Axis Bank Credit Card Rejected Every time

[BucksBunny]

Axis Priority account holder
My CIBIL is 799
Experian is 857
ITR's above 18 lakh
HDFC Infinia with 15 lakh limit
SBI Aurum with 5 lakh limit
Amex Travel Plat card with 6.20 lakh limit
ICICI gave 4 credit cards as I hold Corporate account with them
ICICI Business, ICICI Amazon, ICICI Coral Rupay and ICICI Plat all are LTF.

No late payment, 13 year old credit history, not single delayed payment till date. Excellent credit and financial standings.

Axis rejected my Magnus card trice, Samsung Axis, Select, Privilege (They give complementary to Priority account holder), Flipkart and Reserve application mostly filed by Branch person. All of them got rejected. I see Neo, Myzone etc LTF card offers but Its showing my existing application status pending. Written email to Nodal but no help they keep saying internal policy. Branch person have no idea about. Even they did not approved my complementary Privilege credit card with Priority account.

I am Axis Priority account holder with balance around 3-5 lakh maintained. Shall I keep account open or close all relations with them?

Any possible help?

Thanks in Advance!

 

[drsel]

Plan A
1. Because you were rejected, wait 3 months, then apply card on card offline using your HDFC Infinia 15 lacs latest statement (with limit utilisation much less than 30%, ideally below 2%). Tell Axis customer care escalation team to send the agent to your house for card on card application.

2. Also close all ICICI cards except ICICI Amazon, to improve your credit worthiness.

3. Call SBI customer care to change SBI Aurum to SBI cashback (the only SBI card worth having).Threaten to close/cancel Aurum if they refuse.
Don't pay renewal fee for Aurum, cancel just before renewal date or ask for fee reversal.

OR

Plan B
1. Upgrade your existing savings account to Burgundy by adding money to make your balance 10 lacs.
2. Then add another 20 lacs and make fixed deposits of 30 lacs.
3. Wait for 45 days and then apply for the lifetime free Magnus Burgundy card.

Please like or love if you appreciate my well thought out plans / free advice

 

[BucksBunny]

Thanks for response, sometime think why do I need their credit card.

 

[Rohith-2009]

Thanks for response, sometime think why do I need their credit card.

Please get the exact reason for rejection then only we can fix it

 

[Samrat]

Thanks for response, sometime think why do I need their credit card.

This is exactly what the question should be. Axis cards are anyway not worth the extreme hassle.
Someone with 18+ ITR, 15lakhs on infinia shouldn't bother with axis cards if they reject.
Initial days of Magnus, I can still understand.

Simply tell them that since your card has been rejected, you will close the accounts and move away


Either they will personally come and give you the card or you can move to HDFC Preferred/Imperia banking and have a much better hassle free life.

 

[thewittypanda]

Axis Priority account holder
My CIBIL is 799
Experian is 857
ITR's above 18 lakh
HDFC Infinia with 15 lakh limit
SBI Aurum with 5 lakh limit
Amex Travel Plat card with 6.20 lakh limit
ICICI gave 4 credit cards as I hold Corporate account with them
ICICI Business, ICICI Amazon, ICICI Coral Rupay and ICICI Plat all are LTF.

No late payment, 13 year old credit history, not single delayed payment till date. Excellent credit and financial standings.

Axis rejected my Magnus card trice, Samsung Axis, Select, Privilege (They give complementary to Priority account holder), Flipkart and Reserve application mostly filed by Branch person. All of them got rejected. I see Neo, Myzone etc LTF card offers but Its showing my existing application status pending. Written email to Nodal but no help they keep saying internal policy. Branch person have no idea about. Even they did not approved my complementary Privilege credit card with Priority account.

I am Axis Priority account holder with balance around 3-5 lakh maintained. Shall I keep account open or close all relations with them?

Any possible help?

Thanks in Advance!

