How many active credit cards do you have? Flash your portfolio.

[Pack_of_Cards]

Have keen interest on IDBI Royal Signature Card but there's no proper information straight from the horse's mouth. will you share your experience regarding this card. How to get this Easy way. Must have required documents for it. If possible via C2C or salary slip or itr etc. how much limit on card or salary or itr needed ?

+1 for me

 

[rahulsethi]

+1 for me

Hi A. You need to have an IDBI savings account, I opened a basic one online almost a week before visiting the branch. B. You can only apply it through the branch. C. They are very reluctant offering it as unsecured credit card 99pc will tell you to get it against FD. D. But if you are able to influence the banker through income proofs or if the employer is a very well known brand they can issue you unsecured (happened in my case flatly refused to give unsecured but when I shared payslips, the banker knew the brand and then I had an internal champion) E. Documents are simple signed and stamped salary bank account statement 6 months, payslips 3 months, Adhaar, PAN, ITR etc. They send the docs to Mumbai you get the card approved within a week. F. The card is LTF for all who can get it passing through all the above hurdles. Hope this helps.

 

[aayusharyan]

Hi A. You need to have an IDBI savings account, I opened a basic one online almost a week before visiting the branch. B. You can only apply it through the branch. C. They are very reluctant offering it as unsecured credit card 99pc will tell you to get it against FD. D. But if you are able to influence the banker through income proofs or if the employer is a very well known brand they can issue you unsecured (happened in my case flatly refused to give unsecured but when I shared payslips the banker new the brand then I had an internal champion) E. Documents are simple signed and stamped salary bank account statement 6 months, payslips 3 months, Adhaar, PAN, ITR etc. They send the docs to Mumbai you get the card approved within a week. F. The card is LTF for all who can get it passing through all the above hurdles. Hope this helps.

Yeah, after all these hurdles, they better make it LTF. 🤣

 

[rahulsethi]

Yeah, after all these hurdles, they better make it LTF. 🤣

Well tbh just costed me one visit to the branch, my savings bank branch was just adjoining so no time lost there as well. All process was done within half an hour. Ofcourse your experience might vary.

Prior to that savings account also opened very easily online with Aadhar and PAN based VKYC.

 

[Pack_of_Cards]

E. Documents are simple signed and stamped salary bank account statement 6 months, payslips 3 months, Adhaar, PAN, ITR etc.

Stamped? Sorry stamped by whom? unable to understand only this point. Thanks for compreshensive step by step approach.

 

[balpreet.singh]

You were looking in the right way only as far as utilisation ratio was concerned..
This total limit is to ascertain total available debt to Income ratio..
The more this ratio is , the riskier the credit profile

Thanks. The ratio of actual debt taken to income would be a better ratio to ascertain the risk isn't it? Available debt is just a theoritical number as I feel.

What do you say?

Regards,
Balpreet

 

[SSV]

Thanks. The ratio of actual debt taken to income would be a better ratio to ascertain the risk isn't it? Available debt is just a theoritical number as I feel.

What do you say?

Regards,
Balpreet

That is also true.. but the available limit can any time be utilised ..that’s the sanctioned amount ..so that that is highest potential risk..
and hence the cut off point also will be quite high..

 

[balpreet.singh]

Hi A. You need to have an IDBI savings account, I opened a basic one online almost a week before visiting the branch. B. You can only apply it through the branch. C. They are very reluctant offering it as unsecured credit card 99pc will tell you to get it against FD. D. But if you are able to influence the banker through income proofs or if the employer is a very well known brand they can issue you unsecured (happened in my case flatly refused to give unsecured but when I shared payslips, the banker knew the brand and then I had an internal champion) E. Documents are simple signed and stamped salary bank account statement 6 months, payslips 3 months, Adhaar, PAN, ITR etc. They send the docs to Mumbai you get the card approved within a week. F. The card is LTF for all who can get it passing through all the above hurdles. Hope this helps.

What are the benefits of IDBI Royal singature card?

 

[balpreet.singh]

That is also true.. but the available limit can any time be utilised ..that’s a sanctioned about..so that that is highest poten risk..
and also the cut off point also will be quite high..

Thanks.

This is an interesting topic 🙂 Any idea how does it impact the cibil score?

Lets take an example: if someone has say 1 Crore as total available debit limit ( across all cards) and his/her pending dues are never more than 2 lacs ( less than 2 % utilization) or even say 5 Lacs, how will availability of 1 CR debt reduce the cibil score?

Rgards,
Balpreet

 

[aayusharyan]

Thanks.

This is an interesting topic 🙂 Any idea how does it impact the cibil score?

Lets take an example: if someone has say 1 Crore as total available debit limit ( across all cards) and his/her pending dues are never more than 2 lacs ( less than 2 % utilization) or even say 5 Lacs, how will availability of 1 CR debt reduce the cibil score?

