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Thread: Is you CIBIL Credit Score hit, if you have more credit cards?

  1. #1
    NewBie
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    Question Is you CIBIL Credit Score hit, if you have more credit cards?

    I read somewhere that your CIBIL Credit score gets hit if you have more credit cards, whether you use them or not. Is it so? And is the same also apply to the saving bank accounts in different banks.

    Thanks

    Feroz



  2. #2
    Moderator Rahul's Avatar
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    Default

    Yes and No both, see below

    Yes:
    - If you have more than 4 credit cards.
    - You are using more than 50-70% of the credit limits of your credit cards.
    - You have some dormant saving accounts

    No:
    - If you have less than 4 credit cards.
    - You are using less than 50 of the credit limits of your credit cards.
    - You have few saving accounts and all working
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  3. #3
    PW Stalwart Manish_Kumar's Avatar
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    I am not too sure if they take into account the dormant savings accounts for credit score calculations.
    Everyone has a scheme of getting rich.. Which never works.

  4. #4
    Banned
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    Default

    If you have multiple credit card, can hurt your credit score.

  5. #5
    PW Fan
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    if you have more credit cards it definitely hits your credit score. Having more than 4 credit cards lowers the credit score. If you have some dormant savings account also it may result in the bad credit score.


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