Credit Limit Increase Rejected - Bizarre Reasons

[curios_mind_huh]

I opened a salary account with HDFC 6 months ago in April, purely because I wanted to get a LTF card from them. I earn 1.4L in hand and went ahead with the card application. The mistake I did was I didn't go ahead for the application in branch since they asked me to wait for 3 months before application. Somebody from HDFC called and I completed the application with their help. No income documents were asked and I got a Millennia Diners card LTF issued in April 2023.

The problem was it had a very low credit limit of 59k. I wanted this card primarily for sale offers and didn't spend much apart from 1-2k every month. I raised a credit enhancement request both via escalation email and form in branch along with payslips in July 2023. They replied with a huge email with jargon words that me being a "valued customer" and all. Basically, rejected the request because of bank policy.

So, I waited another 3 months and applied for the limit increase two weeks back with the branch again. It's been rejected again without any solid reason and when I dived deep with a credit card agent in HDFC, they offered me two solutions:

1. Use my card upto 70% limit every month for next 6 months and I MIGHT get a limit enhancement offer. This was not a ironclad promise as well.
2. Close the current card. Wait for 3 months. Then apply again in branch for a new credit card along with payslips. They promise that going this way I'll get a increased credit limit. But I'm not sure if I'll get the Millennia card LTF if I take this route. I don't want to settle for Regalia or Diners Privilege card.

Why the heck can't HDFC offer the limit enhancement now based on payslips, if they promise they'll do the same for a new card? And Is there any better way to go about asking for a limit increase?

I was thinking of attaching my payslips to pno one final time with an empty threat that I'll close the card if they don't budge. Any better ideas?

 

[Lobogris]

3 lakh loan on 50k cc limit

Credit limit is a much more respectable 62k!

 

[Deleted member 11974]

I know it will cost a little in interest. I placed it in a FD at 8.5% for 14 months. So the income from there is more or less the same as the total payments made. However, I will lose the opportunity cost of the payments I make. Anyway a few thousand is not a worry.

Keep it in mobikwik P2P lending
Atleast you will be able to recoup some of the opportunity cost lost.
Read before investing in it

 

[Lobogris]

You took loan when you don't need? That's not good idea I think.

Did you mean financially or for credit score?

 

[Deleted member 11974]

Did you mean financially or for credit score?

For both
Not good

 

[Lobogris]

Keep it in mobikwik P2P lending
Atleast you will be able to recoup some of the opportunity cost lost.
Read before investing in it

Not worth the hassle for 5 or 10k. Already getting 8.5% at Equitas on it.

 

[CARDBITRAGE]

I know it will cost a little in interest. I placed it in a FD at 8.5% for 14 months. So the income from there is more or less the same as the total payments made. However, I will lose the opportunity cost of the payments I make. Anyway a few thousand is not a worry.

Smart choice.You took on debt to go out and open an FD which doesn’t even allow you to break even. On top of that, you will end up paying tax on the interest income you derive from that.

 

[Lobogris]

For both
Not good

Ok. Financially it's no big deal. Will close it in a few months after HDFC sees a good repayment record.

 

[Deleted member 11974]

Not worth the hassle for 5 or 10k. Already getting 8.5% at Equitas on it.

Your choice the extra 3.5% can be a lot in the long run

 

[Lobogris]

Smart choice.You took debt to go out an fed which doesn’t even allow you to break even. On top of that, you will end up paying tax in the interest income you derive from that.

It wasn't done to make money. I know I will lose around 10k on it. It was done in desperation to try and get HDFC to give me a limit increase and upgrade.

 

[Lobogris]

Your choice the extra 3.5% can be a lot in the long run

Around 10k at best. Anyway, I don't like Mobiquik.

 

[Deleted member 11974]

Whatever suits you

 

[CARDBITRAGE]

It wasn't done to make money. I know I will lose around 10k on it. It was done in desperation to try and get HDFC to give me a limit increase and upgrade.

Is this a foolproof way to get a limit enhancement? I’m not sure it works like that. But I hope it works out for you or all this will be in vain.

 

[Lobogris]

Is this a foolproof way to get a limit enhancement? I’m not sure it works like that. But I hope it works out for you or all this will be in vain.

I have no idea if it will work. However, I got desperate when all else failed.

 

[CARDBITRAGE]

I have no idea if it will work. However, I got desperate when all else failed.

Next time I urge you to seek help from the forum. Often times we take hasty decisions out of desperation which will most likely not lead to any fruitful outcome. I’ve had my fair share of blunders.
Now imagine doing all this and not getting anything in return. But that’s somewhat digestible. What’s worse is if HDFC comes in and offers you something like 10k in LE for your toil.

 

[Deleted member 11974]

Next time I urge you to seek help from the forum. Often times we take hasty decisions out of desperation which will most likely not lead to any fruitful outcome. I’ve had my fair share of blunders.
Now imagine doing all this and not getting anything in return. But that’s somewhat digestible. What’s worse is if HDFC comes in and offers you something like 10k in LE for your toil.

the funny thing would be if they reduce his limit by 10k stating to high DTI

 

[CARDBITRAGE]

the funny thing would be if they reduce his limit by 10k stating to high DTI

Now you're also pulling my leg.

 

[curios_mind_huh]

I am in the same boat. Opened HDFC savings account about 18 months ago and applied for Millenia via C2C using ICICI card with 8 lakh limit via branch. They suggested opening an account first and then C2C route even though I have a decent ITR. Application was rejected. They suggested changing the account to Imperia. Kept about 50 lakhs in FDs for 6 months and then applied again online. Offered Diners club as conditional approval but again rejected. Had been doing a lot of high value transactions using HDFC account and paid bills worth lakhs for other cards via their Billpay. A few months later they themselves sent a Moneyback card with 62k limit. Used it for 6 months and applied for limit increase and upgrade. Promised a Regalia by branch but again both requests denied by HDFC. Took it up to PNO but no use. Really frustrated but have given up now.
Have thought of getting Infinia via FD but told that I have to close current card and wait 3 months. I am afraid they would reject secured Infinia on some silly ground. Good CIBIL at around 800 as well. Just can't understand HDFC.

F*ck HDFC and their random iNtErNaL pOliCy

 

[Lobogris]

Next time I urge you to seek help from the forum. Often times we take hasty decisions out of desperation which will most likely not lead to any fruitful outcome. I’ve had my fair share of blunders.
Now imagine doing all this and not getting anything in return. But that’s somewhat digestible. What’s worse is if HDFC comes in and offers you something like 10k in LE for your toil.

I had looked through the forum. Everything was already tried.

 

[Rohith-2009]

I had looked through the forum. Everything was already tried.

Did you try my way? Are you paying cc bills from hdfc bill pay

 

[Lobogris]

Did you try my way? Are you paying cc bills from hdfc bill pay

Yes. Some month several lakhs are paid on other bank credit cards via HDFC billpay using their debit card. For over 18 months, I have been paying SBI, Axia and ICICI cards. I can't pay IDFC as they don't support it.