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Shocking Decrease in SBI's credit Limit!!

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Pujaari

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Hey folks, do yourself a favor and take a peek at your credit limit in SBI cards. You might be in for a rude awakening, like I was. They slashed my limit to such a low amount, I can barely afford a bag of peanuts. Literally. 🥜😂

4L to 14k😂. Just hoping its some technical glitch. Have mailed to cc anyways
 
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Gorillaz said:
E

This is exactly my thoughts. I’m now thinking of increasing the credit limit via income proof
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Yes, that is the right way... If we think the CL awarded to us abysmally low and we are genuine we can always try for the CE in the formal route..
After all, it is business they want us to spend and earn their part on our spending... This happends when some people abuses the system...
One thing to remember: Never FIGHT with the SYSTEM (unless abosolutely necessary), Work along with SYSTEM...
and this system changes all the time...and ...then we have to change to work with the new system...
 
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S S V said:
Unfortunately, there is nothing you can do about it. Banks have right to increase/decrease CLs at anytime basis their internal policy. But as of now they need customers' consent before increase.
It would be nice to have prior intimation in the case of CL decrease as well.

However, if credit utilization is the main concern for you, then there are two options
1) Apply for CE basis your income documents. The decision in this regard is completely at the discretion of SBI
2) you always have an option of closing the card which I'd making your credit utilization high..

Wait ...

you have another option, pay the bill before the bill generation..
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1. In case of SBI, normal CIBIL reporting happens on bill generation. But other banks report end-of-month, and your "high" (because of out-of-the-blue CL decrease) usage can get reported before the statement is generated! And in any case, if the bank isn't even sending an (insert swearword) SMS about CL decrease, then the user might not know about the CL decrease until the statement gets generated.

2. Also, I believe there is an "overlimit" report to CIBIL that can get triggered even before the bill is generated or end-of-month if that is the reporting date.

I think there should be a notification and time to pay. It is entirely fine for banks to decrease CL just because they don't like your face. But notification and time to pay up should be there.
 
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srikant said:
1. In case of SBI, normal CIBIL reporting happens on bill generation. But other banks report end-of-month, and your "high" (because of out-of-the-blue CL decrease) usage can get reported before the statement is generated! And in any case, if the bank isn't even sending an (insert swearword) SMS about CL decrease, then the user might not know about the CL decrease until the statement gets generated.

2. Also, I believe there is an "overlimit" report to CIBIL that can get triggered even before the bill is generated or end-of-month if that is the reporting date.

I think there should be a notification and time to pay. It is entirely fine for banks to decrease CL just because they don't like your face. But notification and time to pay up should be there.
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Entirely true, that is the ideal case scenario.
When they are fighting with some abuse by some people and if we get caught in the middle , then we need to find a way to get away from that storm with minimum damage is my point here... and also
If we have a genuine case, we can fight it out with SBI but at the cost of a lot of time and energy...

Always look for the solutions with minimum cost/energy instead of fighting the contest is my preferred way of dealing in the scenarios like this
 
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The credit card company has the nerve to toy with my credit limit or use some hocus pocus to figure it out. But I’m flabbergasted by why they suddenly slashed it from 4 lakhs to 14k without a peep. That’s like giving me a jet and then grounding me and leaving me with a kite. How am I supposed to deal with that? They should at least toss me a cookie or some hints on how to get it back. But no, they just act like they’re the king and ghost me on these forums where I get no support. It’s not funny that I have to pay for their boo-boos and cracks. They should grovel and treat me like a star, not a loser.
 
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I don't think they have reduced limits after soft enquiries to any bureau or people who have bought GVs either through Gyftr or a platform directly, or even people who acquired other cards (more than 1) shortly within a span of a couple of months.

I fall into all three of the above. My guess is on the CL transfer from another card to some other card (mostly CB) and then immediately (or shortly) closing the other card.
 
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srikant said:
Fees ka to chhodo, what about the effect on credit report?!
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My Cibil was not generated at that time as this is my first card and not taken any loan in past. Its generated almost 6 months later with 766+
Also, I make sure final bill is generated with 0%-2% utilization ratio as I already clear utilization by making payment before bill date.
If you worry about utilization, just paid using credit card to earn points and same day paid the amount to cc
Also utilization ratio should be considered by combining all the cards limit
Also, for me I do not worry about 30% utilization its hardly need 2 or 4 points cibil and cibil will not increase for some months after and when there is a need of new card or loan, I simple do not use card and clear all balance and drastically my cibil again come back to same or sometimes increase even before
 
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Pujaari said:
The credit card company has the nerve to toy with my credit limit or use some hocus pocus to figure it out. But I’m flabbergasted by why they suddenly slashed it from 4 lakhs to 14k without a peep. That’s like giving me a jet and then grounding me and leaving me with a kite. How am I supposed to deal with that? They should at least toss me a cookie or some hints on how to get it back. But no, they just act like they’re the king and ghost me on these forums where I get no support. It’s not funny that I have to pay for their boo-boos and cracks. They should grovel and treat me like a star, not a loser.
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My argument is that they DIDN'T even GROUND you - they simply THREW you out of a jet IN THE SKY giving you a kite!

You can say they grounded you if they sent a message on 25th, saying "your limit from 27th will be 14k - pay up by 27th or your credit report gets flushed in the toilet".
 
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srikant said:
My argument is that they DIDN'T even GROUND you - they simply THREW you out of a jet IN THE SKY giving you a kite!

You can say they grounded you if they sent a message on 25th, saying "your limit from 27th will be 14k - pay up by 27th or your credit report gets flushed in the toilet".
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n My point is that they handed me a palace (based on my income papers) and then kicked me out leaving me with a tarp to solve the mystery by myself🤣
 
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captaintorchtm said:
you guys are getting LE or LD while i haven't even received my physical card from SBI, it's been 1 month today. Still, they have no idea where is my card.
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You are in my bucket now. Just like my experience you are facing. Don't worry if luck you will get it else it is not going to be sent at all but will reflect on cibil after a month as new account
 
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