friends2b11
TF Select
One of my acquaintances has been trying to get an SBI Cashback Card for over a year, but every time he applies, he gets directly rejected after DigiLocker KYC. Despite having:
- good cibil score
- Existing credit cards from Canara Bank (50k limit, pre-approved, issued in September last year) and Axis Bank (91k limit, approved last month through Flipkart application)
Additional Financial Information:
- He has an existing overdraft loan of 5 lakhs and a personal loan of 4 lakhs from private banks. This might be a factor to consider when applying for a credit card.
-
CIBIL report showing incorrect income details (1.5 lakhs/year, type-overdraft)
Initially, he thought he was getting rejected due to being over-leveraged ( active loan) or possibly due to a pin code issue. He's applied four times in the last year, resulting in multiple inquiries that have decreased his CIBIL score from 780+ to below 755. Recently, he contacted SBI's support team, citing RBI guidelines that require banks to provide the exact reason for decline. The support team informed him that his application was rejected due to a "pin code issue," despite the Sprint application indicating that the pin code is serviceable.
Currently, his CIBIL report and CKYC report show that he is self-employed in the present pin code where he's getting declined. However, he has another home in a different pin code area, which is his original home where his parents reside. This address is not mentioned in his CIBIL report. He's considering using this address for his application, and since his parents are present there, home verification shouldn't be an issue. For work verification purposes, he plans to mention that he is salaried under his family's business or his dad's business.
He got declined just 15 days ago. Considering his urgent need for a loan of 20 lakhs for his business, applying for the credit card now might impact his chances due to potential over-leverage concerns. If he waits for 90 days, the recent loan approval might be reflected in his report.
Given the complexity of changing his document address, he's wondering if he can simply use the new pin code in the Sprint application without updating his documents. Would this be sufficient, or would it raise any red flags?
Should he:
- Try applying with the new pin code without changing his document address?
- Wait 90 days before applying for the credit card?
- Prioritize the loan application and then apply for the credit card later?
Even with a pin code change, his application might still be rejected due to existing loans, potentially making him over-leveraged ?
I'd appreciate any insights or advice on how he can resolve this issue and successfully get the SBI Cashback Card.
- good cibil score
- Existing credit cards from Canara Bank (50k limit, pre-approved, issued in September last year) and Axis Bank (91k limit, approved last month through Flipkart application)
Additional Financial Information:
- He has an existing overdraft loan of 5 lakhs and a personal loan of 4 lakhs from private banks. This might be a factor to consider when applying for a credit card.
-
CIBIL report showing incorrect income details (1.5 lakhs/year, type-overdraft)
Initially, he thought he was getting rejected due to being over-leveraged ( active loan) or possibly due to a pin code issue. He's applied four times in the last year, resulting in multiple inquiries that have decreased his CIBIL score from 780+ to below 755. Recently, he contacted SBI's support team, citing RBI guidelines that require banks to provide the exact reason for decline. The support team informed him that his application was rejected due to a "pin code issue," despite the Sprint application indicating that the pin code is serviceable.
Currently, his CIBIL report and CKYC report show that he is self-employed in the present pin code where he's getting declined. However, he has another home in a different pin code area, which is his original home where his parents reside. This address is not mentioned in his CIBIL report. He's considering using this address for his application, and since his parents are present there, home verification shouldn't be an issue. For work verification purposes, he plans to mention that he is salaried under his family's business or his dad's business.
He got declined just 15 days ago. Considering his urgent need for a loan of 20 lakhs for his business, applying for the credit card now might impact his chances due to potential over-leverage concerns. If he waits for 90 days, the recent loan approval might be reflected in his report.
Given the complexity of changing his document address, he's wondering if he can simply use the new pin code in the Sprint application without updating his documents. Would this be sufficient, or would it raise any red flags?
Should he:
- Try applying with the new pin code without changing his document address?
- Wait 90 days before applying for the credit card?
- Prioritize the loan application and then apply for the credit card later?
Even with a pin code change, his application might still be rejected due to existing loans, potentially making him over-leveraged ?
I'd appreciate any insights or advice on how he can resolve this issue and successfully get the SBI Cashback Card.