Rgards,
Balpreet

What is the Mix, How much is secured? How much is unsecured. Depends on that as well. If all 1Cr is unsecured and utilization is less than 2% then it is okay. However, when applying for new loans, banks will ask for income which should justify this much leverage. Otherwise Debt to Income ratio will be very bad and the person can have difficulty in obtaining new credit.

 

[Pack_of_Cards]

Thanks.

This is an interesting topic 🙂 Any idea how does it impact the cibil score?

Lets take an example: if someone has say 1 Crore as total available debit limit ( across all cards) and his/her pending dues are never more than 2 lacs ( less than 2 % utilization) or even say 5 Lacs, how will availability of 1 CR debt reduce the cibil score?

Rgards,
Balpreet

Agreed with @aayusharyan here, also would like to add that too much credit limit w.r.t to your income is not recommended as it poses you as potential high risk and credit hungry. Therefore there should be a well balanced unsecured and secured loan specially if you are aiming to take home loan as high credit is seen as negative trait. TF forum has examples where Axis etc has denied credit card or issued home loan at higher rate.

 

[SSV]

Lets take an example: if someone has say 1 Crore as total available debit limit ( across all cards) and his/her pending dues are never more than 2 lacs ( less than 2 % utilization) or even say 5 Lacs, how will availability of 1 CR debt reduce the cibil score?

More than CIBIL score.. It is the high Debt (limit sanctioned) to Income ratio that makes the future lenders get scared of the profile..

Best example, SBI will reject your application if you have too much credit available ( when put together) compared to your Income..

What it tells : your income may not able to serivce the obligations of your total Debt when taken in full..

 

[helloworld]

Thanks.

This is an interesting topic 🙂 Any idea how does it impact the cibil score?

Lets take an example: if someone has say 1 Crore as total available debit limit ( across all cards) and his/her pending dues are never more than 2 lacs ( less than 2 % utilization) or even say 5 Lacs, how will availability of 1 CR debt reduce the cibil score?

Rgards,
Balpreet

Personal experience but I heard for some people who has significant income or other benefitting factors may not affect this:

Cibil score has various parameters and no way to be sure that 'this causes reduction in score like that.. its all based on assumptions (atleast if I told)'.

You'll mostly get to know about its impact when you apply for loan especially unsecured one with high amount or low interest or less tenure.

Ex: If you're a banker who approves loan to a customer, what would you do below person..?

Lets say Person A has 1L per month salary, and
total available credit limit is 10L (which actually until utilized won't become a debt, but it can be used any time means ready for spend, or withdraw, if we want, any day)

When applied for 10L loan, with 12% interest for 3 years = 33,214 EMI = 33% // which is well within % salary limit to sanction as EMI.

But this % limit banks assuming after including all your spends like other EMIs + loans + Credit Card utilization pattern etc. total must be around this because banks usually assumes 40% for mandatory expenses like rent, utilities.

This person bank statement showing, every month paying 15k for rent, 5-10k general expenses, 20-25k credit card expenses or bills (so around every month spending 40k-50k).

Now,

will you approve the loan limit with requeted tenure?
or hoping person spends with EMI increases tight budget may result more credit usage, so hoping for worst
- reduce the limit and/or increase the tenure..?
or looking it as opportunity
- increase interest rate and/or increase the tenure..?

Again, just a note these all based on experience as customer (I never worked as a banker) and it can vary from person to person. But understood that high credit limit is always sees as leverage because you can use that at any time.

Another example (as per me):

1L salary with 3L combined limit = risk 3x (if anything goes wrong)
1L salary with 10L combined limit = risk 10x
1L salary with 1Cr combined limit = risk 100x

Cibil score may not change or decrease but there is a reason banks ask for statemnt sometimes before issuing loan, so based on above assumptions.

Now, if someone comes and tell that I had loan offer with 8% without any docs on my ICICI card - assume, there are good cases and we're talking about bad ones.

 

[Pack_of_Cards]

More than CIBIL score.. It is the high Debt (limit sanctioned) to Income ratio that makes the future lenders get scared of the profile..

Best example, SBI will reject your application if you have too much availble credit available ( when put together) compared to your Income..

What it tells : your income may not able to serivce the obligations of your total Debt when taken in full..

exactly my thoughts 🙂

 

[aayusharyan]

I am an example of being over leveraged because of which I have to push SBI to issue me a CC. 🥲

 

[aayusharyan]

I am an example of being over leveraged because of which I have to push SBI to issue me a CC. 🥲

My story is here - this comment

 

[Sudip]

Curious to meet the heavy hitters in the TF community. Share how many active credit cards do you have and brag your portfolio, also really looking forward to how do you manage that portfolio, keeping track of payments etc. Let me start with myself, I have 41 active credit cards as on date out of which 36 I got in last 10 months only, targeting a half century soon. Depth of credit 10+ years, CIBIL 797. No of enquiries last one year >60.

