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]

I wonder how they approved the 2nd time, may be you found a loophole they had no idea about?

What do you mean you requested ICICI to reduce limit? afaik banks don't reduce limit unless they want to. Do you mean decrease limit via imobile/INB website where you can decrease limit? if yes, bank I think will still show your limit as how much max limit they have given you.

I have closed about 8 cards for now, I still have alot more, I do plan to close more. Package doesn't matter, ITR matters, whatever is in the ITR (this includes package, stock profit, income, FD/Savings interest etc).

Will your card be approved? I don't know. I don't know a single person who has been approved for cashback card if they were declined for "overleveraged" reason. So there is a possibility even if you have CL below your ITR declared income, they might still decline as there doesn't exist a single person who has been approved after they have been declined for overleveraged excuse. Also it says "not curable" so not sure if this work. It has 90 says cooldown but I would say just to be on the safe side, make sure you apply after 6 months of your last decline, You might still stand a chance. May be after 6 months and once u file your next ITR. Atleast 2 months after you file your new ITR and total 6 months max.


I have asked for reconsideration, they asked for ITR/Bank statement. Screenshots below. I asked customer service they denied, then nodal declined too, then principal nodal said they will reconsider when they asked for itr/bank statement of 3 months.


View attachment 83302

So I sent them docs 2 days back, and they got back to me today saying this


View attachment 83303

Now, they are saying to wait for 10 days till 19th for an update. I haven't replied to this yet. I will wait. Let's see. I am curious abt one thing, 1st reconsider email, principal nodal said your app no starting with 28....... but in next email when they told me to wait for 10 days, the "app no. via ref no." starts from 13. What is that about? When I track sbi application for reconsider app no. starting 28, it shows declined (which is the previous decline I got), and then the ref no. when I check in track sbi application, it shows the ref no. "You have entered an incorrect application number,Re-enter your application number to track it."

Anyways, I'll wait till 19th-20th may be, if I hear something back, great, if not, then will reply to this email back and see what they say.

I had updated the limits by reducing the dialy spend limits and also sent mail to icici to reduce the limit and they said they will do in 5 working days

 

[Mr. BeanMr. Bean is verified member.]

Is it really true that ICICI reports the limit set to the card in the in the app regardless the actual limit??

Yes.

Suppose I have limit of 1L and I set it to 10k so only 10k is supposed to reported correct?

Correct. Yes, only 10k will be reported.

 

[Sobirvs]

I had updated the limits by reducing the dialy spend limits and also sent mail to icici to reduce the limit and they said they will do in 5 working days

I don't think icici can reduce the limit upon customer's request. They will just tell u to do it yourself via app/website and that reduction of limit, does that show up on CIBIL , that's the question. Because SBI will chk CIBIL for limits.

 

[Sobirvs]

Yes.



Correct. Yes, only 10k will be reported.

I have changed my limit to 20k with ICICI, let's see what they report.

 

[iamvk]

Looks like I did manage to get it after being rejected 4 times in a row. Card is yet to be genereated. I will share further details after the card is received and/or generated.

 

[iamdhamo]

Looks like I did manage to get it after being rejected 4 times in a row. Card is yet to be genereated. I will share further details after the card is received and/or generated.

View attachment 83556

Did u close any of ur cards in last 4 times when u applied for the card?

 

[iamvk]

Did u close any of ur cards in last 4 times when u applied for the card?

Yes, around 7 cards with generous limits.

 

[mayankcse10]

I don't think icici can reduce the limit upon customer's request. They will just tell u to do it yourself via app/website and that reduction of limit, does that show up on CIBIL , that's the question. Because SBI will chk CIBIL for limits.

They do we just need to explain the agent clearly that we do not want to decrease transaction limit rather need to decrease the card limit to decrease leverage. I have myself done in past:

Post in thread 'Getting SBI card after overleverage possible?'

