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Am I over-leveraged for SBI Cashback card?

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Trump

Trump

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So I'll be applying for SBI Cashback & A-Pay this Wednesday as soon as I turn 21. So Can you guys look into my case & give me a reality check???

Portfolio

1) AMEX - SmartEarn (Paid) - Rs. 1,62,000.
2) Axis Bank - Neo (LTF) - Rs. 1,34,000.
3) HDFC Bank- Millennia (Paid) + Swiggy (Paid) - Rs. 1,00,000 each.
4) Kotak Mahindra Bank - Zen Signature (LTF) - Rs. 35,000 + Myntra (Paid) - Rs. 27,000

CIBIL - 779
Credit Age - 2y 8m
Income - Take Home Salary - 70k approx.

I already have an account with ICICI under their Privilege program since the last year, I have an SBI Gold Segment Profile. What are the chances of approval & which one should I apply first ??? Throw in any other suggestions, if necessary.

@Vasuki @SSV @D₹V @Abhishek012
 
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sidp said:
after you receive sbi cb, don't activate it. Send your salary slip & amex cc statement. 20k is practically unusable. If you want to keep individual utilization under 30%, then it gives you only 6k which not enough for even monthly grocery.
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as you long as you pay ontime, u can use 100%. rest won't affect, there are other cards lying idle to contribute that gap.
 
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Trump said:
UPDATE: The Apay rejection reason says -
  • Rejected due to insufficient/adverse of credit history being less than required policy norms
Firstly they fetched EQUIFAX credit report & not CIBIL which is mostly irrelevant and inaccurate IMO. So I sent an email for reconsideration of my application wherein I attached my CIBIL Report & explained my case. CIBIL - 779, credit age - 2y 8m, no defaults whatsoever. I sent e-mail to girish.sehgal@icicibank.com, sandeep.bakshi@icicibank.com, anish.madhavan@icicibank.com, managingdirector@icicibank.com, senior.management@icicibank.com, headservicequality@icicibank.com, pno@icicibank.com & headcreditcards@icicibank.com.

I have not received a single auto reply acknowledgment e-mail. Sent the same e-mail two times more yet no auto reply acknowledgment e-mail, which forces me to think whether or not they have actually received the e-mail. I'm quite worried. Please help me figure out if there's anything more I can do?? @Vasuki
Click to expand...
What's the age of your oldest active credit card
Not age of cibil
 
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Trump said:
Tbh at this point I'm grateful enough to see the card getting approved. I read a thread where @D₹V ig if I'm not wrong got cb at 15k limit
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Absolutely, use it fully if required but be mind that 'pay on time and never miss single payment' that is the only concern you have to keep on reminding yourself.

Btw, Congrats :partyface:
 
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helloworld said:
as you long as you pay ontime, u can use 100%. rest won't affect, there are other cards lying idle to contribute that gap.
Click to expand...
No one know exact cibil algo as they tend to tweek it frequently.
Many people have hampered their score bt using cl of a single cc fully & not paying it back before bill generation.
I try to keep utilization of each cc below 25% by partially paying the due before bill generation.
Cc main advantage is free credit period, so decent cl is very important.
 
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SBI Cards works very miraculously. They rejected my second card application when I applied for bank instant discount while on the other hand they made my SBI CB card LTF without any fuss.
 
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sidp said:
single cc fully & not paying it back before bill generation.
Click to expand...

this is the major factor, always and all the time.

And >750 more than sufficient to get best in class interest rates w/ solid credit history (>3Y). Moreover income is high priority to avail credit card or loan finally.
 
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Trump said:
So I'll be applying for SBI Cashback & A-Pay this Wednesday as soon as I turn 21. So Can you guys look into my case & give me a reality check???

Portfolio

1) AMEX - SmartEarn (Paid) - Rs. 1,62,000.
2) Axis Bank - Neo (LTF) - Rs. 1,34,000.
3) HDFC Bank- Millennia (Paid) + Swiggy (Paid) - Rs. 1,00,000 each.
4) Kotak Mahindra Bank - Zen Signature (LTF) - Rs. 35,000 + Myntra (Paid) - Rs. 27,000

CIBIL - 779
Credit Age - 2y 8m
Income - Take Home Salary - 70k approx.

I already have an account with ICICI under their Privilege program since the last year, I have an SBI Gold Segment Profile. What are the chances of approval & which one should I apply first ??? Throw in any other suggestions, if necessary.

@Vasuki @SSV @D₹V @Abhishek012
Click to expand...
Anything below 10 card account is not over leveraged for SBI as per my research/observation.

BTW congratulations for the SBI cashback card.

Now before acquiring 10th card, apply SBI simply click or any other SBI card to get discount offers in sales. Later you can't get it (unless it's pre approved within the app).

And ICICI is notorious, can keep rejecting unnecessarily.
 
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helloworld said:
Absolutely, use it fully if required but be mind that 'pay on time and never miss single payment' that is the only concern you have to keep on reminding yourself.

Btw, Congrats :partyface:
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I have Cibil 779 and total limit of 9 cards is 13.5 L my annual income is 6 L am I over leverage for sbi card should I apply or not ????
 
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I too faced rejection because of this over leveraged issue.
Now I want to reapply.
Will applying from the branch make any difference? OR the method is same for both?
If this time they reject,I will make a complaint in the Rbi Ombudsman
 
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Zacobite said:
quite possible that sbi may NOT find you over leveraged as your limit is still lower than annual salary BUT SBI can do anything
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Can any one tell me about this I have paycheck ( Uni) It's a credit line 1,50 L it's showing in my Cibil as a Personal loan .may it's count leavrage as sbi Declining my application from the month it has been shown in my Cibil ??
 
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Boy 07 said:
Can any one tell me about this I have paycheck ( Uni) It's a credit line 1,50 L it's showing in my Cibil as a Personal loan .may it's count leavrage as sbi Declining my application from the month it has been shown in my Cibil ??
Click to expand...
it is not leverage.. it is usage of credit... will impact the credit score...
 
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Trump said:
So I'll be applying for SBI Cashback & A-Pay this Wednesday as soon as I turn 21. So Can you guys look into my case & give me a reality check???

Portfolio

1) AMEX - SmartEarn (Paid) - Rs. 1,62,000.
2) Axis Bank - Neo (LTF) - Rs. 1,34,000.
3) HDFC Bank- Millennia (Paid) + Swiggy (Paid) - Rs. 1,00,000 each.
4) Kotak Mahindra Bank - Zen Signature (LTF) - Rs. 35,000 + Myntra (Paid) - Rs. 27,000

CIBIL - 779
Credit Age - 2y 8m
Income - Take Home Salary - 70k approx.

I already have an account with ICICI under their Privilege program since the last year, I have an SBI Gold Segment Profile. What are the chances of approval & which one should I apply first ??? Throw in any other suggestions, if necessary.

@Vasuki @SSV @D₹V @Abhishek012
Click to expand...
I had similar profile like yours when I was approved for SBI, so you are not overleaverage by any stretch of imagination.
SBI cashback card has very low approval rate, If anywhow SBI rejects then try to secure other sbi card first before applying for cashback.

PS. - Congrats for your card approval. did not realise its 2 month old thread.
 
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