If i would have been in your place, I would definitely ended all my relationship with this type of bank (unless I have some recurring payments/investments going on, in which case I would have waited till last series date). At this request of closure, even if they apologise and make a stay offer by giving for eg. say LTF Magnus, I would have still chose to close the account and move on to another bank. They should know how to treat customers and customers should always get the best service.

 

[1RC]

Axis Priority account holder
My CIBIL is 799
Experian is 857
ITR's above 18 lakh
HDFC Infinia with 15 lakh limit
SBI Aurum with 5 lakh limit
Amex Travel Plat card with 6.20 lakh limit
ICICI gave 4 credit cards as I hold Corporate account with them
ICICI Business, ICICI Amazon, ICICI Coral Rupay and ICICI Plat all are LTF.

No late payment, 13 year old credit history, not single delayed payment till date. Excellent credit and financial standings.

Axis rejected my Magnus card trice, Samsung Axis, Select, Privilege (They give complementary to Priority account holder), Flipkart and Reserve application mostly filed by Branch person. All of them got rejected. I see Neo, Myzone etc LTF card offers but Its showing my existing application status pending. Written email to Nodal but no help they keep saying internal policy. Branch person have no idea about. Even they did not approved my complementary Privilege credit card with Priority account.

I am Axis Priority account holder with balance around 3-5 lakh maintained. Shall I keep account open or close all relations with them?

Any possible help?

Thanks in Advance!

This post is a good example of leverage beyond means.

Meaning your line of credit (exposure to debt) is higher than your income. From an ITR of 18L, I can infer that your monthly in hand will be somewhere close to ~INR1.2L, which is decent. Unfortunately, your income isn't justifying the additional burden of unsecured loan.

Your current total unsecured exposure (without accounting for the limits on ICICI cards) is 15+5+6.2 = 26.2L (1.4x of your ITR; or ~20x of your monthly salary).

Since you have HDFC Infinia, I am assuming that this was applied via C2C method given your annual income (ITR / Salary) isn't meeting HDFC's minimum income criteria for Infinia. This means, one of your ICICI card maybe closer to 10-15L as well. So that makes 15+15+5+6.2 = INR41.2L exposure (~2.2x of ITR and ~40x of monthly income).

In my opinion, Axis maybe seeing this as an issue and hence the decline. Having a Axis Priority account makes no difference. Your salary is clearly not with them. So they don't see a clear cash flow with you as a customer.

My proposal to you:
Cut some of your ICICI cards. Cool off for 6 months and then apply for Axis Bank CCs. Banks usually purge prior online applications with in 3-6 months.

Hope this helps.
1RC.

 

[BucksBunny]

This is exactly what the question should be. Axis cards are anyway not worth the extreme hassle.
Someone with 18+ ITR, 15lakhs on infinia shouldn't bother with axis cards if they reject.
Initial days of Magnus, I can still understand.

Simply tell them that since your card has been rejected, you will close the accounts and move away


Either they will personally come and give you the card or you can move to HDFC Preferred/Imperia banking and have a much better hassle free life.

Yes, I am already HDFC Imperia member since almost 3 years and HDFC has no issue even if you keep account at 0 Balance. I will try to threaten Axis to close my priority account which strictly need 200000 AQB.

 

[imdjay]

ITR of 18L

He said. ITR above 18L. it could be 50L or 1Cr. how would we know?

 

[1RC]

Yes, I am already HDFC Imperia member since almost 3 years and HDFC has no issue even if you keep account at 0 Balance. I will try to threaten Axis to close my priority account which strictly need 200000 AQB.

These banking tiers do not matter. Even if you "threaten" them to move your business elsewhere. Majority of the banks have an internal score system for customers. You can simply be reasonable. If they are not issuing you one. So be it but try cutting your exposure. Axis is very picky even in giving credit limits to CC holders unlike other banks. Hence, they are seeing high unsecured credit exposure as an issue.

Since you talked about HDFC Imperia, - I am also on HDFC Imperia and Axis Burgundy.

 

[1RC]

He said. ITR above 18L. it could be 50L or 1Cr. how would we know?

