Relation between credit limit and number of credit cards held.

[hellobois]

Hi everyone, 👋 I have one query.
I have around 22 cards, mostly LTF but none of my cards have a credit limit of more than 3 lakh. What could be the reason behind it?
Whenever I apply for any new credit card the limit is between 1.5-2.5 lakh only however one of my friends with similar credit profile and credit score has a limit of 6 lakh from HDFC, 5 lakh from AU Lit etc.
Should I close those cards which are of no use to me?
Please suggest the ways to increase my credit limit.
I have never received any credit limit increase offer from any bank.

Thanks 👍

 

[agrprashantagrprashant is verified member.]

Have you been applying on basis of salary slip/ITR?

 

[hellobois]

Have you been applying on basis of salary slip/ITR?

Yes. Salary slip only

 

[Swastik]

Get ICICI cards ,
They tend to provide highest credit limit ,regular limit enhancements and you can use that to apply other cards ,

I've 14 cards ,4 of them from ICICI only , while my other card limit used to be low ,ICICI kept on increasing my limit to 6L currently, and i used it to get Axis ,Yes ,Onecard etc all with current limit of over 5L ,

Some card issuers are still stubborn,
SBI being the worst ,difficult to Increase limit even with Salary Slips,
HDFC ,Amex do limit enhancement on Salary but very measly
IDFC ,RBL will give spontaneous limit enhancement even without any salary but the increments are low
Axis ,Yes and Onecard are easy to get on Card to card basis and they'll match ICICI Limits

 

[hellobois]

Get ICICI cards ,
They tend to provide highest credit limit ,regular limit enhancements and you can use that to apply other cards ,

I've 14 cards ,4 of them from ICICI only , while my other card limit used to be low ,ICICI kept on increasing my limit to 6L currently, and i used it to get Axis ,Yes ,Onecard etc all with current limit of over 5L ,

Some card issuers are still stubborn,
SBI being the worst ,difficult to Increase limit even with Salary Slips,
HDFC ,Amex do limit enhancement on Salary but very measly
IDFC ,RBL will give spontaneous limit enhancement even without any salary but the increments are low
Axis ,Yes and Onecard are easy to get on Card to card basis and they'll match ICICI Limits

I have 3 ICICI cards, using since 2019. Shared limit of 2.4 lakh only.
Mailed them several times but no luck so far.
I think I have to close a few cards to reduce my overall loan limit which is around 24 lakh now.
May be after that they increase the limit on a few cards.

 

[agrprashantagrprashant is verified member.]

I have 3 ICICI cards, using since 2019. Shared limit of 2.4 lakh only.
Mailed them several times but no luck so far.
I think I have to close a few cards to reduce my overall loan limit which is around 24 lakh now.
May be after that they increase the limit on a few cards.

Yes. Salary slip only

• When applying using salary slip, the issuer generally gives a credit limit as a multiple (or fraction) of the amount in the salary slip. This could be the reason why you qualify for a lot of credit cards (because your salary is more than minimum requirement) but struggle to get a huge credit limit. A far better method is to become auto eligible for credit card or credit limit basis your existing relationship with them.
• Closing credit card won't help you with getting credit limit. A somewhat exception to this case is when you're applying for credit card from certain issuers like SBI who decline application if you have too much credit limit overall