My modest portfolio:

Unsecured:
HDFC Diners Club Black LTF
HDFC Tata Neu Infinity Rupay LTF
HDFC Swiggy Mastercard
HDFC Marriot Bonvoy
Axis Magnus
Axis Air Vistara Infinite
Axis Samsung Infinite
ICICI Sapphiro Mastercard LTF
ICICI Sapphiro Amex LTF
ICICI Platinum Mastercard LTF
ICICI Makemytrip Visa Signature LTF
ICICI APAY LTF
ICICI HPCL Coral LTF
ICICI Rupay Coral LTF
KOTAK White LTF
Kotak Myntra FYF
Kotak League Rupay LTF
SBI Cashback FYF
SBI BPCL Octane
Amex Platinum Travel FYF
Amex Gold Charge Card
Amex MRCC FYF
Bank of Baroda Premier Rupay LTF
Onecard LTF (BOB issued)
RBL Bank World Safari Card LTF
IDBI Royal Signature Card LTF
Indusind Pinnacle LTF
Indusind Eazydiner FYF
IDFC First Select LTF
IDFC Club Vistara
IDFC POWER+
IDFC FIRST Digital Rupay
Citi Indian Oil Card
PNB Global Classic Visa LTF
AU SF LIT LTF
YES Bank First Exclusive Card
YES Bank Virtual UPI CC LTF

Secured:
Gild SBM LTF
Stepup Paisabazaar SBM LTF
Niyo Global SBM LTF
IDFC WOW LTF

Hi,
can you kindly share tips on how do you manage multiple credit cards and which date do you keep as bill generation date?

Also, RBL Safari LTF how did you manage, was it RBL Zomato LTF - Shoprite LTF - RBL Safari LTF?

thanks.

 

[Pack_of_Cards]

Hi,
can you kindly share tips on how do you manage multiple credit cards and which date do you keep as bill generation date?

Also, RBL Safari LTF how did you manage, was it RBL Zomato LTF - Shoprite LTF - RBL Safari LTF?

thanks.

Dude, lots of thread already exists on this, refer below for starters.

1. https://www.technofino.in/community/threads/how-to-manage-multiple-credit-cards.1209/
2. https://www.technofino.in/community...hare-feedback-post-new-features-request.8277/

 

[Sudip]

Dude, lots of thread already exists on this, refer below for starters.

1. https://www.technofino.in/community/threads/how-to-manage-multiple-credit-cards.1209/
2. https://www.technofino.in/community...hare-feedback-post-new-features-request.8277/

Thanks, will check.

 

[balpreet.singh]

Personal experience but I heard for some people who has significant income or other benefitting factors may not affect this:

Cibil score has various parameters and no way to be sure that 'this causes reduction in score like that.. its all based on assumptions (atleast if I told)'.

You'll mostly get to know about its impact when you apply for loan especially unsecured one with high amount or low interest or less tenure.

Ex: If you're a banker who approves loan to a customer, what would you do below person..?

Lets say Person A has 1L per month salary, and
total available credit limit is 10L (which actually until utilized won't become a debt, but it can be used any time means ready for spend, or withdraw, if we want, any day)

When applied for 10L loan, with 12% interest for 3 years = 33,214 EMI = 33% // which is well within % salary limit to sanction as EMI.

But this % limit banks assuming after including all your spends like other EMIs + loans + Credit Card utilization pattern etc. total must be around this because banks usually assumes 40% for mandatory expenses like rent, utilities.

This person bank statement showing, every month paying 15k for rent, 5-10k general expenses, 20-25k credit card expenses or bills (so around every month spending 40k-50k).

Now,

will you approve the loan limit with requeted tenure?
or hoping person spends with EMI increases tight budget may result more credit usage, so hoping for worst
- reduce the limit and/or increase the tenure..?
or looking it as opportunity
- increase interest rate and/or increase the tenure..?

Again, just a note these all based on experience as customer (I never worked as a banker) and it can vary from person to person. But understood that high credit limit is always sees as leverage because you can use that at any time.

Another example (as per me):

1L salary with 3L combined limit = risk 3x (if anything goes wrong)
1L salary with 10L combined limit = risk 10x
1L salary with 1Cr combined limit = risk 100x

Cibil score may not change or decrease but there is a reason banks ask for statemnt sometimes before issuing loan, so based on above assumptions.

Now, if someone comes and tell that I had loan offer with 8% without any docs on my ICICI card - assume, there are good cases and we're talking about bad ones.

I dont tend to agree on this. One point being, how will bank know my "actual income".
Also untill available debit is not utilized, how is it a risk. If thats the case, then I feel the whole industry of distributing the card ( have so many calls that we all get for this) will fall down.
On your point about EMI, this every loan provider anyways checks. At max the total EMI you can service they take as 50% of take home ( if agressive) else its 40%.

Any current EMI reduces the new EMI you can take.

I will believe someone with multiple cards and a high total credit limit will not have any impact on their Cibil score, till they have low credit utilization, timely payment( no default ever).

Note: I even checked with some friends in finance and they too concur with me that available credit limit to income ratio isn't of much use

Regards,
Balpreet Singh