One can generally make out material details out of any statement. OP was clear to point out his credit limits (even emphasized) and his exact score. A man like that wouldn't rounddown his ITR.

 

[BucksBunny]

This post is a good example of leverage beyond means.

Meaning your line of credit (exposure to debt) is higher than your income. From an ITR of 18L, I can infer that your monthly in hand will be somewhere close to ~INR1.2L, which is just decent. Unfortunately, your income isn't justifying the additional burden of unsecured loan.

Your current total unsecured exposure (without accounting for the limits on ICICI cards) is 15+5+6.2 = 26.2L (1.4x of your ITR; or ~20x of your monthly salary).

Since you have HDFC Infinia, I am assuming that this was applied via C2C method given your annual income (ITR / Salary) isn't meeting HDFC's minimum income criteria for Infinia. This means, one of your ICICI card maybe closer to 10-15L as well. So that makes 15+15+5+6.2 = INR41.2L exposure (~2.2x of ITR and ~40x of monthly income).

In my opinion, Axis maybe seeing this as an issue and hence the decline. Having a Axis Priority account makes no difference. Your salary is clearly not with them. So they don't see a clear cash flow with you as a customer.

My proposal to you:
Cut some of your ICICI cards. Cool off for 6 months and then apply for Axis Bank CCs. Banks usually purge prior online applications with in 3-6 months.

Hope this helps.
1RC.

Wow, this is an eye opener. Yes, my total credit exposure is around 50 lacs + and this might be the reason and my income is not justifying the exposure. I will close two of my ICICI cards and may be other cards which I don't need and reapply after cool off. However my credit utilisation is always less than 5%. Still your answer makes lot of sense. Thank you so much.

 

[Aryan Malhotra]

Axis Priority account holder
My CIBIL is 799
Experian is 857
ITR's above 18 lakh
HDFC Infinia with 15 lakh limit
SBI Aurum with 5 lakh limit
Amex Travel Plat card with 6.20 lakh limit
ICICI gave 4 credit cards as I hold Corporate account with them
ICICI Business, ICICI Amazon, ICICI Coral Rupay and ICICI Plat all are LTF.

No late payment, 13 year old credit history, not single delayed payment till date. Excellent credit and financial standings.

Axis rejected my Magnus card trice, Samsung Axis, Select, Privilege (They give complementary to Priority account holder), Flipkart and Reserve application mostly filed by Branch person. All of them got rejected. I see Neo, Myzone etc LTF card offers but Its showing my existing application status pending. Written email to Nodal but no help they keep saying internal policy. Branch person have no idea about. Even they did not approved my complementary Privilege credit card with Priority account.

I am Axis Priority account holder with balance around 3-5 lakh maintained. Shall I keep account open or close all relations with them?

Any possible help?

Thanks in Advance!

Mail Axis MD Desk explaining all these details and simply tell them that you will close your relationship, they will definitely help you

 

[1RC]

Wow, this is an eye opener. Yes, my total credit exposure is around 50 lacs + and this might be the reason and my income is not justifying the exposure. I will close two of my ICICI cards and may be other cards which I don't need and reapply after cool off. However my credit utilisation is always less than 5%. Still your answer makes lot of sense. Thank you so much.

My wild guess from your CIBIL score is that you don't have secured loans like home loan. Since your entire/majority credit portfolio base is unsecured. Your profile maybe getting triggered.

TBH, 50L+ unsecured credit exposure is high. Your utilization will be low as your underlying available credit base is high.

Its time to close some of those cards which are not giving you economic benefit and move on to newer card offerings. Never close your oldest card account but do cycle your recent card accounts which are not worth keeping.

1RC.

 

[BucksBunny]

My wild guess from your CIBIL score is that you don't have secured loans like home loan. Since your entire/majority credit portfolio base is unsecured. Your profile maybe getting triggered.

TBH, 50L+ unsecured credit exposure is high. Your utilisation will be low as your underlying available credit base is high.

