About FD backed SBM Bank Onecard

[finbro]

I have a few questions. Can people in the know be kind enough to reply please.

1. After how many days/months does a new SBM Bank OneCard start showing in credit reports ?
2. Is an FD backed credit card helpful in generating a credit score for people who have no score/ NH score (also no other credit products apart from this)
3. Does the amount of credit limit matter in generating a good score ? I have a very smol credit limit.
4. Has anyone with an FD backed CC got their credit limit enhanced without increasing the FD amount ?

Thanks.

 

[asahi]

I have a few questions. Can people in the know be kind enough to reply please.

1. After how many days/months does a new SBM Bank OneCard start showing in credit reports ?
2. Is an FD backed credit card helpful in generating a credit score for people who have no score/ NH score (also no other credit products apart from this)
3. Does the amount of credit limit matter in generating a good score ? I have a very smol credit limit.
4. Has anyone with an FD backed CC got their credit limit enhanced without increasing the FD amount ?

Thanks.

1. Credit score doesn't depend on credit limit, it's depends on payments & limit usage.
2.SBM bank usually takes 30-45 days to report to credit bureaus(like CIBIL).
3.Yes Credit Cards(with or without Fd) will generate Credit score.
4. No FD cards credit limit won't increase without increasing FD amount.
5. As i said earlier if you pay your bills on time & use upto 30% of your credit limit, it will generate a good credit score.
6. Quick way to get good credit score is to have at least 2 credit Cards(With or without Fd) & using them regularly within 30% limit & doing on time payments
If you want to add one more secured card(fd backed) can apply for PaisaBazaar fd card, icici,idfc,kotak Fd backed cards

 

[Card_Crafter]

I have a few questions. Can people in the know be kind enough to reply please.

1. After how many days/months does a new SBM Bank OneCard start showing in credit reports ?

Within 1-2 months.

2. Is an FD backed credit card helpful in generating a credit score for people who have no score/ NH score (also no other credit products apart from this)

Yes definitely. Any type of loan or CC will generate your Credit score and history but a CC is always better even if the limit is low. Just make sure you repay on time and utilisation remains less than 20%.

3. Does the amount of credit limit matter in generating a good score ? I have a very smol credit limit.

CL doesn't matter, your CH history , repayment history and utilisation matters most to generate a good CIBIL score. I had a 2k FD Onecard as my first CC. Then after one month i increased the limit to 5k (recently closed it). Now I have 7 unsecured CC in less than a year. But more limit the merrier. Try to increase the FD amount to 20-30k atleast. The limit increase suggestion is because of when you apply a new unsecured CC in future the banks will check your current CC limit.

4. Has anyone with an FD backed CC got their credit limit enhanced without increasing the FD amount ?

Thanks.

Not possible with SBM Onecard. Kotak allows that after a year if eligible.

 

[simplegarv]

I have a few questions. Can people in the know be kind enough to reply please.

1. After how many days/months does a new SBM Bank OneCard start showing in credit reports ?
2. Is an FD backed credit card helpful in generating a credit score for people who have no score/ NH score (also no other credit products apart from this)
3. Does the amount of credit limit matter in generating a good score ? I have a very smol credit limit.
4. Has anyone with an FD backed CC got their credit limit enhanced without increasing the FD amount ?

Thanks.

1. After 1-2 months.
2. Yes, It will definitely help.
3. Yes, as your credit utilisation will be reduced.
4. Nope

 

[finbro]

Thanks for the clear and to the point replies @asahi @P B R G @simplegarv !
Quite a helpful community we have here.

Just one more question: How often does the free CIBIL report get updated (on CIBIL's own website) ?
Currently its showing the report is 28 days old. When will the next free and updated report be available ?

 

[simplegarv]

Thanks for the clear and to the point replies @asahi @P B R G @simplegarv !
Quite a helpful community we have here.

Just one more question: How often does the free CIBIL report get updated (on CIBIL's own website) ?
Currently its showing the report is 28 days old. When will the next free and updated report be available ?

Once in every 30 days.

 

[Card_Crafter]

Thanks for the clear and to the point replies @asahi @P B R G @simplegarv !
Quite a helpful community we have here.

Just one more question: How often does the free CIBIL report get updated (on CIBIL's own website) ?
Currently its showing the report is 28 days old. When will the next free and updated report be available ?

Once in a calendar year.

For free CIBIL score (refresh after 30 days) check in Onescore, GPay, Airtel, Paytm, Amazon etc.

 

[finbro]

Once in a calendar year.

For free CIBIL score (refresh after 30 days) check in Onescore, GPay, Airtel, Paytm, Amazon etc.

So CIBIL updates its free credit report only once in a year but these other apps (which gets its credit score data from CIBIL) updates on a monthly basis ?

 

[deep@vie]

Once in a calendar year.

For free CIBIL score (refresh after 30 days) check in Onescore, GPay, Airtel, Paytm, Amazon etc.

Freecharge,refresh on different dates.
E.g. if use 4apps. You can check it every week.

 

[Card_Crafter]

So CIBIL updates its free credit report only once in a year but these other apps (which gets its credit score data from CIBIL) updates on a monthly basis ?

Yes

 

[pprakash11]

+ there'll be a CIBIL Hit for secured one card

 

[finbro]

+ there'll be a CIBIL Hit for secured one card

What do you mean ? Please explain in detail.

 

[pprakash11]

What do you mean ? Please explain in detail.

What you didn't understand?

There will be a cibil Inquiry by SBM Bank even if you apply for a Fd Based Secured One card