suggestion related to my credit card portfolio & cibil score

itsme.sumit · Monday at 9:51 PM

HDFC Bank: 39 inquiries
ICICI Bank: 25 inquiries
SBI Card: 20 inquiries
Axis Bank: 17 inquiries
AMEX: 9 inquiries
YES Bank: 8 inquiries
IDFC First Bank: 8 inquiries
RBL Bank: 5 inquiries
Bajaj Fin Ltd: 5 inquiries
BOB Financial/BOB Cards: 5 inquiries
Indian Bank: 2 inquiries
AU Small Finance Bank (AU SFB): 2 inquiries

* I don't know after 39 times of enquiry 93k of moneyback cc is worth it or not🤣.

*The same goes for SBI like HDFC. but as per my knowledge hdfc core cc is much better than petty SBI co-branded ones.

*about the ICICI part: now although I have been held ICICI fd cc since 2021 I closed both my savings account & fd card 2-3 times within this year that's why I suppose I could not easily obtain a secured APAY card just like my 2 other friends did. Both of them had a 9k of fd cc limit and the previous year they had applied for the pay and got approved for 70k & 80k limits instantly. unlucky me even though I am a self-employed person once they proceeded with my apay cc in 2022 but despite sharing my ITR and Computation of income they rejected my credit card applications. As of now if I even try to apply for a normal icici cc from their site without filling any basic information they reject the application and put a hard inquiry in my cibil score😂 now I mailed them for clarification for all these declines.

* about the BOB card, I had provided everything they required but they rejected every one application by mentioning bullshit in my email. I have forwarded them to the RBI ombudsman due to nondisclosure of actual rejected cause.

* the rest of are mistakes made by me.

please suggest to me related my credit card portfolios and my cibil score as well.

helloworld · Monday at 10:00 PM

Take a deep breath and do below

excercise for 30 minutes with focus... it can clear you a lot of your doubts!

Thread 'Guide to Choosing the Right Credit Card - Basic Requirements'

Sep 28, 2024

How to Choose the Right Credit Card for You

Simply looking at your CIBIL score or listing your existing cards won't help determine the most suitable credit card for you. To make an informed choice, you need to consider various factors.

Key Steps to Select a Credit Card:

Identify Your Spending Categories
Look at your monthly or annual expenses and categorize them. This will help determine which card gives the best rewards for your spending pattern.

Example:
- Amazon: ₹5,000
- BigBasket: ₹5,000...

helloworld · Monday at 10:01 PM

Btw, on your second note >750 is very very very good score, believe it. Its just first you need to discover whether you need another credit card or not, that's it.

My entire CIBIL enquiries < Your ICICI+SBI enquiries.

Riya · Monday at 10:14 PM

39 enquiries by HDFC 😲😲😲

harsh_ujjwal · Monday at 10:25 PM

Bhai 160 enquiries in 3 years. Why you are so desparate for loan??

Take rest bro.

itsme.sumit · Monday at 11:21 PM

harsh_ujjwal said:
Bhai 160 enquiries in 3 years. Why you are so desparate for loan??

Take rest bro.

My desperated friend put those most SBI & HDFC enquiries by himself 😂 you can blame the others on me

Hope · Monday at 11:46 PM

Cc portfolio ❌ enquiry portfolio ✅

MavericK279 · Tuesday at 12:31 AM

Thread 'Mastering Credit Inquiries: Tips, Loopholes, and Lessons Learned'

Dec 30, 2024

Hello, Credit Card Enthusiasts! 🚀

I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.

But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.

The Problem: Excessive Inquiries

For the last few months, I’ve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had...

You should follow this thread and try to remove some of those enquiries.

harsh_ujjwal · Tuesday at 7:19 AM

itsme.sumit said:
My desperated friend put those most SBI & HDFC enquiries by himself 😂 you can blame the others on me

Don't apply for any credits fr one year. Else cibil will take a hit

itsme.sumit · Tuesday at 8:07 AM

Hope said:
Cc portfolio ❌ enquiry portfolio ✅

So true 😂😂😂

itsme.sumit · Tuesday at 8:08 AM

harsh_ujjwal said:
Don't apply for any credits fr one year. Else cibil will take a hit

Yea i have almost all card that i need for my personal expenses.

itsme.sumit · Tuesday at 8:08 AM

MavericK279 said:
Thread 'Mastering Credit Inquiries: Tips, Loopholes, and Lessons Learned'

Dec 30, 2024

Hello, Credit Card Enthusiasts! 🚀

I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.

But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.

The Problem: Excessive Inquiries

For the last few months, I’ve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had...

