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.

 

[Deleted member 19102]

According to my experience they never transfer limit twice into same card..

I just did it under 2 months gap. Transferred limit twice from Paytm card to Simplyclick. Now paytm limit is 15k. Will follow @SSV advice during closing paytm card

 

[arun4455]

In my personal opinion there are better cards out there to put your spends on. You should just try to make your card ltf so you can use it for bank offers, instead of taking this bait.

Actually I was just looking for Octane card. I have shifted to a new place and on the way to my office, there is only two bpcl petrol pump. So I was trying to get octane for my fuel spend.

 

[SSV]

According to my experience they never transfer limit twice into same card..

Have you tried before?
If so how many times? from what card to what card?
what wa their reason for denial?

 

[Sahil_07]

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

hi bro which one will be more effective? reducing number of cards or reducing credit limit. For my case Icici limit is more than 3x than other cards,if I reduce its limit from imobile app,will it be sufficient?

 

[Boy 07]

is this a better TIME to apply sbi card or should i wait for more days of this month ?
i reduced my cards limit 22 L to 13.76L is there any chance for SBI card ?

 

[SSV]

is this a better TIME to apply sbi card or should i wait for more days of this month ?
i reduced my cards limit 22 L to 13.76L is there any chance for SBI card ?

And your annual income?

 

[Boy 07]

And your annual income?

6 L Only

 

[SSV]

6 L Only

Then difficult to get SBI card.. 13/6 is more than 2 times... ideallybit should be less than 1 or a maximum of 1.5 times ( if lucky)

 

[Boy 07]

Then difficult to get SBI card.. 13/6 is more than 2 times... ideallybit should be less than 1 or a maximum of 1.5 times ( if lucky)

yes You are right but as the financial year is ending so should i try my Luck in the end of this month ? if failed then will try close more scrap cards

 

[SSV]

yes You are right but as the financial year is ending so should i try my Luck in the end of this month ? if failed then will try close more scrap cards

FYE is nothing to do with it, algo stops your application as soon as it finds you are over leveraged

 

[Boy 07]

Yes

FYE is nothing to do with it, algo stops your application as soon as it finds you are over leveraged

Yes my credit card declined reason U 2
But ye income to puchte nahi pan card no par hi declined karte hain inhe kaise pata meri income kitni he or agar meri income increase hoti he to inhe kaise pata chalega .

 

[friends2b11]

Yes

Yes my credit card declined reason U 2
But ye income to puchte nahi pan card no par hi declined karte hain inhe kaise pata meri income kitni he or agar meri income increase hoti he to inhe kaise pata chalega .

Any answer of this question ?

 

[Beyond]

Yes

Yes my credit card declined reason U 2
But ye income to puchte nahi pan card no par hi declined karte hain inhe kaise pata meri income kitni he or agar meri income increase hoti he to inhe kaise pata chalega .

Any answer of this question ?

Must be- your income not updated in cibil, find the bank who is ready to correct income for you on cibil profile

 

[Boy 07]

Must be- your income not updated in cibil, find the bank who is ready to correct income for you on cibil profile

RBL had updated my proper income in Cibil but after some time this income not visible in my Cibil

 

[Sobirvs]

RBL had updated my proper income in Cibil but after some time this income not visible in my Cibil

How you know it is updated in CIBIL if it's not shown in CIBIL?

I am using CC's from 9 yrs yet my income isn't visible in CIBIL.

If a bank is claiming or giving in writing they did update it, it doesn't mean anything till it is not shown in CIBIL.

 

[Sobirvs]

yes You are right but as the financial year is ending so should i try my Luck in the end of this month ? if failed then will try close more scrap cards

FY ending applies to only employes. Cashback card is based solely online/central SBI, no employee is involved neither is under pressure for sales.

If you are applying for any other card except cashback, then FY ending criteria might apply.

 

[Boy 07]

How you know it is updated in CIBIL if it's not shown in CIBIL?

I am using CC's from 9 yrs yet my income isn't visible in CIBIL.

If a bank is claiming or giving in writing they did update it, it doesn't mean anything till it is not shown in CIBIL.

Yes I download my full Cibil report in December 24
In the colum of Annual income ,My annual income was written
Then I download my Cibil report in the month of Feb .in the the colum of Annual income was -- ---

 

[Boy 07]

FY ending applies to only employes. Cashback card is based solely online/central SBI, no employee is involved neither is under pressure for sales.

If you are applying for any other card except cashback, then FY ending criteria might apply.

I did not apply for Cash back card I tried simply click by agent he told rejected with code U2
I reduced my limits 22L to 13L for Sbi card
But now I will not apply for sbi
And apply other cards which are yet to come in my collection

 

[nayra]

How does home loan EMI come into picture with overleverage case? Should I deduct this amount for income and then compare CL?

 

[hellowo₹ld]

How does home loan EMI come into picture with overleverage case? Should I deduct this amount for income and then compare CL?

Overall Credit Limit reported in CIBIL (which according to bank, those panks trusted u with that amount as leverage)

it excludes overdraft, charge cards because they do not report total available, instead only what we already used.

Check 'credit limit' or similar 1st entry in each reported account or u can see same in home page.