiries are the reason.
Better close zest and Bajaj pay later accounts. Remaining are OK to keep.
And don’t worry much, you can easily improve Experian scores. Just go slow. Don’t close all at once and don’t apply all at once. Use amount as you need but maintain less amount in generated bills. Try to get pre approved cards. Everything will go back to normal. (No guarantees just based on my experiences as no one knows their algo)

My Experian scores fluctuated -50 to +50 from last 1 year and right now settled at 857. During the same period bloody Cibil is stuck at 784 as if they deliberately freezed it even though all data is updated regularly.

Missing