Anyone got SBI Cashback Credit Card Over Leverage issue fixed? Let's close cards??

[Sobirvs]

Well I was at SBI branch for my savings account and talked to a guy (actually 2 guys, 2 diff brances) and I got something from his phone, it was from his training manual.



Now I have probably ~25 credit cards(some on shared limit). CIBIL report says I have 21 credit cards. How the hell should we fix overleveraged issue fixed? Has anyone been able to do so? I am not asking someone who got declined because of other reasons(like my mom got declined for cashback coz mobile number match - my number is on her INB). I am saying, has anyone able to fix this? Like may be closed some cards or something? If I am let's say file 7L ITR, my alone ICICI and SBI(simplyclick) card limits will be more than my income (5L+3.95L) Does that mean I should close my all other cards and still there is no guarantee I will get cashback card no? I am sure many here have credit cards 10x above their income and still they are able to get cashback card.

Now what about shared cards? for example I have 7 ICICI cards (rupay/coral/rubyx mc-amex/sapphiro mc-amex/apay) but at CIBIL it shows only 2 cards. Probably coz apay and coral are reported and all rubyx/sapp/rupay all are under coral. Strange I though even apay is under my core icici cards but it's not. I used to have same limit with core icici card and apay 3-4 yrs back and now my apay limit is 5L and core card limit is 4.7L. Anyways, my question is if I keep apay and umm coral and close all others, does that mean it will help? ICICI will still report to CIBIL as 2 cards no? So does that mean I should close cards only who are shows as separate??

Damn Amex also report seperately at CIBIL, even kotak too. Why some banks report cards as one and some don't??

Anyways, if someone was able to fix over leveraged issue and how, let me and all of us know?

 

[plastikman]

SBI simply click was my 2nd card some 10 years ago. I added 5 cards by October 2019 when I applied for a SBI Ola card. It was approved with a limit of 6.2 lakhs.

During the late 2020 they reduced my limit to 1.5 L which prompted me to close the card. Therafter I closed simply click in 2021. At that time, I wasn't very card savy or else wouldn't have closed SBI cards. In the meanwhile I tried to apply for SBI cashback (4 times) but everytime they rejected my application flagging me as overleveraged.

Coming to the present I have 27 cards including likes of HDFC Swiggy, AU LIT, HSBC live +.

Frankly, I find the cashback card highly over rated. There are so many better alternatives which I feel others should pursue.

 

[RichieRich]

Jo mil gya woh achaa.. jo na mila woh aur achaa

 

[starboard]

My main issue is, even if we close cards, is "overleveraged" fixable issue? On his phone/manual it shows "not curable", what does that even mean?

Hopefully it should be fixable. That's what the rep promised me. But don't apply online. Visit your nearest branch, talk to a credit card rep and submit physical documents. This process has different weightage.

 

[Boy 07]

Well I was at SBI branch for my savings account and talked to a guy (actually 2 guys, 2 diff brances) and I got something from his phone, it was from his training manual.

View attachment 82172

Now I have probably ~25 credit cards(some on shared limit). CIBIL report says I have 21 credit cards. How the hell should we fix overleveraged issue fixed? Has anyone been able to do so? I am not asking someone who got declined because of other reasons(like my mom got declined for cashback coz mobile number match - my number is on her INB). I am saying, has anyone able to fix this? Like may be closed some cards or something? If I am let's say file 7L ITR, my alone ICICI and SBI(simplyclick) card limits will be more than my income (5L+3.95L) Does that mean I should close my all other cards and still there is no guarantee I will get cashback card no? I am sure many here have credit cards 10x above their income and still they are able to get cashback card.

Now what about shared cards? for example I have 7 ICICI cards (rupay/coral/rubyx mc-amex/sapphiro mc-amex/apay) but at CIBIL it shows only 2 cards. Probably coz apay and coral are reported and all rubyx/sapp/rupay all are under coral. Strange I though even apay is under my core icici cards but it's not. I used to have same limit with core icici card and apay 3-4 yrs back and now my apay limit is 5L and core card limit is 4.7L. Anyways, my question is if I keep apay and umm coral and close all others, does that mean it will help? ICICI will still report to CIBIL as 2 cards no? So does that mean I should close cards only who are shows as separate??

