How Can I Improve My Credit Score After Multiple Credit Inquiries?

[ankittsharmaa]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

 

[gagan43]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

Try emailing to nodel officer and req them remove some enquiry stating the reason
And avoid applying for credit cards for next 2-3 mnths

 

[abhimarda]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

If payments remain prompt and the reason of falling score is multiple enquiries, then it should improve in few months.

 

[zacobite]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

yes wait for 9-12 months.. Keep Utilization low and pay all CC bills on time.. and wait

 

[shrewdoc]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

There might be some other reason for this drop. Just 6 inquiries don't cause a drop of 28 points. You must be utilising >30% of your line of credit.

Keep your utilisation in check and start using the cards. Your score will improve automatically within 6 months if your payments are on-time.

 

[vishalprakash]

There might be some other reason for this drop. Just 6 inquiries don't cause a drop of 28 points. You must be utilising >30% of your line of credit.

Keep your utilisation in check and start using the cards. Your score will improve automatically within 6 months if your payments are on-time.

that's correct

 

[Amy_Sin2024]

Subscribing a low consumer loan and paying all EMIs on time, will increase it. Don’t close it too early, make minimum 3 or 6 EMIs only and pay them on time without fail. Once this loan is closed, after 45 days, the score will surpass 750 marks automatically.

 

[iamPrince]

I have around 9 inquiries in the past few months still my CIBIL score dropped by just 5 points. Multiple inquiries wont affect much.
Things you can do now if you want a quick recovery -
Do not use your credit limit more than 10%, if you use make sure you pay some portion of it before bill generation
Do not apply for any new CC for couple of months
You can buy something with EMI for 3months (There are many CC EMI discounts going on Amazon and Flipkart check that out)
Make sure total credit limit is less than your income

 

[ankittsharmaa]

Hi everyone,

I wanted to share an update on my situation.

I decided to apply for the IDFC FIRST WOW Credit Card, and I’ve been managing it responsibly. I’m happy to report that my CIBIL score has now improved to 765, up from its lowest point of 711 after the inquiries.

Here’s what worked for me:

1. Limiting New Applications: avoided applying for any other cards or loans after the IDFC card.


2. Timely Payments: ensured all dues are paid on time, which likely helped boost my score.


3. Low Credit Utilization: keeping my credit card utilization low (below 30%).



The takeaway: If your credit score dips due to multiple inquiries, it will recover over time if you manage your credit responsibly. Just be patient and focus on maintaining good financial habits.

Hope this update helps others in a similar situation!

 

[zacobite]

Hi everyone,

I’m currently in a situation where my credit score dropped from 752 to 724 due to multiple credit inquiries (around 6 out of which 5 were in June 2024 and 1 in August 2024 which was made by my salary account provider ICICI bank). I don't currently have any credit cards, but I had one (Slice) that I closed about 8 months ago.

My question is: If I avoid applying for any new credit cards or loans in the near future, will my credit score improve on its own over time? Are there any other steps I can take to help it recover faster?

Thanks in advance for your advice!

Pay on time / Keep Utilization low and dont apply anywhere for 6-9 months