Credit score went down in one month.

[NikhilSingh25]

currently there is one credit card and one LAP on my name ,
I use cred for bill payments and today I decided to check what my credit score was ,
And shit it went down to 639, my credit score has never went this low,
last month on 24 march it was 762, how come it's 639 .
I didn't miss any EMI, there are no credit enquiries nothing.
How is that even possible that i lost 123 points in a month.
any suggestions what to do guys .

 

[PunkX 75]

This is Equifax. Check on another website that generates a free soft report on your Equifax score. Also, check your CIBIL score if that's the same (use GPay).

 

[NikhilSingh25]

The report I got from cred was from Experian, checked with Equifax it shows my score is 680.
And Gpay won't let me refresh for another 8 days but it shows 765 of previous month.

This is Equifax. Check on another website that generates a free soft report on your Equifax score. Also, check your CIBIL score if that's the same (use GPay).

 

[vishal_k]

The report I got from cred was from Experian, checked with Equifax it shows my score is 680.
And Gpay won't let me refresh for another 8 days but it shows 765 of previous month.

What's your usage percentage of your credit limit?
Also do you pay your credit cards monthly bill in full or just minimum due?

 

[NikhilSingh25]

What's your usage percentage of your credit limit?
Also do you pay your credit cards monthly bill in full or just minimum due?

Minimum due . So you can say 100%

Minimum due . So you can say 100%

But it's been like this since August, I pay minimum every month and my credit score in August was below 750 , it had increased till last month .

 

[vishal_k]

Minimum due . So you can say 100%

But it's been like this since August, I pay minimum every month and my credit score in August was below 750 , it had increased till last month .

What's your credit utilization ratio?

 

[NikhilSingh25]

95% , I know that paying minimum effects your credit score but what I don't get is How can my credit score go down 123 points in a month .

 

[rockyo27]

U can check on paytm also, with some minor details of monthly payments if they are on time or not

 

[NikhilSingh25]

U can check on paytm also, with some minor details of monthly payments if they are on time or not

Paytm also shows 639 , i think it somehow got it from cred or my email coz it shows the credit score was refreshed today, but I didn't click on refresh or opened Paytm today for that matter.

 

[vishal_k]

95% , I know that paying minimum effects your credit score but what I don't get is How can my credit score go down 123 points in a month .

95%?? Either get an additional credit card or increase your card limit. Ideally it should be upto 30%.

 

[PunkX 75]

95% , I know that paying minimum effects your credit score but what I don't get is How can my credit score go down 123 points in a month .

That's why. Utilizing more than 30% of your limit tanks your score.

I always ensure to keep my utilization within 15%, at the most in a particular cycle.

 

[NikhilSingh25]

95%?? Either get an additional credit card or increase your card limit. Ideally it should be upto 30%

Considering how it screwed my credit score , gonna be hard to get a cc for some time.

That's why. Utilizing more than 30% of your limit tanks your score.

Shouldn't it like effect every month than tanking the score after 7 months.

 

[PunkX 75]

Considering how it screwed my credit score , gonna be hard to get a cc for some time.

Shouldn't it like effect every month than tanking the score after 7 months.

It tends to be flakey, some months show no change (positive or negative), while others show a sudden change (positive of negative).

 

[NikhilSingh25]

It tends to be flakey, some months show now change (positive or negative), while others show a sudden change (positive of negative).

well gonna get it below 30% now. Thanks for the info.

 

[codwapeace]

Minimum due . So you can say 100%

But it's been like this since August, I pay minimum every month and my credit score in August was below 750 , it had increased till last month .

You are the best customer for credit card companies and the “worst user” of credit card for yourself. Why? Why are you paying so much interest?

 

[vishal_k]

@NikhilSingh25 actually high credit utilization ratio indicates financial stress means higher chances of default. That's why score drops, so that one cannot apply for additional credit card/loan until score improves.

 

[NikhilSingh25]

You are the best customer for credit card companies and the “worst user” of credit card for yourself. Why? Why are you paying so much interest?

I had given a colleague some money which i took from my uncle and he didn't pay back, somehow things got tensed in family and i ended up taking the amount from my card to pay back.

 

[calvin1719]

I had given a colleague some money which i took from my uncle and he didn't pay back, somehow things got tensed in family and i ended up taking the amount from my card to pay back.

That sucks. Something similar happened to me, with a colleague I had known for years and was well-known and liked in the office. Mine was only a few k, but allegedly he fleeced pretty much everyone in the office and made off with something in the low 7 figures (Rs.). Lesson learnt, not giving a dime to anyone I know only professionally again.

ETA: I like PaisaBazaar's credit reporting. Doesn't cost anything and they pull reports from all 4 bureaus, and show you the month by month history. They also have a report analysis, but that's paid though.

 

[NikhilSingh25]

I checked my credit score on Gpay today, and it shows 765 points. Was the earlier score by cred an error ?
Guess I'm gonna have to wait 3 more weeks for it to refresh and find out.

 

[PunkX 75]

I checked my credit score on Gpay today, and it shows 765 points. Was the earlier score by cred an error ?
Guess I'm gonna have to wait 3 more weeks for it to refresh and find out.

Gpay reports CIBIL. Sometimes scores between different bureaus may be wildly different.