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consequences of denying physical kyc
- Thread starter Andy1
- Start date
Pack_of_Cards
TF Premier
Most likely your application will be rejected if you deny physical KYC, it will not affect your Credit score much but definitely there will be CIBIL enquiry whether you continue further or not (usually happens the moment you apply for a CC).
How is more approved limit a problem when it's not in your hand? I understand credit utilization ratio being a factor
don't banks grant you limit after checking your cibil and income in the first place? Their risk assesment is made there and then.
What banks grant me after that is their assesment. The limit granted is not in my hand. If bank A has given me a higher limit , then how does that make me a risky profile for Bank B. It should be something positive. I understand if I have high utilization ratio over many cards and untimely/non payments being an issue. In my opinion number of cards one owns or the limit granted is not a risky criteria. I may be shopping around for more cards cos of offers and benefits that product is offering. Obviously how I pay back is a criteria for my risk assesment. I have yet to come across a bank giving real reasons for rejecting a cc application or granting a lower limit. So suggesting higher approved limit as a criteria is misplaced in my opinion
What banks grant me after that is their assesment. The limit granted is not in my hand. If bank A has given me a higher limit , then how does that make me a risky profile for Bank B. It should be something positive. I understand if I have high utilization ratio over many cards and untimely/non payments being an issue. In my opinion number of cards one owns or the limit granted is not a risky criteria. I may be shopping around for more cards cos of offers and benefits that product is offering. Obviously how I pay back is a criteria for my risk assesment. I have yet to come across a bank giving real reasons for rejecting a cc application or granting a lower limit. So suggesting higher approved limit as a criteria is misplaced in my opinion
Gosh! That's some analysis 🙂👍...Cant deny your viewpoint backed by reasonable assumptions.
I havent gone through any of the previous posts..was just reacting from the view point of credit cards and cibil rating. Getting long term loan is a different ball game and I have never experienced so my knowledge is limited.
To me it seems ironical that the same banks that give you a 50L unsecured loan find you a risky proposition when applying for a home loan for eg...I can very well damn with the ratings default on all credit cards and technically get 50L😂...having high credit limits has its own merits for eg say a high hospital bill incase of emergency...I could never Guage ways n means banks use the criteria to give loans... you have bigwigs defaulting and fleeing off and loans gets written off as bad debts..and bankable law abiding citizens trying every means to prove their credit worthiness🙂
I havent gone through any of the previous posts..was just reacting from the view point of credit cards and cibil rating. Getting long term loan is a different ball game and I have never experienced so my knowledge is limited.
To me it seems ironical that the same banks that give you a 50L unsecured loan find you a risky proposition when applying for a home loan for eg...I can very well damn with the ratings default on all credit cards and technically get 50L😂...having high credit limits has its own merits for eg say a high hospital bill incase of emergency...I could never Guage ways n means banks use the criteria to give loans... you have bigwigs defaulting and fleeing off and loans gets written off as bad debts..and bankable law abiding citizens trying every means to prove their credit worthiness🙂
Another benefit of credit card (don't know if high credit limit helps) is that one gets pre approved offers.. dont know about others but my high limit icici bank credit card had pre approved offers for home loans 50-75L) Without me even having an account in icici. Also few years back I got a car(toyota innova) financed through HDFC at pretty good interest rates (think 8% 5 year some 10 L financed) again without having any savings account with them and just a high limit credit card.. I get personal loan offers too...so...really don't know what actually helps in getting a loan..just a thought not negating or debating whatever you have mentioned in your post above👍
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