Should I accept the credit limit enhancement by Onecard?

[chuckzspadina]

Hey everyone,

I have an interesting update to share and need some advice. On 17th June 2024, I got my Onecard by BOB approved with a credit limit of ₹55,000. Fast forward to today, 17th October, and I just received a notification that my limit has been enhanced to ₹85,000. That's a jump of ₹30,000 in just four months! 😮

While this is exciting, I'm a bit conflicted. Here's why: Last month, I applied for an SBI Cashback Credit Card but it got rejected. I've heard that SBI sometimes turns down applications if you already have high credit limits and multiple cards.

Currently, my card lineup includes:
- 3 cards from Axis Bank
- 1 IDFC First card
- AU Bank Lit Credit Card
- RBL Bank Paisabazaar Duet Credit Card

I'm thinking of closing one of my Axis Bank cards and the IDFC First card. They don't offer much compared to the SBI cards, and reducing my number of active cards might improve my chances of getting the SBI Cashback Credit Card.

Should I accept the Onecard limit increase or play it safe and keep my credit profile lean to boost my chances with SBI?
What would you do in my shoes?

 

[CCPS]

No harm in raising the Credit Limit. If spends remain same, it will decrease ur utilization ratio, which is good from CIBIL score perspective.

 

[HolUp]

Cool! If I were you, I would've accepted it ASAP for sure. And as CCPS said, there's no harm in doing so—but only the benefit.

By the way, I received OneCard last year with a petty limit of ₹20k, and after 3-4 months it got increased to ₹75k, and after another 3-4 months, it got enhanced to ₹1.25L (this is my current limit) and I'm still waiting for another enhancement offer.

 

[chuckzspadina]

Cool! If I were you, I would've accepted it by ASAP for sure. As CCPS said, there's no harm in doing so—but only the benefit.

By the way, I received OneCard last year with a petty limit of ₹20k, and after 3-4 months it got increased to ₹75k, and after another 3-4 months, it got enhanced to ₹1.25L (this is my current limit) and I'm still waiting for another enhancement offer.

Going to accept it today, my only concern was regarding getting a SBI card. Because SBI cards don't issue card and they just rejected it last month But I think I should figure out later about it and just get the increase in credit limit right now.
Thank you CCPS and holup

 

[_Mayank_]

Hey everyone,

I have an interesting update to share and need some advice. On 17th June 2024, I got my Onecard by BOB approved with a credit limit of ₹55,000. Fast forward to today, 17th October, and I just received a notification that my limit has been enhanced to ₹85,000. That's a jump of ₹30,000 in just four months! 😮

While this is exciting, I'm a bit conflicted. Here's why: Last month, I applied for an SBI Cashback Credit Card but it got rejected. I've heard that SBI sometimes turns down applications if you already have high credit limits and multiple cards.

Currently, my card lineup includes:
- 3 cards from Axis Bank
- 1 IDFC First card
- AU Bank Lit Credit Card
- RBL Bank Paisabazaar Duet Credit Card

I'm thinking of closing one of my Axis Bank cards and the IDFC First card. They don't offer much compared to the SBI cards, and reducing my number of active cards might improve my chances of getting the SBI Cashback Credit Card.

Should I accept the Onecard limit increase or play it safe and keep my credit profile lean to boost my chances with SBI?
What would you do in my shoes?

1. Looking at your card lineup, you need better cards (not all use cases are same). Still, you need to figure out if you want to focus on rewards or getting cashback.
2. Regarding high credit limit means 7-8lac per card. Also, I have 17 cards (over the period of 6 years - blocked/cancelled many) still got approved by SBI. So don't get scared.

 

[chuckzspadina]

1. Looking at your card lineup, you need better cards (not all use cases are same). Still, you need to figure out if you want to focus on rewards or getting cashback.
2. Regarding high credit limit means 7-8lac per card. Also, I have 17 cards (over the period of 6 years - blocked/cancelled many) still got approved by SBI. So don't get scared.

I was never into credit card till January of this year. And my active account in Cibil is just 9 month old. Don't have much experience into all of this, but I am learning and improving and TF comunity is amazing teacher.
I do agree about CC lineup right now but it will improve as time progresses.
What type of card I should Target to get according to you?
Thank you 🙏

 

[newinnov]

I was never into credit card till January of this year. And my active account in Cibil is just 9 month old. Don't have much experience into all of this, but I am learning and improving and TF comunity is amazing teacher.
I do agree about CC lineup right now but it will improve as time progresses.
What type of card I should Target to get according to you?
Thank you 🙏

Take 1 paid card, preferably SBI cashback and be done with CCs for time being 🙂

 

[dealminer]

I also got LE
Casually opened the app yesterday 😂