Day Trading Stocks & Futures

[siddhant4u]

soft bro, this if's and but odds have nothing to do with what I said as below
" a credit card or cards closing should not have impact your score negatively provided all things remain same"

My case is where I simply closed all 3 cards at once as I left my job and income wont be there so choose not to use the credit extended to me. For this someone here said that closing the cards could have impacted the score to which I replied may not be the reason in my case.

we were talking on a plain card closing and no if's like high usage on other cards. May be you dint follow the whole thing so not aware of context.

thanks.

Mohan bhai, if you close credit cards, you are losing credit line which was open earlier. It’s mentioned in above point 3. Credit Rating goes up when there is credit. So use as much credit card you can, pay up every month, card company will raise your Card Credit limit by few more lakh, you improve rating....

They are in credit biz, those without loan or less credit card or with less credit card limit are not good customers.

In your case, closing credit cards is exactly the reason your rating went down

 

[TraderRavi]

 

[mohan.sic]

Maaf karo bhai. You are right and I am wrong. Making you understand is not my cup of tea.

neither I am able to make you understand bhai.

let me tell you tell you this. You take a loan and pre close the loan as you get some money. Now since you closed the loan will your credit score come down ?

A business has taken a OD or a LC and closed it later. Will its credit rating come down ?

Now you take a credit card and close it as you don't need it ? why will your score come down ?

itna simple common sense thing, and we are discussing all technical if's and buts that you close this card and suppose use higher limit on other card. Where is the question of suppose When we simply take a credit facility and later close it ...its not going to impact negatively. Very very simple.

 

[mohan.sic]

Mohan bhai, if you close credit cards, you are losing credit line which was open earlier. It’s mentioned in above point 3. Credit Rating goes up when there is credit. So use as much credit card you can, pay up every month, card company will raise your Card Credit limit by few more lakh, you improve rating....

They are in credit biz, those without loan or less credit card or with less credit card limit are not good customers.

In your case, closing credit cards is exactly the reason your rating went down

sidhant bhai


what is really happening here I don't know..bcz we are not able to sync such a simple thing.
Below is posted by you. see the bold underlined line , even it says cancelling a card wil not effect the score in anyway. its says however in certain situations..followed by 4 points.
Now why are we even discussing the point 3 here? Did I say that I used multiple cards, closed one of them and that led to higher utilization ratio ? No … so why are we even on that point I am not understanding. Why does point 3 apply to this case. I am not saying that point 3 is wrong. I am saying point 3 is applicable when you act in the way described in point 3 . right ?



Credit Score Credit Cards
Cancelling your credit does not affect your credit score in any way. However, you must be aware of the certain impacts due to the cancellation.

3. When you use multiple credit cards and you cancel one of them, your credit limit is reduced overall. This could lead to higher credit utilisation ratio in the future which can have an impact on your credit score as well.

 

[soft_trader]

Mohanda ko samjhate samjhate kahin khud hi bhool na jaana

I am done with it. Only CIBIL can make him understand.

 

[siddhant4u]

sidhant bhai


what is really happening here I don't know..bcz we are not able to sync such a simple thing.
Below is posted by you. see the bold underlined line , even it says cancelling a card wil not effect the score in anyway. its says however in certain situations..followed by 4 points.
Now why are we even discussing the point 3 here? Did I say that I used multiple cards, closed one of them and that led to higher utilization ratio ? No … so why are we even on that point I am not understanding. Why does point 3 apply to this case. I am not saying that point 3 is wrong. I am saying point 3 is applicable when you act in the way described in point 3 . right ?



Credit Score Credit Cards
Cancelling your credit does not affect your credit score in any way. However, you must be aware of the certain impacts due to the cancellation.

3. When you use multiple credit cards and you cancel one of them, your credit limit is reduced overall. This could lead to higher credit utilisation ratio in the future which can have an impact on your credit score as well.

Didn’t you said you closed your credit cards?

 

[mohan.sic]

Didn’t you said you closed your credit cards?

Yes I said many times i cosed my cards 1 year back.

 

[mohan.sic]

I am done with it. Only CIBIL can make him understand.

I have written them bhai..unfortunately they don't reply fast as here..will update you guys when I get reply.

 

[siddhant4u]

Yes I said many times i cosed my cards 1 year back.

Ok we thought you closed them recently and in latest report you had lower cibil ratings.

But if you had noticed lower credit rating a month or two after closing credit cards, we already explained reasons.

 

[mohan.sic]

Ok we thought you closed them recently and in latest report you had lower cibil ratings.

But if you had noticed lower credit rating a month or two after closing credit cards, we already explained reasons.

No they were closed a year back. Infact i noticed that the score went up when i closed 3 cards in 20days. I even said I don't have any thing new in my credit except a running personal loan which is very clean.

Sidhant bhai, even if I closed recently it should not let down my score. Closing a card neatly after clearing dues should increase the score or it remains same. It should not decrease.

Point 3 is valid and correct. But we are reading it wrong.

Anyways I just contacted a senior credit manager in icici. He gave one possible reason but even he is not sure of this. Let me wait for reply from cibil.