Best ways to increase CIBIL Score from Credit Card?
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Guys, pls ans the below queries. tia.
1.Best % of Credit limit to be utilized. I mean the % utilized in billing vs approved cc limit
– is it 20-25 %?
2.Does more Number of Credit Cards affect cibil score?
- i guess yes
3.Does more consumption of cc limit in a single billing cycle affect cibil -vely?
for ex if i have 1 lakh CC limit and in a single billing cycle i do the below txns.
day1 – 1 lkh txn
day 2 – transfer 1 lakh from bank acct to cc.
day 3 – one more 1 lakh txn
day 4 – transfer 1 lakh from bank acct to cc.
so in total have done 2 lakh txns and paid off totally and the bill generated was 0.
any -ve or +ve impact?
- tech it should not but not sure.
4. does no usage of cc affect cibil? meaning no txns at all.
- i guess so
also, pls post any missed queries. thx,
also, pls let us know the best ways to increase the same.
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thx bro. 
reg point 4 – i meant to sa NO usage at all. NO txns. 
reg point 3 – wht u say is true then this would save our a$$ 
1. A credit utilization under 50% is optimum.
2. More number of credit cards may effect your credit history in short term but would build up your CIBIL score on the longer run since more number of credit cards = more credit limit = better credit utilization. BTW, just make sure that you don’t come across as credit hungry by applying multiple credit cards/loan at the same time. If you have recently got a credit card, wait for at-least a few months/year before you sign up for the second one.
3. Single day billing doesn’t matter. Just ensure that it doesn’t fall on the statement date. Banks would only report billing amount/outstanding amount to CIBIL. None of your transactions gets reported to CIBI.
4. Usage doesn’t matter . Use your CC as much as you want.
FYI, Secure loans build up your credit card faster than non-secure loans. A home loan and a car loan will generate a much better credit score than credit cards/personal loans.
thx bro.
reg 4. – i meant no txns at all.
reg 3 – if what u said is true then i hope would be same for a case where if i want to make a single txn of 1.5 lakh, i can add 50k from bank to credit card to the existing 1 lakh cc limit and make the cc limit to 1.5 lakh. (ex as per in the main post).
actually i had done once like this.
Credit Card companies submit report quarterly to the CIBIL. In indian CIBIL score takes some time to improve mainly due to delay in reporting.
You can read more about it on http://CreditCard...rg
Not paying your Credit Card dues in full could mean high interest on that debt. Watch out. Swipe and pay the entire bill. That’s how you get smart with Credit Cards.
It’s not a good idea to use more than 30% of your credit limit. High credit utilisation means danger for your Credit Score. Pay off your Credit Card dues to reduce your credit utilisation rate.
Don’t complain about paying heavy interest charges on your Credit Card if you don’t pay the bill within the due date.
While you might be tempted to get every new Credit Card offered to you by banks, watch your step there. Too many Credit Cards may become rather difficult to manage.
Don’t let these bad Credit habits spoil the fun of owning a Credit Card. We have some awesome offers – just for you.
what offers u have for me
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Hopefully CIBIL only sees, what we want them to see
…
Our hopes just got dashed!!
@rajrocks
I guess CIBIL would only receive your end of cycle Statement balances. And if any/full payment was made towards the reported Statement balance.
I have a feeling this scenario you came up with will make it appear as a non-utilization of your credit line. (Your point 4)
If this guess is indeed true, the obvious solution is to reduce your payments within that cycle to such extent, as to let the statement generate to the desired amount as determined in your point 1
Hopefully CIBIL only sees, what we want them to see