Should I Wait for CIBIL to Update (utilization ratio) Before Applying for Cards

[rogerthat]

Hello all,

I had some large insurance expenses on my Axis and SCB cards in April. These spends were reported by CIBIL on April 30th. I cleared the entire amount in the second week of May, but CIBIL hasn't updated since April 30th so the reports still shows all those amounts as outstanding. Axis should've been updated on May 18th and 30th and SCB on May 30th.

I am now stuck with a utilization ratio of 18% and a total outstanding of 7L. On top of that my income in CIBIL is reported as only 50k (1/3rd of actual). Both banks say they've been sending reports to CIBIL but its them who are not updating.

I've been waiting forever for the reports to be updated so I can apply for a couple of cards. Should I still wait or go ahead and apply? Cards in question are SBI Octane through agent and ICICI Emeralde (LTF) though RM. SBI Octane was previously rejected for over-leverage. Current CIBIL score is 769.

Any insights would be helpful please. @SSV

Thanks!

 

[NABNAB is verified member.]

CIBIL updation takes time. No point approaching agencies.
Regarding card applications, if possible wait as you already got rejected once. For Octane, try through agents in Mall/Metros/etc.

 

[SSV]

I had some large insurance expenses on my Axis and SCB cards in April. These spends were reported by CIBIL on April 30th. I cleared the entire amount in the second week of May, but CIBIL hasn't updated since April 30th so the reports still shows all those amounts as outstanding. Axis should've been updated on May 18th and 30th and SCB on May 30th.

YOu need to wait.. nothing much can be done..
Both AXIS and SCB will update your payments to CIBIL during this month... So by July ( max) you should be fine ...

I am now stuck with a utilization ratio of 18% and a total outstanding of 7L. On top of that my income in CIBIL is reported as only 50k (1/3rd of actual).

so meanwhile make sure you get every account outstanding balance equal to or less than 0 ,if possible..

Don't worry about what was reported as Salary in CIBIL, when applying for any CC, the salaray in that application matters...

I've been waiting forever for the reports to be updated so I can apply for a couple of cards. Should I still wait or go ahead and apply? Cards in question are SBI Octane through agent and ICICI Emeralde (LTF) though RM. SBI Octane was previously rejected for over-leverage. Current CIBIL score is 769.

You need to either close all unnecessary unsecured loans / CCs or increase your salary , to reduce overleverage.. there is no other option to get SBI card..

Outstanding balance is not an issue in this case, total granted unsecured credit is the issue for your overleveraged problem for the SBI rejection...

 

[rogerthat]

CIBIL updation takes time. No point approaching agencies.
Regarding card applications, if possible wait as you already got rejected once. For Octane, try through agents in Mall/Metros/etc.

Yeah the agent I approached is the boss of all the mall agents and even the agents sitting in the bank. I was rejected 4 months ago so should be fine now?

 

[rogerthat]

YOu need to wait.. nothing much can be done..
Both AXIS and SCB will update your payments to CIBIL during this month... So by July ( max) you should be fine ...


so meanwhile make sure you get every account outstanding balance equal to or less than 0 ,if possible..

Don't worry about what was reported as Salary in CIBIL, when applying for any CC, the salaray in that application matters...


You need to either close all unnecessary unsecured loans / CCs or increase your salary , to reduce overleverage.. there is no other option to get SBI card..

Outstanding balance is not an issue in this case, total granted unsecured credit is the issue for your overleveraged problem for the SBI rejection...

Thanks... So since SBI's rejection 4 months ago I like reduced total exposure by some 30L including card closures and CL reductions.

Here is what I did...

How to Reduce Credit Card Limit Permanently - Query & Discussion

From my experience so far I've seen that it is incredibly hard to get credit limits reduced. Both ICICI and Citi tried their best to talk me out of it. The Citi guy especially couldn't believe that someone would even request something like this :LOL: Anyway got ICICI reduced by 3 lakhs and...

www.technofino.in

Yea I've also reduced all my outstanding and there should not be more than 20k outstanding in all my cards put together right now.

So I guess I can move ahead with SBI but wait for ICICI?

 

[SSV]

Thanks... So since SBI's rejection 4 months ago I like reduced total exposure by some 30L including card closures and CL reductions.

Here is what I did...

How to Reduce Credit Card Limit Permanently - Query & Discussion

From my experience so far I've seen that it is incredibly hard to get credit limits reduced. Both ICICI and Citi tried their best to talk me out of it. The Citi guy especially couldn't believe that someone would even request something like this :LOL: Anyway got ICICI reduced by 3 lakhs and...

www.technofino.in

Yea I've also reduced all my outstanding and there should not be more than 20k outstanding in all my cards put together right now.

So I guess I can move ahead with SBI but wait for ICICI?

Please DM me your complete CIBIL report hiding sensitive data, .. This will allow me to give you proper advise..
otherwise too many questions to and fro...

 

[SSV]

Thanks... So since SBI's rejection 4 months ago I like reduced total exposure by some 30L including card closures and CL reductions.

Here is what I did...

Have all these reductions been reflected in the CIBIL?
If yes, good.. else pls wait..

Yea I've also reduced all my outstanding and there should not be more than 20k outstanding in all my cards put together right now.

this is good.. but if you eed a perfect score, each and every account should have <= 0 balance.. this particular condtion will boost your score by about 10 points..

So I guess I can move ahead with SBI but wait for ICICI?

Just wait for one month .. you will be fine.. meanwhile DM me your complete CIBIL report , I will have a look ad advise you.. i