Need Advice on Improving My Mother’s Credit Health & Suggestions for Lifetime-Free Cards

[Trump]

Hey everyone! I’m hoping to get some advice on my mother’s credit report and credit card options. Here’s a quick breakdown of her profile:

• CIBIL Score: 776 (as of today)
• Annual Income: ₹6.5 to 7 lakhs (as per ITR)
• Source Of Income: ₹6.5 to 7 lakhs (as per ITR)
• Bank Accounts: Kotak Mahindra Bank & ICICI Bank
• Active Credit Card: “One Card” by South Indian Bank, limit of ₹1,10,000
• Card Payment History: All bills have always been paid in full and on time from day one

Background: During the pandemic, our finances took a hit, and we ended up missing 17-19 EMIs on her home loan with LIC Housing Finance (loan amount was around ₹30 lakhs, now fully closed). In total, we made 99 EMI payments, but those missed ones still show up on her credit report and seem to be affecting her credit health.

Recently tried applying for credit cards with HDFC Bank and the SBI Cashback Card, but both got rejected despite her decent score. I’m guessing it’s those missed home loan EMIs that are holding her back.


Looking for Suggestions on:
How to boost her credit report despite those missed EMI records—doing the maximum possible damage control. I know these late payment records won’t fully go away anytime soon, but I want to minimize their impact for any future loans.

Lifetime-free credit card recommendations that are likely to get approved for her profile. Personally for spending limit isn’t a huge deal, but no annual fee is essential since I’m already paying substantial fees for my own cards, which is enough for our expenses.

Any advice or recommendations for how we can improve her report or suggestions on decent no-fee cards she might qualify for? Thanks a ton in advance!

@Vasuki @SSV @D₹V @helloworld @Tejo @sidp @Abhishek012 @BVC @HumorSimpson @Zacobite @vine

​

 

[helloworld]

Open HDFC account and use consistently for 3 months and you'll get pre-approved offer which doesnt need cibil report.

Btw, rejection might be another reason need not necessarily late payments. Sometimes age also applicable depends on card variant.

ICICI doesnt showing any pre-approved, how long you had this account?

 

[Vasuki]

Hey everyone! I’m hoping to get some advice on my mother’s credit report and credit card options. Here’s a quick breakdown of her profile:

• CIBIL Score: 776 (as of today)
• Annual Income: ₹6.5 to 7 lakhs (as per ITR)
• Source Of Income: ₹6.5 to 7 lakhs (as per ITR)
• Bank Accounts: Kotak Mahindra Bank & ICICI Bank
• Active Credit Card: “One Card” by South Indian Bank, limit of ₹1,10,000
• Card Payment History: All bills have always been paid in full and on time from day one

Background: During the pandemic, our finances took a hit, and we ended up missing 17-19 EMIs on her home loan with LIC Housing Finance (loan amount was around ₹30 lakhs, now fully closed). In total, we made 99 EMI payments, but those missed ones still show up on her credit report and seem to be affecting her credit health.

Recently tried applying for credit cards with HDFC Bank and the SBI Cashback Card, but both got rejected despite her decent score. I’m guessing it’s those missed home loan EMIs that are holding her back.


Looking for Suggestions on:
How to boost her credit report despite those missed EMI records—doing the maximum possible damage control. I know these late payment records won’t fully go away anytime soon, but I want to minimize their impact for any future loans.

Lifetime-free credit card recommendations that are likely to get approved for her profile. Personally for spending limit isn’t a huge deal, but no annual fee is essential since I’m already paying substantial fees for my own cards, which is enough for our expenses.

Any advice or recommendations for how we can improve her report or suggestions on decent no-fee cards she might qualify for? Thanks a ton in advance!

@Vasuki @SSV @D₹V @helloworld @Tejo @sidp @Abhishek012 @BVC @HumorSimpson @Zacobite @vine

​

Didn't Icici and kotak offered you any card

Hard way ..
Open saving account in hdfc and axis
For missed payment

What's the percentage of over-all ontime payment..that will give idea

 

[srikant]

If her One Card is unsecured, maybe a secure FD-based card will give her credit score a bigger boost...

Otherwise, Kotak or ICICI might more easily approve, like already mentioned -- Kotak also has a secured 811, and have an entry-level Urbane which also should be easy to get. ICICI Platinum again should be relatively easy to get.

 

[helloworld]

If her One Card is unsecured, maybe a secure FD-based card will give her credit score a bigger boost...

