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How to reduce Credit Card limit permanently

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rogerthat said:
My income shown in CIBIL is 50k and I am unable to get cards or loans or credit limit increase because of that.
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I completely agree about increasing salary figure in CIBIL but reducing it? I really don't understand the need to reduce an inflated salary as that works in your favour with no negative consequence
 
I see they aren't reporting the exact limit in cibil most of the banks are reporting like 50 percent less in all my cards I though it might be delayed but not sure is it a good thing ?
 
SSV said:
There is a mixed report here..
Some people reported it reports 2.31L
And some people said 7.7L
So try and let us know
Click to expand...
Usually they report whatever the limit that we set in imobile or netbanking

If we recently modified the limit it may take 30 days to reflect in cibil afaik
 
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Fini7777 said:
Usually they report whatever the limit that we set in imobile or netbanking

If we recently modified the limit it may take 30 days to reflect in cibil afaik
Click to expand...
Yes . I know it takes time.. but there are mixed reports about limits reported..
I believe the revised limit only will get reported but I haven’t done it personally I can’t say in conformity
 
rogerthat said:
As far as I know, SBI, SCB and RBL seemingly look at leverage, but SBI takes it way too seriously.

Yeah I have done exactly that. I've closed some and got credit limits reduced for others and cleaned my CIBIL too.
  • Closed IndusInd Legend with 5L CL
  • Closed HDFC Regalia Gold and Tata Neu Infinity 3L each
  • Closed Axis Magnus 6.6L
  • Closed BOB Eazy 1.5L
  • Reduced Axis Atlas and Axis IOCL from 6.6L each to 6L each (individual CL reduction is not possible)
  • Reduced ICICI Amazon Pay from 6.6L to 3.25L
  • Reduced Citi PremierMiles from 4.8L to 2.05L
  • Reduced SCB from 3.66L to 2L.
  • Left IDFC Select (1.82L), SBI IRCTC (1L), AMEX MRCC (2.08L) and BoB Premier (1.5L) as it is.
Also cleaned up my CIBIL by getting four cards removed which were showing active despite being closed long ago.
  • ICICI Coral with 2.5L (and 575 credit balance)
  • HDFC Privilege Diners with 3L
  • BoB Eterna with 1.5L
  • SCB some account without a CL
On the way my CIBIL score improved from 747 to 764. I had some expenses last month so utilisation is now at 18%. I've paid off all those bills so it should come down to single digits next month. Planning to apply for Octane and a bunch of other cards after that.

Oh and also, my employment details in CIBIL are all wrong. The company name is my old company and monthly income is only a quarter of my actual income thanks to one SBI branch aunty. I think this was a reason why I was being rejected for everything.
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Aapne utne cards close kar diye jitne main shayad next 2-3 years me lene ki soch raha hu.
 
I tried reducing limit to 2L with imobile last month (all cards), but CIBIL report still shows 3 ICICI accounts with full CL. leading to 3x the actual credit available being reported.
 
rogerthat said:
As far as I know, SBI, SCB and RBL seemingly look at leverage, but SBI takes it way too seriously.

Yeah I have done exactly that. I've closed some and got credit limits reduced for others and cleaned my CIBIL too.
  • Closed IndusInd Legend with 5L CL
  • Closed HDFC Regalia Gold and Tata Neu Infinity 3L each
  • Closed Axis Magnus 6.6L
  • Closed BOB Eazy 1.5L
  • Reduced Axis Atlas and Axis IOCL from 6.6L each to 6L each (individual CL reduction is not possible)
  • Reduced ICICI Amazon Pay from 6.6L to 3.25L
  • Reduced Citi PremierMiles from 4.8L to 2.05L
  • Reduced SCB from 3.66L to 2L.
  • Left IDFC Select (1.82L), SBI IRCTC (1L), AMEX MRCC (2.08L) and BoB Premier (1.5L) as it is.
Also cleaned up my CIBIL by getting four cards removed which were showing active despite being closed long ago.
  • ICICI Coral with 2.5L (and 575 credit balance)
  • HDFC Privilege Diners with 3L
  • BoB Eterna with 1.5L
  • SCB some account without a CL
On the way my CIBIL score improved from 747 to 764. I had some expenses last month so utilisation is now at 18%. I've paid off all those bills so it should come down to single digits next month. Planning to apply for Octane and a bunch of other cards after that.

Oh and also, my employment details in CIBIL are all wrong. The company name is my old company and monthly income is only a quarter of my actual income thanks to one SBI branch aunty. I think this was a reason why I was being rejected for everything.
Click to expand...
Brother, will you ever be able to use so many credit cards and so much credit limit? All the cards will not be LTF, all the reward cashback will go into annual fees...like MC Stan said "Isme tera ghar jaainga"
 
imrtbpsp said:
Brother, will you ever be able to use so many credit cards and so much credit limit? All the cards will not be LTF, all the reward cashback will go into annual fees...like MC Stan said "Isme tera ghar jaainga"
Click to expand...
IndusInd - LTF
HDFC both FYF (closed before any fees paid)
Magnus - Paid (now closed)
BOB Eazy - LTF
Atlas - Paid (5000), IOCL - LTF
ICICI APay - LTF
Citi PremierMiles - Paid (now closed)
SCB - LTF
IDFC Select - LTF
SBI IRCTC - Paid (500)
AMEX - Fees waived/compensated every year
BoB Premier - LTF

The only major paid card I have is Atlas and that too gets compensated with Miles. And I have extracted many multiples of value out of it. Yeah I have closed all cards I don't use.. And my spends are like 1 to 1.5L per month (including add-ons). So good credit limits help.
 
SuperKnight said:
I have recently declined an SBI aurum card (FYF) with the reason "Over Leverage". I have a CIBIL of 800 and recently ( 6 months back) closed an HL outstanding ( reflected in my CIBIL statement as well). The agent suggested I close some cards or I think I can reduce the card limits of the likes of HSBC Platinum and RBL Icon, Amex MRCC, which I am not using much. Please suggest the way to do so.
Click to expand...
I always accept the credit enhancement option whenever given. Isn't it that the higher limit we have the better it is? Because then the credit utilisation is lower and it affects the score positively?
 
rogerthat said:
IndusInd - LTF
HDFC both FYF (closed before any fees paid)
Magnus - Paid (now closed)
BOB Eazy - LTF
Atlas - Paid (5000), IOCL - LTF
ICICI APay - LTF
Citi PremierMiles - Paid (now closed)
SCB - LTF
IDFC Select - LTF
SBI IRCTC - Paid (500)
AMEX - Fees waived/compensated every year
BoB Premier - LTF

The only major paid card I have is Atlas and that too gets compensated with Miles. And I have extracted many multiples of value out of it. Yeah I have closed all cards I don't use.. And my spends are like 1 to 1.5L per month (including add-ons). So good credit limits help.
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I am very curious about what a person who spends 1/1.5 lakh rupees monthly spends it on and what his monthly income would be?
 
imrtbpsp said:
I am very curious about what a person who spends 1/1.5 lakh rupees monthly spends it on and what his monthly income would be?
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Sir, are you new on Technofino? This and all is peanuts when it comes to the income and spends of a lot many people in this forum. The average Infinia holder will have an income of around 32 lakhs. I am not even anywhere near that yet.
 
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