Am I over leveraged for SBI?

[AlooDum]

Currently I hold close to 10 cards with ITR of 30L & overall credit limit across all the cards 43L.

I don't have any SBI credit card and looking to apply one.

CIBIL of 781 & no defaults.

So my question is am I over leverage according to SBI??

Shall I apply directly or reduce my exposure?

 

[AlooDum]

Applied but rejected instantly.

Where to mail to get the exact reason?

 

[Boy 07]

So far, it's being noticed that PSU banks and some Pvt also like HSBC hesitate to approve new cards after one gets multiple cards from different banks. So it's better to take PSU bank's cards first like SBI, PNB, Canara, etc.

But still if any of them launches new card in future, like SBI Cashback, until then you will be over leveraged for them.

Second thoughts: See credit cards are a high risk, high profit business for banks. They always seeks newbies who's not into the game, and either misses the due date or makes only Min. due payment and keeps paying interest to bank. So, this could also be the reason. (Assumption)

I have 11 cards with limit 14.88 L sbi rejecting my cards by saying over leverage not able to understand what should I do ????

 

[cr_1290]

Maine online sbi card apply Kiya tha ab wo application cancel krwake offline instant apply kar sakta hun ya nhi 🤔 kisi ko idea h?

 

[Boy 07]

Does he have any relationship with SBI like current account or SB Account or any other relationship with bank??

I have tried many times For Sbi cards but they declined by the name of over leverage.i have saving account Now I visited to my home branch they suggested me for making fd of 50 k and said we will issue a card against it after geting card you can closed the fd instantly card will be active .I am not satisfied with her statement can any one will advice me if it's true

 

[BUDHRAJ]

I have tried many times For Sbi cards but they declined by the name of over leverage.i have saving account Now I visited to my home branch they suggested me for making fd of 50 k and said we will issue a card against it after geting card you can closed the fd instantly card will be active .I am not satisfied with her statement can any one will advice me if it's true

no this is not how things work, fd will be marked lien because of the card, to break the fd you need to close the card.
don't trust her words, take things in writing so that you can raise a complaint later.

 

[tryabp]

30L ITR is top 1%. You should visit SBI Branch and directly meet BM and get card application done offline from branch. In any case it gets stuck, Bm will resolve the issue.

 

[bing1309]

I have 30l plus ITR and self employed and employed, and i applied via salary class and got 1.57l limit and have more than 47l plus unsecured loan in cc still got the card without issue but online normal way was stuck but sbi called genuinely and followed up daily to get my issue solved and finally everything got over by phone verification happened to my office address and that's it card was approved in 3 days, irony was even credit limit range everything was communicated via sms etc, nice, simple and smooth, they only say how to answer in kyc and verification call by giving our signed form digitally it was very clean process I would say.

Over leverage would be just an excuse, not you have to have secured cc and secured loan and unsecured cc then only you can go forward in sbi cc unsecured

 

[Boy 07]

no this is not how things work, fd will be marked lien because of the card, to break the fd you need to close the card.
don't trust her words, take things in writing so that you can raise a complaint later

no this is not how things work, fd will be marked lien because of the card, to break the fd you need to close the card.
don't trust her words, take things in writing so that you can raise a complaint lat

no this is not how things work, fd will be marked lien because of the card, to break the fd you need to close the card.
don't trust her words, take things in writing so that you can raise a complaint later.

Thanks

I have 30l plus ITR and self employed and employed, and i applied via salary class and got 1.57l limit and have more than 47l plus unsecured loan in cc still got the card without issue but online normal way was stuck but sbi called genuinely and followed up daily to get my issue solved and finally everything got over by phone verification happened to my office address and that's it card was approved in 3 days, irony was even credit limit range everything was communicated via sms etc, nice, simple and smooth, they only say how to answer in kyc and verification call by giving our signed form digitally it was very clean process I would say.

Over leverage would be just an excuse, not you have to have secured cc and secured loan and unsecured cc then only you can go forward in sbi cc unsecured

Can you tell me how i can get SBI card whenever I applied the card they doing instantly declined in the name of Over leaverage.my Cibil is 778 I have 6 cards with combines limit 15 L

 

[rogerthat]

Okay and how do they get income details?? From income tax department?

