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SBi Vistara Prime Rejected due to weird reason

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I had applied for SBI Vistara Prime Card 2 month back and got rejected and nearly 8 month back applied for SBI Cashback Card which too got rejected... Raised various complaint at different level but not got exact reason for denial. So, Then I raised the complaint at RBI ombudsman and around after 2 week I got the following replay
"Basis of SBI Card’s submission It is observed that the details and other information provided by the applicant/complainant for application number 2620813XXXXXX for Club Vistara card and 2601913XXXXXX for cash back card does not match with the policy set forth by the SBI Card (i.e. as applicant’s debt is higher than income and seems to be an overleveraged customer) hence said applications have been declined by the Regulated Entity. Since the card account is an unsecured loan, it is up to the regulatory body to issue the card as per their guidelines."

Yeah I have a multiple credit cards with very gud credit limits and If a sum up all the credit limit it would be double of my annual salary.. But did this reason is sufficient for SBI to reject my application when I am already holding there BPCL card with 3.13lac limit , even I propose them to split the limit or even told them to swap the card but they are not agreeing for anything. They told we can swap it with SBI prime but not with Vistara prime
So, Do Higher Credit limit on cards are not always good... ??
 
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Oh I didn't know that.

When I requested to close the card, they offer another card. Don't know about co-branded cards. I think negotiations may do the job.
 
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I also witnessed this recently..... First SBI rejected quoting overleveraged, then Yes First Exclusive also got rejected at final stage with some IDV (cibil related) reason. I have same profile...multiple cards with 4 cards issued in last 2 months. The total limit is above my annual income. However, the utilization ration remains below 3%.!!

Seems like I should wait for few months and limit my curiousity for mutiple cards
 
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A bank can and will reject if they feel you have too much of debt on your shoulders. This is why most of the times until the underwriter clears it your application can not be approved.

It's better to ensure your credit limit is not more than 1.5x current salary. Rejections can take place for the reasons aforementioned.

This is one of the reasons why I am waiting to join a new employer so I can benefit from the higher pay. My current credit limit is 1.3x my income and even though it's a acceptable by most lenders, I don't want to risk. Most of the loan entries on my account remains unchanged even though the accounts have been repaid and closed after reciving NOC. This is something outside my control.

Edit: have also seen too many rejections for Vistara prime alongside Cashback. If you're looking for an SBI card, why don't you explore their portfolio and get something that's comparatively easier?
 
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akshayhs said:
A bank can and will reject if they feel you have too much of debt on your shoulders. This is why most of the times until the underwriter clears it your application can not be approved.

It's better to ensure your credit limit is not more than 1.5x current salary. Rejections can take place for the reasons aforementioned.

This is one of the reasons why I am waiting to join a new employer so I can benefit from the higher pay. My current credit limit is 1.3x my income and even though it's a acceptable by most lenders, I don't want to risk. Most of the loan entries on my account remains unchanged even though the accounts have been repaid and closed after reciving NOC. This is something outside my control.

Edit: have also seen too many rejections for Vistara prime alongside Cashback. If you're looking for an SBI card, why don't you explore their portfolio and get something that's comparatively easier?
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Nah probably sbi is too lazy to even evaluate the profile. They might just toss a coin while issuing cards 😂
 
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How do we ensure that our salary is updated in the CIBIL profile. For me, it just says SALARIED, but the income section remains blank. Not sure, how does the bank assess that I'm overleveraged, without having my income.
+
A better assessment of being overleveraged would be utilization percentage. In current times, when a lot of co-branded cards are there, and different banks offering different proposition - it is natural for some people to have more cards (and hence, higher limit). But the actual risk indicator would be if the borrower consistently utilises 50-60% or more of his limits!
I believe most banks used to follow this same methodology.....unless recently issuers like SBICards have started putting their creativity and innovating new models!!
 
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card_enthusiast said:
I had applied for SBI Vistara Prime Card 2 month back and got rejected and nearly 8 month back applied for SBI Cashback Card which too got rejected... Raised various complaint at different level but not got exact reason for denial. So, Then I raised the complaint at RBI ombudsman and around after 2 week I got the following replay
"Basis of SBI Card’s submission It is observed that the details and other information provided by the applicant/complainant for application number 2620813XXXXXX for Club Vistara card and 2601913XXXXXX for cash back card does not match with the policy set forth by the SBI Card (i.e. as applicant’s debt is higher than income and seems to be an overleveraged customer) hence said applications have been declined by the Regulated Entity. Since the card account is an unsecured loan, it is up to the regulatory body to issue the card as per their guidelines."

