I finally turned 21 and I applied for the Amazon Pay CC around 3 weeks ago. In the application, I selected Self Employed and selected Income as "6 lakhs+" as they didn't have exact income input and I got a limit of 2.6 lakhs with only Video KYC - they also sent an email to my "work email" for verification which is just me@myname.com.
I do earn money as an IT Contractor since a few years and it's more than many cards' income criteria but it's very difficult to apply with bank statements.
Also, the 2 banks I tried before - including Kotak and IDFC First have rejected my application so far even though I am their customer since 2019. Probably because Kotak doesn't allow more than 1 card.
My credit history looked like this somewhat with 70 on time payments and no late payments:
LazyPay Plus - 10k (Since 2017.. I opened account in 2018 when I was 17 and they started reporting to credit bureaus last year when I got LazyCard)
Amazon Pay Later - 2k
FK Pay Later - 500
Paytm Postpaid Lite - 4000
Kotak DreamDifferent CC - 16k (based on 20k FD, since 2020)
ZestMoney Bolt - 5000
Kotak Personal Loan - 35000
And some personal loans from ZestMoney (reported interest is like 30% but some of them I got no cost, while for some I paid stupid interest to avoid missing payments as my invoice payments got delayed and didn't want to deal with a bank) of around 56k total.
Credit utilization was pretty terrible, 50% and sometimes even 80% (mainly due to 16k limit of my Kotak CC which was becoming hard to use), but somehow my credit score is 750+, it's recovering and touched 800 almost but again went down to ~750 due to new accounts I think. Also, I am not an ICICI bank customer.
Right now I am in the process of applying for HDFC Millenia and foreclosing some of the personal loan accounts for good. I initiated process for HDFC CC application online but it wasn't showing Millenia as eligible. So they called me up and they are apparently ok with the statement of my 1 month old ICICI card for a C2C application.
I am wondering how far I can get without providing my ITR to these people. Seems like ICICI is either very generous with their limit or estimated my annual income to be high based on my credit history. (it's around 50-100k pm since I.5 years). Even if HDFC uses 40% of that limit I'll be happy. My salaried friends with higher salary have lower credit limits...
It's very difficult to show my actual income in ITR because I use 44ADA and other deductions. Seems like I will have to rely on C2C for a while.
I do earn money as an IT Contractor since a few years and it's more than many cards' income criteria but it's very difficult to apply with bank statements.
Also, the 2 banks I tried before - including Kotak and IDFC First have rejected my application so far even though I am their customer since 2019. Probably because Kotak doesn't allow more than 1 card.
My credit history looked like this somewhat with 70 on time payments and no late payments:
LazyPay Plus - 10k (Since 2017.. I opened account in 2018 when I was 17 and they started reporting to credit bureaus last year when I got LazyCard)
Amazon Pay Later - 2k
FK Pay Later - 500
Paytm Postpaid Lite - 4000
Kotak DreamDifferent CC - 16k (based on 20k FD, since 2020)
ZestMoney Bolt - 5000
Kotak Personal Loan - 35000
And some personal loans from ZestMoney (reported interest is like 30% but some of them I got no cost, while for some I paid stupid interest to avoid missing payments as my invoice payments got delayed and didn't want to deal with a bank) of around 56k total.
Credit utilization was pretty terrible, 50% and sometimes even 80% (mainly due to 16k limit of my Kotak CC which was becoming hard to use), but somehow my credit score is 750+, it's recovering and touched 800 almost but again went down to ~750 due to new accounts I think. Also, I am not an ICICI bank customer.
Right now I am in the process of applying for HDFC Millenia and foreclosing some of the personal loan accounts for good. I initiated process for HDFC CC application online but it wasn't showing Millenia as eligible. So they called me up and they are apparently ok with the statement of my 1 month old ICICI card for a C2C application.
I am wondering how far I can get without providing my ITR to these people. Seems like ICICI is either very generous with their limit or estimated my annual income to be high based on my credit history. (it's around 50-100k pm since I.5 years). Even if HDFC uses 40% of that limit I'll be happy. My salaried friends with higher salary have lower credit limits...
It's very difficult to show my actual income in ITR because I use 44ADA and other deductions. Seems like I will have to rely on C2C for a while.
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