Does Credit Score Decrease After First Time its Generated?

[ravishankar19977]

I have no Cibil Score till July as I haven't taken any loan in last. But due to this my credit card application was not accepted by any bank so I applied for a secured credit card so that my credit score is generated. Initially it gets generated to 745 by now its dropped to 723 even i had paid my bills on time. Does it happen will all the people whose credit score is generated for first time ?

 

[krishna1718]

yes it decrease because credit age is low, enquiries and utilization once it stabilize it will increase or maintain same score

 

[ravishankar19977]

Can u tell me how long will it take to stabilize since I have a just new credit card and one consumer loan ?

 

[krishna1718]

Can u tell me how long will it take to stabilize since I have a just new credit card and one consumer loan ?

3 to 6 months if you dont apply new card and no enquiry the score get stablized around 770 and then very slowly it increase to 780 to 790 not more than that, to increase 2 points after 770 takes months 780 above it take years. if you have new enquiries and delay payments you score drops easily down above 750 and around 770 is good score for new people wait for 1 year to apply next creditcard or loan

 

[ravishankar19977]

Thanks For the help.
One more thing , does checking credit score on free apps like One score or paytm money or on Cibil or Experian affect credit score ?
What do u mean by new enquiry? Is it when i show interest in a new credit card ?

 

[krishna1718]

Thanks For the help.
One more thing , does checking credit score on free apps like One score or paytm money or on Cibil or Experian affect credit score ?
What do u mean by new enquiry? Is it when i show interest in a new credit card ?

checking onescore, paytm, gpay, paisabazaar wont affect cibil they are soft enquiry. if you apply any creditcard or loan bank will check cibil its hard enquiry it will affect score

 

[ravishankar19977]

Thankyou buddy for clearing these things.
Can u suggest me some lifetime free credit cards which I can use for good discounts?

 

[krishna1718]

Thankyou buddy for clearing these things.
Can u suggest me some lifetime free credit cards which I can use for good discounts?

icici platinum, idfc millenia, super money card, amazon icici, Swiggy HDFC lft