CIBIL score stuck between 787-789 from more than 2 years. How to reach 800+?

[hiteshgupta9193]

CIBIL score stuck between 787-789 from more than 2 years. How to reach 800+?

- My credit utilisation is never above 5%
- I have multiple credit cards
- no multiple new queries in a single month
- Max age is more than 8 yrs
- payments history - never missed even a single payment

Can share more details if required.

 

[wcgxlr8]

What is your credit mix like? Also, are there any derogatory marks? Your credit history seems good and so does the rest of the parameters.

 

[hiteshgupta9193]

17 CCs (16 unsecured + 1 secured - Niyo global which is against an FD)
1 postpe account which is reported as loan

PS: had other pay later accounts (ola money,.. etc) which I have already closed to reduce number of active accounts.
Had 1 car loan(foreclosed), 1 personal loan (Paid off and closed)

Having different addresses on some CCs might be 1 derogatory mark.

 

[wcgxlr8]

17 CCs (16 unsecured + 1 secured - Niyo global which is against an FD)
1 postpe account which is reported as loan

PS: had other pay later accounts (ola money,.. etc) which I have already closed to reduce number of active accounts.
Had 1 car loan(foreclosed), 1 personal loan (Paid off and closed)

It might be due to the overall credit limit that you hold already (is this higher than your net income?). As long as the loans are closed on time, I don't see them causing an issue.

 

[hiteshgupta9193]

- Yes total CC limit is more than my annual income.
- but never used it more than 10% which is way less than my annual income.

Does CIBIL has access to my annual income data / ITR data as well?

 

[wcgxlr8]

- Yes total CC limit is more than my annual income.
- but never used it more than 10% which is way less than my annual income.

That could be the reason. Since you already hold credit more than your income, it might not let your score be above 800. From my experience , 800+ is for accounts where net income >= credit limit, good credit mix, no derogatory marks, timely full payments and good credit age.

 

[hiteshgupta9193]

That could be the reason. Since you already hold credit more than your income, it might not let your score be above 800. From my experience , 800+ is for accounts where net income >= credit limit, good credit mix, no derogatory marks, timely full payments and good credit age.

Should I consider closing CC accounts to bring down overall credit limit to less than my annual taxable income?

Does CIBIL has access to my annual income data / ITR data as well?

 

[wcgxlr8]

Should I consider closing CC accounts to bring down overall credit limit to less than my annual taxable income?

Does CIBIL has access to my annual income data / ITR data as well?

My question is why are you trying to get it above 800? 780+ is considered good for all loans and stuff

 

[Bharatiya Nagrik]

800 cibil score seems like a unicorn, very rare. 780 is more than enough to get the best services from banks.