Getting SBI card after overleverage possible?

[arun4455]

I have applied for SBI Octane card, however, the bank reject the application everytime. I have CIBIL of 800+ and decent income. When I approached the RBI Ombudsman to know the reason, I get to know that the cards are being rejected due to overleverage as I have few cards with very good limits.

Is there any way to get the Octane card? Currently I have simplyclick and CB card from SBI, they have rejected the Simplyclick to Octane upgrade also.

 

[Ak Singh]

I have doubt, let's say I have four icici cc with merged limit 1lakh but it shows 4 lakh total in cibil. So If I do reduce limit other three cards to the lowest, will it work to bring down total limit in cibil? Or it will show 4 L total despite changing the same.

 

[Shin-Chan]

Yes, ICICI mantains : "Santioned Limit" and "desired Spend Limit" as two dirrerent limits and allows us to shift between these two..

But I suspct , if we keep the spend limit too low for too longer time, it may revise the new sanctione dlimit to the lower limit at some point of time..

This is just my guess.

Very true Sir, banks would love to cater to customer if they are happy with lower limits hence one Shall practice this as and when needed and then revert back asap !!

 

[Shin-Chan]

I have doubt, let's say I have four icici cc with merged limit 1lakh but it shows 4 lakh total in cibil. So If I do reduce limit other three cards to the lowest, will it work to bring down total limit in cibil? Or it will show 4 L total despite changing the same.

No Sir,

This is how it works :
Lets say I have a GenStone account with below cards:
1. Coral - 1L limit
2. Rubyx - 3L limit
3. Sapphiro - 5L limit

Then Bank will report this as 5L limit and not 9L limit

 

[SSV]

Very true Sir, banks would love to cater to customer if they are happy with lower limits hence one Shall practice this as and when needed and then revert back asap !!

exellent this is what I am about to write..

we need to confuse the system..
we should not keep it low for longer time.. we need to switch between these high and low depnding up on our reqquirements..
the thing is : Dont keep it low for an extended period of time like say for 6 months..
may be we need to put it back to the thigher limit within 3 months after our work is done with overleverage issue..

 

[Md Kaif]

Lol @Shin-Chan thanks for the rating though

 

[SSV]

Lol @Shin-Chan thanks for the rating though

Hey , you guys are rating amongnst yourselves, where is rating to me ??

here it is MD Kaif.. my rating to you .. fun times !!

 

[Md Kaif]

I applied for a Reliance SBI Card on 3rd May through Sprint. The application was stuck for over a month and finally on 8th June it was rejected citing overleveaged as reason. (I already hold a SBI CB card with 68k limit)

I needed a second SBI card as bank discount's doesn't apply on CB card. So I started to close unused cards -- closed my IDFC Power+ card (limit: 1.95lakh), closed my Axis FK card (limit: 45k) and reduced Kotak Myntra card's limit from 2.49lakh to 40k through the app.

After all changes reflected in CIBIL, again on 3rd Aug I applied for SBI BPCL Octane card through an agent on c2c basis using my AMEX Plat. travel card having a limit of 3.56lakhs. Completed KYC & 1st verification call on 3rd itself. Was eagerly waiting for the 2nd call from Gurgaon. Today morning received a call from Gujarat (265) which seemed to be the call I was waiting for! I was asked to verify my residence & office address after which agent said verification is successful. And Voilà, card got approved today evening
Not sure of the limit till now; will update when I receive the card

Bhai sab koi icici ka limit leke kyu vi-ast hogye. SBI ka card mila hai after overleveaged rejection.. atleast congratulate to kar dete!

 

[Md Kaif]

Hey , you guys are rating amongnst yourselves, where is rating to me ??

I want to rate u 10 but why is it showing me only upto a max. of 2??

 

[Shin-Chan]

Bhai sab koi icici ka limit leke ko vi-ast kyu hogye. SBI ka card mile hai after overleveaged rejection atleast congratulate to kar dete!

Congrats Sir !!

Wanted to know if you got better limits for second card or similar to CB ?

I am in the same boat as you once were; over-leveraged with only SBI CB in kitty

 

[SSV]

I want to rate u 10 but why is it showing me only upto a max. of 2??

because of your TF level : ie Select.. ,
the rating points depend up on TF level , the higher the level the more rating you can give..

Thanks for thinking of giving me 10/10 ( if thats what you maeant by 10)

 

[Shin-Chan]

I want to rate u 10 but why is it showing me only upto a max. of 2??

it depends on our level, Me being Ace can vote max 4 once I reach legend will be able to vote and so on ....

 

[Md Kaif]

Congrats Sir !!

Wanted to know if you got better limits for second card or similar to CB ?

I am in the same boat as you once were; over-leveraged with only SBI CB in kitty

I am unaware of my limit as of now. Have just received approval message; nothing else. Will update the limit in my original post once I receive the card or once it reflects in SBI app

 

[Shin-Chan]

I am unaware of my limit as of now. Have just received approval message; nothing else. Will update the limit in my original post once I receive the card or once it reflects in SBI app

Cool, Do keep us posted !!

 

[cowcoconut]

What is considered over leverage? If your total CL is half of your ITR, is that okay?

 

[SSV]

What is considered over leverage? If your total CL is half of your ITR, is that okay?

definitely okay ..

 

[cowcoconut]

definitely okay ..

Hmm thanks. Credit limit is monthly and ITR is yearly, so I was confused

 

[helloworld]

Problem is: I have 3 cards from ICICI bank on limit sharing. All cards show higher limit in CIBIL. Similar case with HDFC bank.

you don't need 3 ICICI cards. Moreover all gemstones under single account in CIBIL, if its 3 accounts means you have APay, and MMT. which you can close safely (provided you have alterantive to APay).

whats your credit history (in years)?

 

[newinnov]

I applied for a Reliance SBI Card on 3rd May through Sprint. The application was stuck for over a month and finally on 8th June it was rejected citing overleveaged as reason. (I already hold a SBI CB card with 68k limit)

I needed a second SBI card as bank discount's doesn't apply on CB card. So I started to close unused cards -- closed my IDFC Power+ card (limit: 1.95lakh), closed my Axis FK card (limit: 45k) and reduced Kotak Myntra card's limit from 2.49lakh to 40k through the app.

After all changes reflected in CIBIL, again on 3rd Aug I applied for SBI BPCL Octane card through an agent on c2c basis using my AMEX Plat. travel card having a limit of 3.56lakhs. Completed KYC & 1st verification call on 3rd itself. Was eagerly waiting for the 2nd call from Gurgaon. Today morning received a call from Gujarat (265) which seemed to be the call I was waiting for! I was asked to verify my residence & office address after which agent said verification is successful. And Voilà, card got approved today evening
Not sure of the limit till now; will update when I receive the card

This post should be pinned!

 

[SSV]

1) close unnecessary scrap cards
2) reduce the CLs on the existing CCs in their respective Apps
3) Increase your income
Get them reflected in CIBIL and try your luck

This post should be pinned!

So , that means what I suggested had worked .. right ??

 

[newinnov]

So , that means what I suggested had worked .. right ??

Yes, Mr. SSV
And another post was practical implementation of your idea.