I have friend who doesn't have a credit card nor have credit score generated he's completely new to this and because he doesn't have credit score generated he's not getting any basic cards also. Other hand I got into credit cards little bit early and today I have 4 credit cards with a combined limit of above 3L and credit score is above 780. Is there any way I can help him by giving reference or something. He doesn't have any salary slip or any proof of income per say. I tried add on cards but my Rm told that's only available for family. So can I help him in any way?
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How can I help my friend?
- Thread starter arjun
- Start date
Reference doesn't work here.
So, Two things can be done here.
1. If he needs card instantly just to start building his credit score then he should get a fd based secured credit card (ICICI platinum recommended as it is LTF). Although paylater services also can help but it's not recommended.
2. If he can wait for some time to get unsecured Open a bank account in HDFC and maintain around 50k in the account for 6 months(minimum) and he'll get a unsecured pre approved offer with descent limit.
Currently Kotak is also aggressively rolling pre approved offer so he can also try his luck there.
Then suggest your friend to get himself a secured credit card, i.e. card issued against a collateral (usually a fixed deposit). Different financial companies and banks have different minimum Fixed Deposit amount requirement for issuing card.
If your wants a secured card with lowest amount FD possible, then I suggest to get OneCard. you can get a Credit Card for as low as ₹2000 Fixed Deposit and the credit limit will be 110% of the FD amount.
From what I have observed most of the banks will ask for FD of atleast ₹10,000 to issue a secured card.
BankExpertIndia
TF Premier
The Only Way Out For His To Get A Secured CC From Any Bank.
Suggest Him To Get A Secured Credit Card From A Place Where He/She Can Get At Least 100% Of Credit Limit Against FD & He/She Don't Use More Than 30% Of The Credit Limit.
BankExpertIndia
TF Premier
Yep... He/She Can Get BNPL... But I'm On The Journey To Close All The BNPL's As Have Seized A Reasonable Number Of Credit Cards... So Doesn't Recommend BNPL
BankExpertIndia
TF Premier
How He/She Can Get Unsecured CC Without A Credit History?
BankExpertIndia
TF Premier
Could You Please Guide Me... As I Have No Credit History
BankExpertIndia
TF Premier
Check Please... Just Did That
He went for onecard with nominal 2000 fd, Now i have a question that now for the first time his credit score will be generated so any idea what will be the credit store anyone knows like what is the range we get the score in when first generated? And after how many days should check cause after applying today he checked after 4-5 hours and it wasn't generated so any idea guys when will the credit score generated?
It will take 2 to 3 months to get reflected to the credit bureaus
And maybe it will start from 750
Coz mine first cibil score which I saw was 752
It will take 2-3 months to generate credit. Btw he Can should have not applied for secured one card. He will not be able to get unsecured card from one card. All people said same in this community. Instead of one card he should have applied for sbm paizabazar credit card alo ltf with 2k FD. Or maybe applied for canara bank secured cc like @anirbanm
It wi take some months to generate your score as soon as bank will report your card to cibil you will able to see credit score
And let's say his score is generated and it's 750 or above so can he apply for any cc right away?
I don't think so. For financial institutions, Salary / monthly income is the biggest criteria for issuing credit cards. But, if one has a good relationship with bank / credit card dept. employees or credit card agents, one can get credit card without hassle of submitting income proofs, etc.
Direct application always require some income proof. And your friend doesn't have that.
Also the way to get cc without income proof is card to card basis, but the limit should be atleast 50k and card should be 6 months old.
And mostly co-branded cards are not accepted for card to card including OneCard.
According to me he should have taken an ICICI fd card with atleast a limit 75k.
Coz this OneCard will only help in building score but not getting any new cc
He won't be able to apply for any card
Not really cause in jan 2022 I had a hdfc moneyback with 40k limit (now 80k) and since than I got idfc first(25k), axis ace(15k), apay icici(150k) and right now I have offers from Kotak & Induslnd, I don't have any itr.
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