BOB offering 20% limit increase

[anirban.choudhuryanirban.choudhury is verified member.]

Auto LE offer from BOB

 

[CC-Muncher]

Should i go for credit limit enhancement if available? My utilisation is less rhan 3% overall, increasing limit would make utilisation % even less. Is it ok for cibil?

 

[amit]

Should i go for credit limit enhancement if available? My utilisation is less rhan 3% overall, increasing limit would make utilisation % even less. Is it ok for cibil?

yes go ahead.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Should i go for credit limit enhancement if available? My utilisation is less rhan 3% overall, increasing limit would make utilisation % even less. Is it ok for cibil?

Yeah why not
Also as your utilisation is pretty low , you might soon be getting auto le offers from many banks

 

[CC-Muncher]

Yeah why not
Also as your utilisation is pretty low , you might soon be getting auto le offers from many banks

What is auto LE?

Also I heard having very less utilisation also hirts your cibil score

 

[amit]

What is auto LE?

Limit enhancement offer from Banks based on your profile.

 

[CC-Muncher]

Just wanted to confirm, too much limit should not back fire 😂

 

[amit]

Just wanted to confirm, too much limit should not back fire 😂

whats your total credit limit in cibil?

 

[anirban.choudhuryanirban.choudhury is verified member.]

Just wanted to confirm, too much limit should not back fire 😂

Too much limit will never backfire , infact it is a good thing
Higher credit limit with less utilisation ratio , gives a perception non credit hungry profile which in turn makes you eligible for higher loans with better interest rates

 

[CC-Muncher]

whats your total credit limit in cibil?

Cibil shows 31lakhs. But as hdfc does not report the limits actual is 41lakhs

 

[CC-Muncher]

Too much limit will never backfire , infact it is a good thing
Higher credit limit with less utilisation ratio , gives a perception non credit hungry profile which in turn makes you eligible for higher loans with better interest rates

Thas a great news 😀

 

[amit]

Cibil shows 31lakhs. But as hdfc does not report the limits actual is 41lakhs

good.

 

[hks789]

Too much limit will never backfire , infact it is a good thing
Higher credit limit with less utilisation ratio , gives a perception non credit hungry profile which in turn makes you eligible for higher loans with better interest rates

A higher credit limit with a lower utilization ratio for a long period of time will definitely give you good credit worthiness.

But if you achieve higher credit limits, say 2-3x your annual ITR, in a short span of time, you may face some difficulty getting high limits on new applications (cards, loans, etc.). Even if the loan is secured, a high debt-to-income ratio achieved in a short span will make you look credit hungry.

Sometimes these limits are bogus values, with shared card limits projecting a high overall limit even though the aggregate limit is less.

 

[CC-Muncher]

good.

How much is yours? Just trying to understand average credit limit.

 

[CC-Muncher]

Higher credit limit with less ratio for a long period will definitely give you good credit worthiness.

But if you achieve higher credit limits, say 2-3x your annual ITR in a short span of time, you may face some difficulty in getting high limits on new applications(cards, loans etc). Even if the loan is a secured one, a high debit to income ratio achieved in short span will make you look like credit hungry.

Sometimes these limits are bogus values - with shared card limits projecting high overall limit eventhough aggregate limit is less

Oh! I Did not know that. Thanks for sharing this 👍

 

[CC-Muncher]

Also, which BOB card is offered LTF?
The BOB site says few cards as LTF but has some conditions next to it. Its very confusing. Are these really LTF?

I want to have one just for flipkart amazon cashback offers.

 

[amit]

How much is yours? Just trying to understand average credit limit.

25

 

[anirban.choudhuryanirban.choudhury is verified member.]

A higher credit limit with a lower utilization ratio for a long period of time will definitely give you good credit worthiness.

But if you achieve higher credit limits, say 2-3x your annual ITR, in a short span of time, you may face some difficulty getting high limits on new applications (cards, loans, etc.). Even if the loan is secured, a high debt-to-income ratio achieved in a short span will make you look credit hungry.

Sometimes these limits are bogus values, with shared card limits projecting a high overall limit even though the aggregate limit is less.

Higher credit limit , won’t affect your debt to income ratio.
Debt to income is the amount of emi/fixed loan that you pay against your income
A credit limit is not a debt , but yes if you utilise the amount and then convert the same into EMI then it falls under debt and only then will impact your debt to income ratio

 

[bhavik886151]

Not lucky at all holding BOB CC from 3 year not a single time received any LE

 

[CC-Muncher]

Not lucky at all holding BOB CC from 3 year not a single time received any LE

Is it worth to hold it just for flipkart amazon cashback offers?

 

[pprakash11]

Is it worth to hold it just for flipkart amazon cashback offers?

If LTF, what's the harm ?