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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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I am already having SBI VIstara Prime card since 5 months and i applied for SBI AIR INDIA Signature Card through branch but it got rejected giving reason 'SOFT DECISION - DECLINED'. Existing card limit is just 50k. SBI is not giving LE even after multiple emails, they are saying apply for LE after 6 months completion.

Is there any other way to get second SBI card without FD? Any trick or escalation?
 
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tryabp said:
I am already having SBI VIstara Prime card since 5 months and i applied for SBI AIR INDIA Signature Card through branch but it got rejected giving reason 'SOFT DECISION - DECLINED'. Existing card limit is just 50k. SBI is not giving LE even after multiple emails, they are saying apply for LE after 6 months completion.

Is there any other way to get second SBI card without FD? Any trick or escalation?
Click to expand...
family member!
 
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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 got similar rejection for my SBI cashback credit card application. Although they didn’t send me the actual reason, after raising RBI ombudsman They called me and gave this reason for card rejection.
 
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Makes sense, even for vistara, the CV tier and other benefits would be for primary holder only....but the family member (nominee) can use the tickets.
 
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The banks in India now have just started following the pattern that has been followed banks in most developed countries for years now. Bad debts & NPAs have finally woken the banks up it seems.

Utilisation Ratio meant nothing as soon as some started gaming the system by opening multiple cards from the same bank. Even though they shared the same limit but in CIBIL they would be reported as three separate card account each with a limit of 300,000. e.g Someone having three credit cards from ICICI with a shared limit of 300,000 will be reported in CIBIL as three separate accounts each with a limit of 300,000. So even if if that person ends up using the entire 300,000 limit which is 100% utilisation, it would WRONGLY seem like they have used only 300,000/900,000*100 = 33.33%.

So, if someone has a 10% utilisation today, does NOT mean that person cannot use the rest 90% percent tomorrow. If you can satisfy or convince the lender that you have the income or the resources to pay off the debt to the extent of credit "available to you / used by you" you will get fresh credit (loans / Credit cards) without any problem.

With all importance being given to utilisation ratio previously, people who knew how to game the system did so to borrow more than they could afford and hence the NPA & bad debts. As they say, for some everyone has to suffer.

Income to debt ratio (Income against used & available credit) is what the banks started concentrating on. Someone having an income of 10,000 P.M & someone having an income 10,00,000 PM both can have an CIBIL score of 790 but that does NOT mean both can have the same level of credit or cards.

So Cibil "SCORE" has become pointless after a certain point now. Keep the income to debt within 1.5X - 2.0 X of your salary at the max. If you want to have more variety of cards lower you limits on your other cards to stay within that income to debt ratio.
 
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NikunjP said:
Just raise closure request for your SBI card. When they contact you, they will offer you to change the card. Select Vistara.
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they are not allowing existing SBI credit card holders to offer Vistara prime card. so, I have closed my existing LTF yatra sbi credit card. after few months I will apply for vistara prime.
 
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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...
They had rejected my card. No rejection reason was provided by customer care. When I had complained to RBI ombudsman, got the similar reason. I have few cards with good high limit and overall utilization is 1% only.
May be they are not earning from me, so thought of not issuing another card.
 
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Recently I applied for SBI Vistara card through Delhi Airport Kiosk and card was rejected due to a weird reason - "Over-Leveraged" CIBIL.
I have decent Cibil score above 795 & over 20 Credit cards from various banks, including a few super premium cards with highest limit arnd 9 L and SBI Cashback card .

Has anyone ever faced such problem with SBI Credit cards before? Any what shall i do to get the card now??
 
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Cryptopsycho said:
Recently I applied for SBI Vistara card through Delhi Airport Kiosk and card was rejected due to a weird reason - "Over-Leveraged" CIBIL.
I have decent Cibil score above 795 & over 20 Credit cards from various banks, including a few super premium cards with highest limit arnd 9 L and SBI Cashback card .

Has anyone ever faced such problem with SBI Credit cards before? Any what shall i do to get the card now??
Click to expand...
Maybe you can escalate to Nodal officer.

This might help.
 
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Cryptopsycho said:
Recently I applied for SBI Vistara card through Delhi Airport Kiosk and card was rejected due to a weird reason - "Over-Leveraged" CIBIL.
I have decent Cibil score above 795 & over 20 Credit cards from various banks, including a few super premium cards with highest limit arnd 9 L and SBI Cashback card .

Has anyone ever faced such problem with SBI Credit cards before? Any what shall i do to get the card now??
Click to expand...
Faced similar issue after closing AURUM - even offline application/airport agent could not help.

For me only option would be to wait for few months 🙂
 
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shrewdoc said:
Already discussed: 😀

www.technofino.in

SBi Vistara Prime Rejected due to weird reason

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...
www.technofino.in www.technofino.in
Click to expand...
Thanks for informing. I missed that. Threads merged...
 
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