Yeah I have a multiple credit cards with very gud credit limits and If a sum up all the credit limit it would be double of my annual salary.. But did this reason is sufficient for SBI to reject my application when I am already holding there BPCL card with 3.13lac limit , even I propose them to split the limit or even told them to swap the card but they are not agreeing for anything. They told we can swap it with SBI prime but not with Vistara prime
So, Do Higher Credit limit on cards are not always good... ??
Click to expand...
I applied for AURUM, they rejected for the same reason, looks like SBI does not want to give cards to people who have multiple cards with good CL even though utilization is low.
 
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raaz_rs2 said:
How do we ensure that our salary is updated in the CIBIL profile. For me, it just says SALARIED, but the income section remains blank. Not sure, how does the bank assess that I'm overleveraged, without having my income.
+
A better assessment of being overleveraged would be utilization percentage. In current times, when a lot of co-branded cards are there, and different banks offering different proposition - it is natural for some people to have more cards (and hence, higher limit). But the actual risk indicator would be if the borrower consistently utilises 50-60% or more of his limits!
I believe most banks used to follow this same methodology.....unless recently issuers like SBICards have started putting their creativity and innovating new models!!
Click to expand...
Yeah that all data these lenders gets from the CIBIL and that the purpose of CIBIL but SBI seems like choosing not good profile but the profile from where they can extract money.. because from my recent observation what I have seen that SBI is offering cards to people who new to this card game and even they had offered CASHBACK card rigorously to peoples with low credit limit and might have expected to do default to make money from them.. SBI is not interested in good credit profile because from that they are not going to make any money they need defaulters to keep there business going....
 
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raaz_rs2 said:
I also witnessed this recently..... First SBI rejected quoting overleveraged, then Yes First Exclusive also got rejected at final stage with some IDV (cibil related) reason. I have same profile...multiple cards with 4 cards issued in last 2 months. The total limit is above my annual income. However, the utilization ration remains below 3%.!!

Seems like I should wait for few months and limit my curiousity for mutiple cards
Click to expand...
I am in the same situation, my SBI vistara prime rejected twice due to over-leveraged reason. But before SBI vistara I applied for Yes First Exclusive and it got approved.

I also need to limit my curiosity and try to apply cautiously. I also have 17 active cards with 8 of them being collected in past 6 months.
 
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card_enthusiast said:
Yeah that all data these lenders gets from the CIBIL and that the purpose of CIBIL but SBI seems like choosing not good profile but the profile from where they can extract money.. because from my recent observation what I have seen that SBI is offering cards to people who new to this card game and even they had offered CASHBACK card rigorously to peoples with low credit limit and might have expected to do default to make money from them.. SBI is not interested in good credit profile because from that they are not going to make any money they need defaulters to keep there business going....
Click to expand...
Yes, this can be the reason. End of the day, it's all about business and revenue.
 
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zealsid said:
I am in the same situation, my SBI vistara prime rejected twice due to over-leveraged reason. But before SBI vistara I applied for Yes First Exclusive and it got approved.

I also need to limit my curiosity and try to apply cautiously. I also have 17 active cards with 8 of them being collected in past 6 months.
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hahaha.....i can feel you bro!

btw, the YF Exclusive was on spend based FYF, and then LTF basis (applied through agent) ?
 
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zealsid said:
FYF I already claimed, fee got revered after spending 40k in 1st month statement. How to make it LTF?
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I'm not sure of that....The agent said it's LTF aftr FYF reversal. I thought I'll ask to close after 1 year, and attemp to convert LTF.
btw, I read some users have reported here that Cust Care confirmed their card was LTF (and they themselves were not aware). The agent must be saying about this glitch/arrangement only
 
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raaz_rs2 said:
I'm not sure of that....The agent said it's LTF aftr FYF reversal. I thought I'll ask to close after 1 year, and attemp to convert LTF.
btw, I read some users have reported here that Cust Care confirmed their card was LTF (and they themselves were not aware). The agent must be saying about this glitch/arrangement only
Click to expand...
Oh ok, thanks for info. Will try to check with Customer Care
 
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