I have asked this same question multiple times in this forum and nobody was able to answer. SBI Card does not collect income documents rduring application. And they apparently don't consider income details appearing in the credit reports too.

Then on what basis do they determine over leverage??

 

[bing1309]

I have asked this same question multiple times in this forum and nobody was able to answer. SBI Card does not collect income documents rduring application. And they apparently don't consider income details appearing in the credit reports too.

Then on what basis do they determine over leverage??

Over leverage means you know the meaning but it's credit risk for a bank, they can't risk for someone who has lot of credit cards and at once they default at once from all banks how can they recover, they have no interest in fighting with other banks later on. And they might have n number of reasons with them like you are only collecting credit card no any secure loans, your purpose of sbi credit card for them in there mind they ask why to give him who has so many cards? He might just take this card just for swiping for offers or making profit out of it apart from that nothing else so why to give him, put him in risky profile. If he wants to make money then let's do one thing let him open account make deposit on that go via secured card. He anyways has lot of money right so simple why?. will be questioned in there mind. For them you are risky profile and no profit can be earned from you hence they simply reject.

 

[Boy 07]

Over leverage means you know the meaning but it's credit risk for a bank, they can't risk for someone who has lot of credit cards and at once they default at once from all banks how can they recover, they have no interest in fighting with other banks later on. And they might have n number of reasons with them like you are only collecting credit card no any secure loans, your purpose of sbi credit card for them in there mind they ask why to give him who has so many cards? He might just take this card just for swiping for offers or making profit out of it apart from that nothing else so why to give him, put him in risky profile. If he wants to make money then let's do one thing let him open account make deposit on that go via secured card. He anyways has lot of money right so simple why?. will be questioned in there mind. For them you are risky profile and no profit can be earned from you hence they simply reject.

So what should we do in this regards ??
Should we closed the cards of other banks.?

 

[rogerthat]

Over leverage means you know the meaning but it's credit risk for a bank, they can't risk for someone who has lot of credit cards and at once they default at once from all banks how can they recover, they have no interest in fighting with other banks later on. And they might have n number of reasons with them like you are only collecting credit card no any secure loans, your purpose of sbi credit card for them in there mind they ask why to give him who has so many cards? He might just take this card just for swiping for offers or making profit out of it apart from that nothing else so why to give him, put him in risky profile. If he wants to make money then let's do one thing let him open account make deposit on that go via secured card. He anyways has lot of money right so simple why?. will be questioned in there mind. For them you are risky profile and no profit can be earned from you hence they simply reject.

So SBI wants to give cards only to people who have no other cards or loans? Not a great business model. Looks like they will learn when they stop growing in acquisitions and share price tanks.

 

[bing1309]

So what should we do in this regards ??
Should we closed the cards of other banks.?

Yes. Or open account go via fd or open account wait for offer then take the card

 

[rogerthat]

So what should we do in this regards ??
Should we closed the cards of other banks.?

No it's pointless doing that. I went through all that. Spent a lot of time and effort closing cards and reducing CL but still over leveraged. If at all you have more than even one credit card SBI will consider you over-leveraged.

 

[Sahil_07]

Currently I hold close to 10 cards with ITR of 30L & overall credit limit across all the cards 43L.

I don't have any SBI credit card and looking to apply one.

CIBIL of 781 & no defaults.

So my question is am I over leverage according to SBI??

Shall I apply directly or reduce my exposure?

Yes U are

 

[BUDHRAJ]

so can anyone confirm that whether we can get sbi card via fd route even if we are overleveraged ?

 

[praveensudhakaran]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

 

[SSV]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

How many times it is if you exclude home loan ( ie all CC CL + PL)?
I would imagine it is around 2X

 

[Boy 07]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

Please explain HL and pl

 

[praveensudhakaran]

Please explain HL and pl

3X

The reason is IDFC wealth card with 1X of Annual Income as limit. MY EMERGENCY FUND😛😛😛