How and when Current/Outstand. Balance is reported to CIBIL ?
Our outstanding balance and utilized limit varies daily for every card. So how banks calculates the O/S balance for reporting to CIBIL.
Do they calculate the average amount for the statement period OR they randomly chose a date and send that’s day amount for reporting to CIBIL?
Credit Utilization plays a major role in the score, so please share tricks and tips to keep it around 5-10% in the CIBIL Report.
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@dark.demon
Calendar Month OR Statement month/period end date?
Calendar month
Its not updated regularly. Earlier banks used to update monthly. Now they take their own sweet time to update
Depends on bank, in my case some bank report it at the end of month while some report around middle of the month.
So they don’t calculate the average and pick any random day/Month End and report that day O/S balance it to CIBIL?
So it’s all luck guys?
Better to have good limit cards to keep utilisation low as much possible now cibil included 35% ratio in calculating score of utilisation
@vivek4uuuu @guest_999 @akki.akki @RunZone @getready @Mufasa @neehesh @SastaRaju @alienteck
So they don’t calculate the average and pick any random day/Month End and report that day O/S balance it to CIBIL?
So it’s all luck dimers, with utilization, a critical factor? How can we plan to keep it low?
Afaik they send the info based on month end date.