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?

 

[_deb_]

for me it hasn't yet, just checked.

It will not change because you are reducing the spend limit. This is the restriction that you can set to prevent overspending.
You can’t change credit limit on your own, you instead need to request the bank. The full credit limit is reported to the credit bureaus, not the spend limit.

 

[_deb_]

It will not change because you are reducing the spend limit. This is the restriction that you can set to prevent overspending.
You can’t change credit limit on your own, you instead need to request the bank. The full credit limit is reported to the credit bureaus, not the spend limit.

Here is a post from our CC pundit @SSV 🙂

https://www.technofino.in/community...imit-netbanking-in-icici-cc.14221/post-249098

 

[Sobirvs]

It will not change because you are reducing the spend limit. This is the restriction that you can set to prevent overspending.
You can’t change credit limit on your own, you instead need to request the bank. The full credit limit is reported to the credit bureaus, not the spend limit.

yep, that's what i thought.

Anyways, I feel better option is to cancel cards not reducing limits. I will be doing that on war footing soon. Already closed 6-7 cards.

 

[_deb_]

yep, that's what i thought.

Anyways, I feel better option is to cancel cards not reducing limits. I will be doing that on war footing soon. Already closed 6-7 cards.

I am letting a few cards die naturally 🙂 . I heard that cards are closed if not used for a year. The Paid cards will need special attention.

 

[iamdhamo]

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.

Cool. Now my total credit limit is less than 1.5x and also will become more less after this year appraisal and hence I think it's good to apply after 90 days n see.

Also there is a bug in my sprint application cos last time it was approved and then blocked by themselves but when I see in sprint it's trying to generate vc card n gets stopped at 99 with error msg to try again later. So if I try again after 90 days I think it will easily generate card again n I think it can go thru same process like now