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?

 

[iamdhamo]

Even I have cashback card (I am add on on my SIL). But having cashback card under own name is something I prefer.

Idk how the limit works but I guess currently I had 7x my ITR, It's already reduced to about 4.5-5x for now. I will reduce it even further next month to may be about 2-3x and hope to God SBI approves me next time.

I only have < 2x credit limit combined all cards of my itr but it was rejected. Will try to close more idle cards. Will bring it down below my package n try

 

[iamvk]

Here it is

 

[Strange]

Here it isView attachment 83819

@ashwink @Abhishek012 your favourite credit card on Mastercard network.

 

[Abhishek012]

Here it isView attachment 83819

Ab Cashback nahi milega bahut se places me jaha mastercard ka MCC alag he hota hai. 🤣🤣

 

[iamvk]

Ab Cashback nahi milega bahut se places me jaha mastercard ka MCC alag he hota hai. 🤣🤣

Hmmm. Thik hai. Visa me convert karne ka request dal dunga.

 

[iamdhamo]

Yes.



Correct. Yes, only 10k will be reported.

How many days it took for this to be reported

 

[Sobirvs]

Hmmm. Thik hai. Visa me convert karne ka request dal dunga.

do they allow mc to visa conv?

 

[Sobirvs]

How many days it took for this to be reported

it's been 19-15 days i shrinked my limited from imobile, still not on cibil yet. I am sure this doesn't work, i might be wrong if others say it does happen, let's see.

 

[Abhishek012]

do they allow mc to visa conv?

Yes . .

 

[iamvk]

do they allow mc to visa conv?

Tried at level 1 and level 2 customer care. It is now with PNO. Mostly they don't buy I keep trying

 

[haskand]

I have applied for CB card in Sept 24 via Sprint - rejected instantly with internal reason, don't have time to mail to know exact reason, had 795 cibil (credit age6 years+ not a single late payment) - holding 17+ cards with total limit of 36 Lakh, so i though it might be due to over leverage exposure (12.5 Lpa takeaway)
Now today given try via netbanking portal but outcome same, got frustrated immediately visited the nerby sbi branch where cards team also present - asked about the reason - demanded pan number & application number - the reason for the rejection mentioned was 'The card type not allowed' now will not be going to apply

 

[Sobirvs]

Tried at level 1 and level 2 customer care. It is now with PNO. Mostly they don't buy I keep trying

try with @Abhishek012

 

[hender]

I have applied for CB card in Sept 24 via Sprint - rejected instantly with internal reason, don't have time to mail to know exact reason, had 795 cibil (credit age6 years+ not a single late payment) - holding 17+ cards with total limit of 36 Lakh, so i though it might be due to over leverage exposure (12.5 Lpa takeaway)
Now today given try via netbanking portal but outcome same, got frustrated immediately visited the nerby sbi branch where cards team also present - asked about the reason - demanded pan number & application number - the reason for the rejection mentioned was 'The card type not allowed' now will not be going to apply

SBI Cards - Thinks differently 🤔

 

[Dazzwilliams]

Apply Offline via Agent for SBI tell them you are overleveraged they will sort it from their end

they don’t process sbi cashback card as it’s a retail product

 

[Sobirvs]

I have applied for CB card in Sept 24 via Sprint - rejected instantly with internal reason, don't have time to mail to know exact reason, had 795 cibil (credit age6 years+ not a single late payment) - holding 17+ cards with total limit of 36 Lakh, so i though it might be due to over leverage exposure (12.5 Lpa takeaway)
Now today given try via netbanking portal but outcome same, got frustrated immediately visited the nerby sbi branch where cards team also present - asked about the reason - demanded pan number & application number - the reason for the rejection mentioned was 'The card type not allowed' now will not be going to apply

same my brother had this reason. In his case he had prime card so cashback not allowed. But the issue is, my SIL had prime card too, and they gave it to her easily the cashback card.

 

[iamdhamo]

@Sobirvs in my first attempt visa cb card was declined. Applied after 90 days mc cb card and it was approved but blocked after 5 days of usage.

They said they wrongly approved and asked me to again apply n see after 90 days. I guess it's due to overleverage as I remember seeing this ac02 reason in bank staff app when I visited branch cos initially it said card is locked. Then I came to know its blocked from sbi end

My overall CL is close to 40L and so decided to decrease leverage by closing cards that I don't use much

Closed idfc which had 3L
Requested icici to reduce limit from 5.8 to 1L and I have two icici cards (amazon pay and coral)
Planning to reduce hsbc live limit from 5.8 to 2L
Indusind platinum from 5 to 1L or i may close this

So this will reduce overall CL from 40L to 20.4L or 21. if my package is above 21L then card should be approved right?

I also have axis airtel n axis ace out of which I may close axis ace. Both have 1.7L limit

Guess after 90 days when I reapply they will approve the card

@Sobirvs I have closed indus ind and also I was able to update my limit as 2L with hsbc live plus. They took 5 working days n it was smooth. From 5.8L it was reduced to 2L

Now my overall credit limit is 28.2L from 40L. Will apply for the card again after 90 days n see

Anyways I got the card via my wife but limit is less but okay to have it.

So if it's not approved after 90days I will stop n reopen my closed cc of idfc n indusind

 

[_deb_]

it's been 19-15 days i shrinked my limited from imobile, still not on cibil yet. I am sure this doesn't work, i might be wrong if others say it does happen, let's see.

Did this work? I can change the spend limit in iMobile app, but no option is there to change the credit limit.

 

[mayankcse10]

Did this work? I can change the spend limit in iMobile app, but no option is there to change the credit limit.

I have got that updated in CIBIL earlier, just had to do a transaction per card to get it updated. Now with new rules of 15 day CIBIL reporting, transaction may not be needed.

 

[Sobirvs]

Did this work? I can change the spend limit in iMobile app, but no option is there to change the credit limit.

for me it hasn't yet, just checked.

 

[Sobirvs]

@Sobirvs I have closed indus ind and also I was able to update my limit as 2L with hsbc live plus. They took 5 working days n it was smooth. From 5.8L it was reduced to 2L

Now my overall credit limit is 28.2L from 40L. Will apply for the card again after 90 days n see

Anyways I got the card via my wife but limit is less but okay to have it.

So if it's not approved after 90days I will stop n reopen my closed cc of idfc n indusind

My friend at SBI said your total CL should be 1.5x your total income. Anyways, I have closed few cards, few yet to be closed (reward pts cycle loop lol), and I have plenty of time. I'll wait for like till end of april and then apply.