Holding 25+ credit cards and 8+ Savings account

[card_hungry]

Hi Friends,
I am holding 25+ credits. I have almost all banks credit cards. I have 8+ Savings account in different banks.
My Cibil is 756, Crif is 667 and experian is 782.

Do you think that I should close some of credits cards and savings also to increase the credit score?

 

[zacobite]

Hi Friends,
I am holding 25+ credits. I have almost all banks credit cards. I have 8+ Savings account in different banks.
My Cibil is 756, Crif is 667 and experian is 782.

Do you think that I should close some of credits cards and savings also to increase the credit score?

why do u have so many.. is it a hobby? closing ccs won't impact cibil positively, infact WILL reduce the score!! Do an analysis of which cards are useless for you and close gradually.. Especially focus on value returned in paid cards.. ltf cards can always be kept.. DONT cancel in bulk in a rush.. bank accounts have no bearing on cibil

 

[card_hungry]

no, not a hobby.. 90% cards are ltf cards . few are chargeable but I manage to reverse the fees via card usage online and sometimes I call customer care and tell them I want to close the card cz of charges and to retain customer they usually reverse the charges fees too.
and I have so many cards just for the sake of different offers and discounts especially on for flight bookings and dining benefits . overall it's profitable.

My only concern is Cibil impact.

 

[abhimarda]

no, not a hobby.. 90% cards are ltf cards . few are chargeable but I manage to reverse the fees via card usage online and sometimes I call customer care and tell them I want to close the card cz of charges and to retain customer they usually reverse the charges fees too.
and I have so many cards just for the sake of different offers and discounts especially on for flight bookings and dining benefits . overall it's profitable.

My only concern is Cibil impact.

I am in same boat as you both in terms of number of credit cards and bank accounts however I do not have any plan to close them as I also have them for different offers and most of the cards were offered to me LTF.

 

[zacobite]

no, not a hobby.. 90% cards are ltf cards . few are chargeable but I manage to reverse the fees via card usage online and sometimes I call customer care and tell them I want to close the card cz of charges and to retain customer they usually reverse the charges fees too.
and I have so many cards just for the sake of different offers and discounts especially on for flight bookings and dining benefits . overall it's profitable.

My only concern is Cibil impact.

use normally pay on time.. cibil will improve..

 

[wcgxlr8]

Hi Friends,
I am holding 25+ credits. I have almost all banks credit cards. I have 8+ Savings account in different banks.
My Cibil is 756, Crif is 667 and experian is 782.

Do you think that I should close some of credits cards and savings also to increase the credit score?

Looking at your score trend, what happened in Q1'24 that dropped your score from ~800? Did you have many enquiries in a short frequency? Any late payments? Also, what is your credit mix like? Is it fully unsecured?

 

[card_hungry]

it's a mix. mostly credits cards , few are secured credit cards also. 3-4 recent emi shopping.
not sure why it dropped from 800. 1 yr back I missed one credit payment and one emi. May be that could be a reason.

enquiries keeps on happening as I keep on trying for new cards and offers and close existing ones with no benefits.

I usually pay everything on time. thanks to cred!

 

[wcgxlr8]

it's a mix. mostly credits cards , few are secured credit cards also. 3-4 recent emi shopping.
not sure why it dropped from 800. 1 yr back I missed one credit payment and one emi. May be that could be a reason.

enquiries keeps on happening as I keep on trying for new cards and offers and close existing ones with no benefits.

I usually pay everything on time. thanks to cred!

Yeah maybe, no other reason as far as I can tell.

 

[card_hungry]

Could be possible. If I miss any payment, then for how long does it show up in the credit history?
Which is mostly widely used Cibil institute for credit history? Is it CIBIL Transunion or Experiean or CRIF score?

 

[zacobite]

Could be possible. If I miss any payment, then for how long does it show up in the credit history?
Which is mostly widely used Cibil institute for credit history? Is it CIBIL Transunion or Experiean or CRIF score?

CIBIL. is most widely used.. can show upto 10 yrs on record