Otherwise, Kotak or ICICI might more easily approve, like already mentioned -- Kotak also has a secured 811, and have an entry-level Urbane which also should be easy to get. ICICI Platinum again should be relatively easy to get.

kotak not issuing credit cards due to rbi ban, hopefully not for this year. They need to improve alot to lift the ban.

 

[cardio_guy]

Details seem to mean like as per ITR, income is 7L, but outside ITR you have some other income?

 

[srikant]

kotak not issuing credit cards due to rbi ban, hopefully not for this year. They need to improve alot to lift the ban.

Oh, not even FD ones? You could then try for one of these https://www.icicibank.com/personal-...it-card-against-fixed-deposit#TypeCreditCards

Note that if the One Card is a secured card, maybe you'll want unsecured Platinum - if the ICICI account is old and has been well maintained (no min balance shortfall etc.) you should probably get it.

 

[Trump]

Didn't Icici and kotak offered you any card

Kotak is barred to issue new cards after RBI directive so they aren't accepting new applications anymore. No luck with ICICI.

ICICI doesnt showing any pre-approved, how long you had this account?

NOOOOOOO......... ICICI very recent account tho, since April.


I'm quite worried...... Isn't there any feasible way to get out of this????

 

[Vasuki]

Kotak is barred to issue new cards after RBI directive so they aren't accepting new applications anymore. No luck with ICICI.

NOOOOOOO......... ICICI very recent account tho, since April.


I'm quite worried...... Isn't there any feasible way to get out of this????

What's ur percentage of on time bill payment

Wait for few months
Sometimes it's about luck

 

[Trump]

What's ur percentage of on time bill payment

Wait for few months
Sometimes it's about luck

81.32% 🥲

I mean any suggestions so as to which bank might approve at this situation plus any particular roadmap to improve her score ?

 

[Vasuki]

81.32% 🥲

I mean any suggestions so as to which bank might approve at this situation plus any particular roadmap to improve her score ?

Put up 2 fd based card for 6 month
2 payment every month will improve 81 % to atleast approx 90 in months

 

[sidp]

Background: During the pandemic, our finances took a hit, and we ended up missing 17-19 EMIs on her home loan with LIC Housing Finance (loan amount was around ₹30 lakhs, now fully closed). In total, we made 99 EMI payments, but those missed ones still show up on her credit report and seem to be affecting her credit health.

Recently tried applying for credit cards with HDFC Bank and the SBI Cashback Card, but both got rejected despite her decent score.

Lifetime-free credit card recommendations that are likely to get approved for her profile. Personally for spending limit isn’t a huge deal, but no annual fee is essential since I’m already paying substantial fees for my own cards, which is enough for our expenses.

You need to focus on preapproved offer & fd cc.
Hdfc and axis give preapproved offer easily to those who keep decent savings bal. If you use ecom sites( swiggy, fk, amazon, tat neu etc) regularly, check if you have preapproved offer there. In case of hdfc if you take cobranded cc as your 1st card, then getting core cc later might be problematic. But something is better than nothing. Once your credit history improve, you can close this & apply a core cc. For most people axis doesn't do hard enquiry for preapproved offer. But it did for me.

Can you manage some fd? If you get an fd card at icici, after sometime it allows you to apply for an unsecured cc. You can also look at those banks which reports fd cc as unsecured (like hdfc). This will be helpful in applying c2c. Or go for a smaller bank with better rate of interest and choose a card which will complement your existing pf ex AU/RBL/indusind (definitely yes bank). They are also more liberal with cl.

How high variant cc you get as ltf will depend on how high ip you give. Also you can take up any no cost emi offer.

 

[helloworld]

Kotak is barred to issue new cards after RBI directive so they aren't accepting new applications anymore. No luck with ICICI.

NOOOOOOO......... ICICI very recent account tho, since April.


I'm quite worried...... Isn't there any feasible way to get out of this????

pre-approved is the easy way, but you can always apply hdfc again, and find the actual reason (dont assume). As mentioned soemtimes age factor for some cards, so change the card variant in that bank.

score is suffient to apply any card, IMO. 750 above is decent score. payment history takes time but after few years it will settle, as mentioned find the actual reason, i do not think that is the issue for your rejections.

 

[srikant]

81.32% 🥲

I mean any suggestions so as to which bank might approve at this situation plus any particular roadmap to improve her score ?

Why aren't you trying out FD-based cards? Especially ICICI cards?