Its time to close some of those cards which are not giving you economic benefit and move on to newer card offerings. Never close your oldest card account but do cycle your recent card accounts which are not worth keeping.

1RC.

Appreciate your response, definitely I will work on reducing high unsecured credit exposure. I have Home Loan around 70 lacs since 2017.

 

[ray8285]

Appreciate your response, definitely I will work on reducing high unsecured credit exposure. I have Home Loan around 70 lacs since 2017.

50L + 70L = exposure of 1.2 CR (unsecure + secure) against an ITR of ~18L. Even for a secured (auto / home) loan most banks give a credit exposure of X4 of your ITR, your way over leveraged.

3 ways you can get a axis card :

1. Shift your current / salary account to Axis including your FDs etc if possible & then try after 6-9 months of that. Then pressure your BM to try & get approval.

2. Open an FD & take out a secure card with axis, use it for 6-9 months and then pressurise them for the unsecured card this will give axis a good idea of your spending & payments pattern etc. In the meanwhile also cut your exposure down to at least half as suggested by others.

3. Shift your home loan to axis (Not advisable) only on condition that they approve a CC along with it (Surrogate application).

If you think it is worth the hassle, then go for it. In your current scenario I do not see axis approving an unsecured CC irrespective of your savings balance, which technically you can withdraw at any point of time, so that is NO guarantee for them to issue you a CC. Better option will be to have MFs, FDs, RDs with them.

How do I know ? Coz it's the exact same situation for me, axis will NOT approve a card if you already have high credit exposure & No investments with them. I had a 7 digit balance & a burgundy account with axis for 3-4 years & they did NOT approve my application too and I finally closed the account !

 

[CARDBITRAGE]

If your unsecured credit is close to 2.5-3x your current income, it is good to lose some of your cards that are lying dormant. But while you're at it, make sure not to let go of the older cards in your collection, as it may drastically affect your credit score.
I'm guessing the refusal also had to do with the history of rejections which you faced with Axis Bank. Applying for CC over and over again in short intervals even after several rejections is not a good look, and makes you seem overtly credit hungry. So give it a few months(maybe 6?) before reapplying again.
Before that, take a decisive call on whether you require any of the Axis cards post deval, especially when you already hold an Infinia. The Burgundy Magnus on the other hand would make sense, but we should see what they'll have in store for us once the deadline for the LTF crteria is over.

 

[ray8285]

I'm guessing the refusal also had to do with the history of rejections which you faced with Axis Bank.

I have seen axis approve people after rejecting them "56 times" over 18 months. Though it may seem abnormal but so is axis, however I agree with you that applying for credit this many times in such a short period looks bad & credit hungry.

I guess for people having excellent credit & track record it becomes like an ego trip, that how come even after getting cards from amex, hdfc etc axis can reject. It's classic human psychology. However this is strictly my opinion.

 

[CARDBITRAGE]

I have seen axis approve people after rejecting them "56 times" over 18 months.

Sure. But a case like this seldom happens with most banks. It is not ordinary for a bank to issue a CC after several rejections within a short interval of time. A CC is a calculated risk by a bank and they will avoid exposure to a potential default, and a person who is pursuing a card repeatedly after several rejections is a big red flag. Not the mention the bank tracing the individual's profile to find out that they have a sizable amount of unsecured credit and are already servicing a huge loan in contrast to their annual income.

 

[ray8285]

Sure. But a case like this seldom happens with most banks.

I have seen axis approve people after rejecting them "56 times" over 18 months. Though it may seem abnormal but so is axis, however I agree with you that applying for credit this many times in such a short period looks bad & credit hungry.

Kindly read my post once again. That is exactly what I said. Looks abnormal (red flag) and bad (credit hungry) to keep applying for the same credit product so many times in such a short period, not only with that particular lender which is axis in this case but also with other lenders when they run a credit check !!

All I wanted to say is there have been cases where “axis being axis” has approved applications after many many rejections … However, doing that is never recommended.