Aug 7, 2024

Changing the spend limit through iMobile app does affect the credit limit in CIBIL. To effect limit changes in CIBIL u will have to go to netbanking & actual/literally decrease your credit limit through OTP authentication. After this in iMobile it will show u your decreased limit and your actual limit as limit increase offer

I think you mean through iMobile does not affect the credit limit in CIBIL, right? I did the same, and it was not reflected in CIBIL. I decreased the limit by calling customer care. I see the same update as you; I am just waiting for the CIBIL to be updated...

• mayankcse10

• 

 

[Sobirvs]

Looks like I did manage to get it after being rejected 4 times in a row. Card is yet to be genereated. I will share further details after the card is received and/or generated.

View attachment 83556

more details brother??

were u previously rejected coz of "overleveraged" as confirmed with sbi agent on his phone via PAN?

did you use a diff phone number this time?

 

[Sobirvs]

They do we just need to explain the agent clearly that we do not want to decrease transaction limit rather need to decrease the card limit to decrease leverage. I have myself done in past:

Post in thread 'Getting SBI card after overleverage possible?'

Aug 7, 2024

Changing the spend limit through iMobile app does affect the credit limit in CIBIL. To effect limit changes in CIBIL u will have to go to netbanking & actual/literally decrease your credit limit through OTP authentication. After this in iMobile it will show u your decreased limit and your actual limit as limit increase offer

I think you mean through iMobile does not affect the credit limit in CIBIL, right? I did the same, and it was not reflected in CIBIL. I decreased the limit by calling customer care. I see the same update as you; I am just waiting for the CIBIL to be updated...

• mayankcse10

• 

I have the same thing and I never ever called customer care. I just did it via iMobile app. See -

 

[iamvk]

more details brother??

were u previously rejected coz of "overleveraged" as confirmed with sbi agent on his phone via PAN?

did you use a diff phone number this time?

My last application was in November. After I was rejected I wrote to customer care asking the reason for rejection. They gave me regular message saying internal policies. I escalated to customer service head. I got a call saying it is rejected as I had a large number of credit cards and asked me to send salary slips to reconsider. I sent them over. Later they said they can't reconsider as the last application as it was almost 2 months from the date of rejection. They also asked me to re-apply and it will still have to go thorugh approval processing. I said I will apply only after the cooling off period ends just to ensure that doesn't become a blocker. Then I took the matter into my own hands and closed around 7-8 cards which were idle. This happened in the last 1.5 months. Then waited for a week after the cooling off period is over and re-applied today. Awaiting card generation.

I applied with the same phone number.

 

[mayankcse10]

I have the same thing and I never ever called customer care. I just did it via iMobile app. See -

Strange, I only see the manage Spend limit option and not the credit limit. Hence had to go via customer care. Even today I only see manage Spend limit section as I had restored my limit to max earlier.

 

[mayankcse10]

My last application was in November. After I was rejected I wrote to customer care asking the reason for rejection. They gave me regular message saying internal policies. I escalated to customer service head. I got a call saying it is rejected as I had a large number of credit cards and asked me to send salary slips to reconsider. I sent them over. Later they said they can't reconsider as the last application as it was almost 2 months from the date of rejection. They also asked me to re-apply and it will still have to go thorugh approval processing. I said I will apply only after the cooling off period ends just to ensure that doesn't become a blocker. Then I took the matter into my own hands and closed around 7-8 cards which were idle. This happened in the last 1.5 months. Then waited for a week after the cooling off period is over and re-applied today. Awaiting card generation.

I applied with the same phone number.

1 follow up question do you have home loan? For me even after closing cards etc. they still rejected due to over leverage as I also have home loan. Hence I gave up on this.

 

[iamvk]

1 follow up question do you have home loan? For me even after closing cards etc. they still rejected due to over leverage as I also have home loan. Hence I gave up on this.

I have a joint housing loan with my sister.

