Hi everyone, I’ve come to realise/validate that HDFC does not report our max credit limit to CIBIL and other bureaus.
Due to this, if your monthly expenses are constant (for eg. 25K/month), you’ll start tanking your credit score because every time this is reported, the bureau and CIBIL will think you’re using 100% of your credit limit.
Hence, it was suggested to use utilise the card till MAX credit ONCE so the bureaus and CIBIL know our real credit limit (for eg. 75K-1L).
What are some of the ways we can utilise our cards for max consumption just before the credit information is reported (End of the month for HDFC) without losing much amount as service charges/other charges? Is there an easy way to move this amount to our Savings and credit it back to the card after a few days?
Yes HDFC doesn’t report our full credit limit to CIBIL. They report only our max utilization. However, in my CIBIL report, I have seen it under the ‘max utilization’ header only. I mean to say, CIBIL knows that this is ‘max utilization’, and not my ‘offered credit limit’.
The ‘credit limit’ section is empty. So, no matter how much limit you use, Credit Bureaus will never really know your credit limit. So, their scoring will be based on your usage patterns only.
However, I have nothing to conclude from this statement. I just shared what I saw. If people think utilizing the maximum credit limit will help, then maybe, yes! If someone can share a solid case study on their experience, that would be better. I will wait for that.
Hi @nirmal thanks for your reply! That does make sense. If I may ask, where can I download a fresh CIBIL report? I have been using the OneScore app but am unable to see the PDF myself and it does not get delivered to my email.
I tried to check on Paytm but instead of CIBIL it shows me via Equifax so what’s the best way to generate and download your latest CIBIL report? As for Experian, I get the report delivered directly to my email. I wish I received my CIBIL reports as well whenever the score gets refreshed.
Hello, This is a slightly old topic but do we know the banks that do report credit card limit to CIBIL? In my CIBIL I see the credit limit reported only for OneCard. I don’t see limits for HDFC and ICICI card.
Another question that I have is if I do a large transaction on my card and get it reversed, will it reflect under “High Credit”? Any one has any experience in this matter?
I do have channels through which I can to do around $5000 (circa INR 4L) transaction and get it reversed . But am not sure if the transaction charges will be reversed.