Simply continuing to use the OneCard responsibly (always-in-time payment, 1% to 9% utilization) will over time help. You STILL haven't told if your OneCard is FD-based.

Also, 776 isn't that bad a score I think -- I've heard PNB relatively easily gives cards for 750+ score. Its Platinum and Select RuPay cards are free with once-per-quarter usage.

 

[Vasuki]

score is suffient to apply any card,

Score is not the only factor ...

You can have 770 score with 6 month of cibil
Vs you have 770 with 3 year cibil history and 2 year or active credit card history

 

[helloworld]

Score is not the only factor ...

You can have 770 score with 6 month of cibil
Vs you have 770 with 3 year cibil history and 2 year or active

score is suffient to apply any card, IMO. 750 above is decent score.

750 above score
apprx. 10 years credit history
successfully closed houseloan without any major remarks (settled or willful default etc.)
Decent eligible income.

this is sufficient to apply card and get approved (since, above points already discussed, giving a reason for rejection).

OP has to find actual reasons, those 17-18 missed EMIs have impact but not the actual reason especially when considered overall 10 years credit history.

Moreover with single credit (Onecard few years back only launched) means till now they have secured loan, that boosts positive impact to their profile.

@Trump

- If those are recent applications, try to find the reason for rejection (missing payments, score, not the reason, IMO).

If new, can apply directly through their websites. Can try HDFC if its already 3 months, currently they're offering LTF.

Possible reasons for earlier rejection, IMO

- age (I asked several times over 50 its difficult especially card like Millennia)
- serviceable location
- Issues during KYC or application (data mismatch) etc.

 

[Trump]

Why aren't you trying out FD-based cards? Especially ICICI cards?

Simply continuing to use the OneCard responsibly (always-in-time payment, 1% to 9% utilization) will over time help. You STILL haven't told if your OneCard is FD-based.

Extremely sorry. I mean OneCard is Unsecured. Also had a consumer loan from Aditya Birla. Successfully closed with full on time payments.

About the FD Cards, I mean quite skeptical. I always tend to think unsecured cards reflect better on one's credit report. Well thw perception is somewhat different to an extent. Correct me if I'm wrong.

Put up 2 fd based card for 6 month
2 payment every month will improve 81 % to atleast approx 90 in months

Okay I'll take this advice.

Can you manage some fd? If you get an fd card at icici, after sometime it allows you to apply for an unsecured cc. You can also look at those banks which reports fd cc as unsecured (like hdfc). This will be helpful in applying c2c.

Yes this is what i was exactly talking about 🤩

Also you can take up any no cost emi offer.

Don't they mostly require a credit card already😢

Also, 776 isn't that bad a score I think -- I've heard PNB relatively easily gives cards for 750+ score. Its Platinum and Select RuPay cards are free with once-per-quarter usage.

So what do you think? Should I apply for PNB card with two enquiries already this month ? Or just get a FD Based card

 

[Trump]

score is suffient to apply any card, IMO. 750 above is decent score.

750 above score
apprx. 10 years credit history
successfully closed houseloan without any major remarks (settled or willful default etc.)
Decent eligible income.

this is sufficient to apply card and get approved (since, above points already discussed, giving a reason for rejection).

OP has to find actual reasons, those 17-18 missed EMIs have impact but not the actual reason especially when considered overall 10 years credit history.

Moreover with single credit (Onecard few years back only launched) means till now they have secured loan, that boosts positive impact to their profile.

@Trump

- If those are recent applications, try to find the reason for rejection (missing payments, score, not the reason, IMO).

If new, can apply directly through their websites. Can try HDFC if its already 3 months, currently they're offering LTF.

Possible reasons for earlier rejection, IMO

- age (I asked several times over 50 its difficult especially card like Millennia)
- serviceable location
- Issues during KYC or application (data mismatch) etc.

I'll get back to you about the reasons. Let me enquirie.

 

[sidp]

About the FD Cards, I mean quite skeptical. I always tend to think unsecured cards reflect better on one's credit report.

Not really. Actually more diverse your credit mix, better will be your score.but I was saying take those fd cc which are reported as unsecured.

Don't they mostly require a credit card already😢

You have onecard, use it. Forget about return right now. Take no cost emi whenver you can& repay on time. You can also take gold loan, od etc. But the cost to benefit ratio isn't so good for them.

See in short to medium term, there will be problem in getting any kind of unsecured debt especially from hdfc/yes/amex etc. It will show up in credit report for 7years. You can't just turn on a switch and remove its impact.