 

[Sobirvs]

My last application was in November. After I was rejected I wrote to customer care asking the reason for rejection. They gave me regular message saying internal policies. I escalated to customer service head. I got a call saying it is rejected as I had a large number of credit cards and asked me to send salary slips to reconsider. I sent them over. Later they said they can't reconsider as the last application as it was almost 2 months from the date of rejection. They also asked me to re-apply and it will still have to go thorugh approval processing. I said I will apply only after the cooling off period ends just to ensure that doesn't become a blocker. Then I took the matter into my own hands and closed around 7-8 cards which were idle. This happened in the last 1.5 months. Then waited for a week after the cooling off period is over and re-applied today. Awaiting card generation.

I applied with the same phone number.

Do you have a SBI account too, savings ACC?

Also How u applied? via sprint or via yono app or netbanking?

And when u closed cards, how many cards were u left with and total limit of the cards left? and your ITR?

One thing your post confirms that overleveraged can be solved. We just wanna know till what extent we need to close loans.

For example my ITR is 10L(made up figure) and I have cards with CL worth 70L (as per CIBIL), with no loans whatsoever, all unsecured cc's. Now I did close about 8-10 cards till now and the CL total now is about 43L. Will my new application work to get me cashback card? or do I need to close more cards (I can close more but need a month or so).

 

[iamvk]

Do you have a SBI account too, savings ACC?

Also How u applied? via sprint or via yono app or netbanking?

And when u closed cards, how many cards were u left with and total limit of the cards left? and your ITR?

One thing your post confirms that overleveraged can be solved. We just wanna know till what extent we need to close loans.

For example my ITR is 10L(made up figure) and I have cards with CL worth 70L (as per CIBIL), with no loans whatsoever, all unsecured cc's. Now I did close about 8-10 cards till now and the CL total now is about 43L. Will my new application work to get me cashback card? or do I need to close more cards (I can close more but need a month or so).

Yes, I have an SBI account as well. Applied Via Sprint. KYC was done with Digilocker + Account credit/debit via netbanking. I had approximately 15 cards and now have 7 cards. The overall limit of closed cards is approximately 30L. Current active cards is approximatley 30L. Not Sure if this info helps, my credit utilization ratio as on yesterday was 45% including housing loan and Experian Score of 798. My ITR is 12.5L and overall limit including housing loan (joint) comes down to 70 lacs approximatley.

 

[SreeU]

1 follow up question do you have home loan? For me even after closing cards etc. they still rejected due to over leverage as I also have home loan. Hence I gave up on this.

Home loan may not be a problem. I too have one.

 

[Sobirvs]

Yes, I have an SBI account as well. Applied Via Sprint. KYC was done with Digilocker + Account credit/debit. I had approximately 15 cards and now have 7 cards. The overall limit of closed cards is approximately 30L. Current active cards is approximatley 30L. Not Sure if this info helps, my credit utilization ratio as on yesterday was 45% including housing loan and Experian Score of 798. My ITR is 12.5L and overall limit including housing loan (joint) comes down to 70 lacs approximatley.

Yeah that helps. Gives me an idea that even if total limit of combined cards is like 2-3x max , still one can get approved. In my case, it's like 7x, so probably the reason.

 

[mayankcse10]

Yeah that helps. Gives me an idea that even if total limit of combined cards is like 2-3x max , still one can get approved. In my case, it's like 7x, so probably the reason.

Well, my limit is 2x the ITR currently and I'm still getting declined. If I include the home loan, its 4x.

Due to the inconsistency, I gave up last time. I may retry depending on the outcome of others in the thread. I anyways have the Cashback card, I just need the Max or BPCL card for other offers.

 

[Sobirvs]

Well, my limit is 2x the ITR currently and I'm still getting declined. If I include the home loan, its 4x.

Due to the inconsistency, I gave up last time. I may retry depending on the outcome of others in the thread. I anyways have the Cashback card, I just need the Max or BPCL card for other offers.

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.