Damn Amex also report seperately at CIBIL, even kotak too. Why some banks report cards as one and some don't??

Anyways, if someone was able to fix over leveraged issue and how, let me and all of us know?

I have 9 cards with share limit 16 L but sbi declined by saying that over leveraged

 

[Sobirvs]

Hopefully it should be fixable. That's what the rep promised me. But don't apply online. Visit your nearest branch, talk to a credit card rep and submit physical documents. This process has different weightage.

cashback card can't be applied offline/branch. If you visit branch, they will tell you to apply via yono app.

 

[Sobirvs]

I have 9 cards with share limit 16 L but sbi declined by saying that over leveraged

how much ITR you file?

 

[Boy 07]

how much ITR you file?

I am salaried person with annual income 6L

 

[Sobirvs]

I am salaried person with annual income 6L

did you tell limit by just adding?

can u check your cibil report and then calculate how much is your total limit (as shared sometimes are listed seperately in cibil).

Also idk may be u need to have total limit before your income amount ITR.

 

[Boy 07]

did you tell limit by just adding?

can u check your cibil report and then calculate how much is your total limit (as shared sometimes are listed seperately in cibil).

Also idk may be u need to have total limit before your income amount ITR.

I have Checked my cibil report and see that there is combined limit is 15.99 L

 

[Sobirvs]

I have Checked my cibil report and see that there is combined limit is 15.99 L

hmm, try getting it down to 6L or less and then apply. Make sure you apply after 3 months of previous decline and also before applying make sure the closed cards are showing closed on cibil...

 

[Boy 07]

hmm, try getting it down to 6L or less and then apply. Make sure you apply after 3 months of previous decline and also before applying make sure the closed cards are showing closed on cibil...

I have single card of every bank except Yes Bank with limit 1.38 L I have requested to close master card I will have only one which is Rupay vertual so I can't do to it 6 L .I have to leave Sbi

 

[Sobirvs]

I have single card of every bank except Yes Bank with limit 1.38 L I have requested to close master card I will have only one which is Rupay vertual so I can't do to it 6 L .I have to leave Sbi

I didn't get it. You said you have single card of every bank except yesbank?

 

[Boy 07]

I didn't get it. You said you have single card of every bank except yesbank?

I mean that I don't have multiple card with a single bank like axis many have 3 cards with share limit .I have one card from each bank like Axis Hdfc ICICI bob Indian bank RBL kotak and two From Yes Bank now I closed one of yes Bank .

 

[Sobirvs]

I mean that I don't have multiple card with a single bank like axis many have 3 cards with share limit .I have one card from each bank like Axis Hdfc ICICI bob Indian bank RBL kotak and two From Yes Bank now I closed one of yes Bank .

yes, so that's a problem. You need to have as less cards as possible and your CL in total (as reported in cibil under diff acc's) should be less than your income, that is solution to overleveraged I guess.

 

[Boy 07]

yes, so that's a problem. You need to have as less cards as possible and your CL in total (as reported in cibil under diff acc's) should be less than your income, that is solution to overleveraged I guess.

My Brother has simply click since 2023 now he wants Rupay card I saw in his application there are two pre approved card which are First year free simply save and BPCL Which one should take for UPI use ???

 

[Sobirvs]

My Brother has simply click since 2023 now he wants Rupay card I saw in his application there are two pre approved card which are First year free simply save and BPCL Which one should take for UPI use ???

None. Tell your brother to go for Yesbank kiwi for UPI credit card, it gives 5%.

If those 2 card he wants to go for coz of petrol, then still don't go for it, go for RBL IOCL xtra card.

But keep SBI card for festive offers atleast, as sbi gives amazing festive offers.

 

[Boy 07]

None. Tell your brother to go for Yesbank kiwi for UPI credit card, it gives 5%.

If those 2 card he wants to go for coz of petrol, then still don't go for it, go for RBL IOCL xtra card.

But keep SBI card for festive offers atleast, as sbi gives amazing festive offers.

Will simply save rupay card not work in festives offer ????

 

[Anindya98]

Will simply save rupay card not work in festives offer ????

Y e s

 

[Boy 07]

Y e s

Okey So he should keep simply click

 

[Anindya98]

Okey So he should keep simply click

Yes, for SBI instant discount offers.