Stay away from ICICI secured credit card

[Card_Crafter]

Hello all the newbies, if you are planning to get a ICICI secured card against FD to build your credit history, then just stop it right now. Stay away from ICICI FD based cards at all cost. Instead of improving your score, these cards will only destroy your credit score.

Long story short, I made a FD of 80k and got the Platinum card with 72k limit in Nov last year and this is how it is ruining my Credit score every month. I can't max out this card as I have another similar card from HDFC (Millenia). Instead of improving my CIBIL it is only decreasing day by day.

 

[starstruck]

You should get unsecured or secured cards who report full credit limit unlike HDFC/ICICI. This will bring down your utilisation. Mixing secure card who does not share limit and only 1 other HDFC card who does not share limit to CIBIL is a disaster.

 

[Card_Crafter]

I have 2 axis cards and Onecard as well. Just thought to pass on the knowledge of ICICI secured one to others, who are looking for secured card options. I am new to CC, my oldest card is only 9 months old.

 

[akshayhs]

Don't make decisions based on OneScore. OneScore does not know how to differentiate between sanctioned amount and credit limit in cases where credit limit is not reported. 9499 / 72000 = Somewhere around 13%. It's fine in terms of utilization.

For accurate information, always use the official source for credit reports irrespective of bureaus.

 

[Card_Crafter]

they never understood. people believe onescore more than official CIBIL report.

If @Baruah open CIBIL and calculate and compare that credit utilisation percentage, definitely will know which are included and which are not.

I have an active annual CIBIL subscription and i follow CIBIL official report only. In CIBIL the limit is not reported and kept as blank. Ideally ICICI does report actual limit to the bureaus for unsecured cards. Here no limit visible means, Banks or institutions can't see my credit card limit and utilisation when they pull my report, which is a big disadvantage. Another thing is this card is reported as Secured Credit card and not a normal credit card, because of which I can't even use this card for C2C.

 

[silly_putty]

Hello all the newbies, if you are planning to get a ICICI secured card against FD to build your credit history, then just stop it right now. Stay away from ICICI FD based cards at all cost. Instead of improving your score, these cards will only destroy your credit score.

Long story short, I made a FD of 80k and got the Platinum card with 72k limit in Nov last year and this is how it is ruining my Credit score every month. I can't max out this card as I have another similar card from HDFC (Millenia). Instead of improving my CIBIL it is only decreasing day by day.

I got my first secured card from icici last year with 30k fd exactly on this date. They reported my max limit as 27k and never had any problems with limit. Although for few months they weren't providing me reward points, i complained to Customer care and they credited 6000 points extra in my account. So redeemed all those points got my account closed. They didn't even posted redemption fee before closure lol.

 

[sarainfo12]

I got my first secured card from icici last year with 30k fd exactly on this date. They reported my max limit as 27k and never had any problems with limit. Although for few months they weren't providing me reward points, i complained to Customer care and they credited 6000 points extra in my account. So redeemed all those points got my account closed. They didn't even posted redemption fee before closure lol.

How long you used that secured card ?

 

[silly_putty]

How long you used that secured card

340 days to be precise.

 

[NeutronNova]

I have an active annual CIBIL subscription and i follow CIBIL official report only. In CIBIL the limit is not reported and kept as blank. Ideally ICICI does report actual limit to the bureaus for unsecured cards. Here no limit visible means, Banks or institutions can't see my credit card limit and utilisation when they pull my report, which is a big disadvantage. Another thing is this card is reported as Secured Credit card and not a normal credit card, because of which I can't even use this card for C2C.

Try contacting ICICI Bank to mention your credit limit in CIBIL. I had the same issue but resolved it after I asked them. Do mention that it is negatively affecting your credit score.

 

[BVCBVC is verified member.]

You should get unsecured or secured cards who report full credit limit unlike HDFC/ICICI. This will bring down your utilisation. Mixing secure card who does not share limit and only 1 other HDFC card who does not share limit to CIBIL is a disaster.

This issue has been fixed recently and the same is being notified to customers via email.

 

[BVCBVC is verified member.]

Try contacting ICICI Bank to mention your credit limit in CIBIL. I had the same issue but resolved it after I asked them. Do mention that it is negatively affecting your credit score.

Did you escalate it or sent a mail to customer care team?? How did this work for you??

 

[quino]

This issue has been fixed recently and the same is being notified to customers via email.

hi, could you clarify who has fixed this issue, icici or hdfc?

im thinking of getting a secured cc as the first entry in my credit history. would you suggest this approach, with icici or kotak?

 

[sarainfo12]

hi, could you clarify who has fixed this issue, icici or hdfc?

im thinking of getting a secured cc as the first entry in my credit history. would you suggest this approach, with icici or kotak?

Icici sharing spending limit only for secured card , but hdfc report full limit and another advantage is hdfc reports as just credit card instead of secured credit card.

 

[quino]

Icici sharing spending limit only for secured card , but hdfc report full limit and another advantage is hdfc reports as just credit card instead of secured credit card.

firstly, i don't know the difference between spend limit vs full limit. sorry

ive read in other threads in this forum that if the first entry in credit history is a secured cc, it'll really help the my credit. but you seem to prefer hdfc who report as normal cc, could you explain why?

 

[sarainfo12]

firstly, i don't know the difference between spend limit vs full limit. sorry

ive read in other threads in this forum that if the first entry in credit history is a secured cc, it'll really help the my credit. but you seem to prefer hdfc who report as normal cc, could you explain why?

Sorry , i didn't mean to type spend limit .
It was spending amount .
For example if you spend 30k , it will report the amount 30k , but icici don't report your actual credit limit.

Secured cards are for those don't have the option to get unsecured card . If you have any bad loan or low credit score then you can go for it . Because banks won't give credit cards for less score or no score mostly .

Advantage of marking unsecured for secured card is when you apply another credit card they will consider this credit card limit for approving their credit card and limits .

My hdfc credit card is having 1.2L limit . That was the highest limit upto last month .
When i applied federal bank card I got the same limit .

I am just saying from my experience.