Community members with 800+ CIBIL score, please share your insights

[priyadharshan]

Hi, if you are someone with a CIBIL score of 800+ please share your journey in this thread. This will help the members to achieve the same.

PS: Please refrain from posting the usual good practices like 30% utilisation, less enquiries, timely payment etc.
I have been following all these for almost 2 years but my credit score is 785, so looking for real life experiences

Adding more info here. I've 3 credit cards currently. So credit mix is also done right in my case

 

[FinanceFellows]

Credit mix is the answer you are looking for, the limited intel you have mentioned here I'm assuming you are a credit card holder.

If you have an coming expense i.e new car or 2 wheeler get it on a loan, also get another credit card if you have only one.

But 785 credit score is in excellent category so I would suggest not to run for 800 club and be enjoy your financial journey.

 

[Neutron]

Please don't be fascinate to attain the CIBIL score of 800+, there is a same value for 750 + and above, though few PSU banks are giving 5 bps lower the ROI in their Retail Loans.

 

[priyadharshan]

Credit mix is the answer you are looking for, the limited intel you have mentioned here I'm assuming you are a credit card holder.

If you have an coming expense i.e new car or 2 wheeler get it on a loan, also get another credit card if you have only one.

But 785 credit score is in excellent category so I would suggest not to run for 800 club and be enjoy your financial journey.

I'm having 3 credit cards actually. I don't have any upcoming major loans so I'm not worried about the credit score, just curious to hear real life experiences about what it takes to get 800+

 

[priyadharshan]

Please don't be fascinate to attain the CIBIL score of 800+, there is a same value for 750 + and above, though few PSU banks are giving 5 bps lower the ROI in their Retail Lo

My bad, I might have set the wrong precedent here.
1. I don't have any upcoming major loans so I'm not worried about the credit score, just curious to hear real life experiences about what it takes to get 800+
2. From my experience it does make a difference. A friend of mine has taken a huge housing loan from HDFC Bank and while recently revising the interest rate (after his CIBIL score has improved) the bank representative clearly mentioned that 750+ and 790+ credit score are offered different interest rates

 

[shashwat]

Your credit score is already great, but some things you can do that will improve it are:

- It might be counterintuitive, but one factor that improves credit score is "Credit Mix". If you have only taken credit cards, try to take a consumer loan (buy something on EMI). If you're interested, you can try to take a secured card or FD-backed card. These things will modify your credit mix. Very minor improvement, but some improvement may come.

- If you have utiisation around 20-25% on cards, try to get a card limit increase. Utilisation closer to 10-15% is slightly better for credit score.

- Otherwise, just wait. One more factor is credit age. Keep your oldest credit card active, and keep using it. Then just wait, and it should go up. Usually after around 5+ years of credit age, you should see some uptick

 

[ShavirB]

Hi, if you are someone with a CIBIL score of 800+ please share your journey in this thread. This will help the members to achieve the same.

PS: Please refrain from posting the usual good practices like 30% utilisation, less enquiries, timely payment etc.
I have been following all these for almost 2 years but my credit score is 785, so looking for real life experiences

Adding more info here. I've 3 credit cards currently. So credit mix is also done right in my case

Have CIBIL Score of 810 and Experian Score of 870. Have defaulted on my Credit Card Payment only thrice in the last 8 years, Have a healthy credit mix (Education Loan Paid off, multiple Credit Cards with utilisation between 15-30%, Few Pay Later Apps, etc), and have a good credit history of 8+ years.

Ironically my score never dipped below 800, even when I had a credit history of 2-3 years.

 

[Upendra]

for 2-3 year credit history 800+ is awesome. I have about 4 year 11 month history, always full paid credit card bills. personal loan paid off. now have taken home loan but never crossed 800+, always between 780-790.

 

[skadaver]

I have a CIBIL score of 807 and Experian score of 840. I have never defaulted a payment and never closed a credit card. My credit mix is decent with 4 credit cards (oldest one being 7years+), a home loan and a car loan.
Your credit score looks good and i think the "Credit Age" factor is the one holding you back. Adding a home/car loan or after waiting for a couple of years, you should see slow increase in your monthly credit scores.