Dr.Anand456

credit bureau improve your credit score my experiences tips

Replies: 74

Forum: Credit Score

You should follow this thread and try to remove some of those enquiries.

Thanks a lot i will give it a try.

Beyond · Tuesday at 8:51 AM

itsme.sumit said:
Yea i have almost all card that i need for my personal expenses.

Are you sure...? There is still room for grocery and cashback cards... 😈

helloworld · Tuesday at 11:04 AM

Beyond said:
Are you sure...? There is still room for grocery and cashback cards... 😈

rbl play card gives 10% for grocery. Fk and Swgy are already cashback cards.

althafvly · Wednesday at 10:41 AM

You will be paying around 10k in just annual fees if you don't meet the spending criteria. I suggest to close few of the cards

- Axis privilege
- HDFC moneyback+
- paytm sbi
- maybe all RBL cards.

Keep all LTF cards, close unnecessary paid cards. Avoid applying for too many credit cards. You axis enquiries is my total enquiries. I also have around 10 credit card, only one is paid.

Fini7777 · Wednesday at 12:10 PM

itsme.sumit said:
Iso my journey began in 2021 by using the FK Pay Later account now I hold a decent credit card portfolio but I need suggestions related to this and mostly about my cibil score enquiry part specificly.
my credit card portfolio:
Bank Name | Credit Card Variant | Charges | Credit Limit
--------------------------------------------------------------------------------------
Axis bank | Flipkart Axis | 500₹+GST | 130000₹ Combined
Axis bank | Axis Privilege | 1500₹+GST | “
Axis bank | Axis Neo | LTF | “
HDFC Bank | Hdfc Moneyback+ | FYF | 93000₹ Combined
HDFC Bank | Hdfc Tataneu+ | FYF | “
HDFC Bank | Hdfc Biz Upi | LTF | “
HDFC Bank | Hdfc Swiggy | LTF | “
RBL Bank | Rbl Bookmyshow | 500₹+GST | 25000₹ Combined
RBL Bank | Rbl Irctc | 500₹+GST | “
RBL Bank | Rbl Iocl Xtra | 1500₹+GST | “
IDFC Bank | Idfc Power Plus | 500₹+GST | 140000₹ Combined
IDFC Bank | Idfc Mayura | FYF(almost) | “
SBI Bank | Paytm Sbi Select | 1500₹+GST | 77000₹
PNB Bank | PNB Rupay Platinum | LTF(technically) | 50000₹
INDIAN Bank | Indian Rupay Select | 250₹+GST | 283000₹
KOTAK Bank | Kotak Iocl | 500₹+GST | 176000₹
YES Bank | Yes Bank Kiwi | FYF | 78000₹
ICICI Bank | Icici Platinum(FD cc) | LTF | 270000₹

Firstly, I understand your desperation for a strong credit card collection, but you don’t need to put in this much effort to get basic cards.
I know that getting your first card from a bank can sometimes be difficult, and over the past three years, you've chased every bank, leading to 160 inquiries.

Now, let's focus on the future->
One good thing about CIBIL is that hard inquiries gradually disappear from your report after two years and no longer impact your score. However, lenders may still consider your inquiry history while evaluating your profile.
So, you don’t need to worry too much about past inquiries, but you should now focus on optimizing your credit profile.

✅ Analyze Your Spending Pattern – Understand where you spend the most.
✅ Choose the Right Credit Cards – Select cards that align with your needs.
✅ Minimize Your Credit Card Portfolio – Keep it simple and efficient.
✅ Avoid Multiple Applications in a Short Span – Space out your applications to reduce rejections.
✅ Close Unnecessary Cards – If possible, consolidate your spending on fewer, better cards.

Most of your existing cards can be replaced with a few high-value ones:
FK Axis, HDFC MB+, Swiggy, IRCTC, sbi paytm select, ---> SBI Cashback credit card (upto 1 Lac per month)
Indian bank, PNB, HDFC TN+, HDFC BIZ UPI, IDFC power+ ---> kiwi yes cc(virtual), HDFC TN+ (physical card)
Kotak iocl, IDFC power+ ---> RBL IOCL XTRA
Axis Privilege, IDFC Mayura -> useless now considering it's high AF, consider Atlas for travel
consider HSBC Live+ for other groceries and offline spending

By optimizing, you can reduce your portfolio from 18 cards to just 7 or 8 well-chosen cards.

If the number of credit card accounts increases significantly and your overall credit limit is too high, banks might see you as over-leveraged, making approvals difficult or offering very low limits.
Instead of accumulating too many cards, focus on maintaining a decent number of cards with higher individual limits to strengthen your profile.
👉 If you wish to collect cards from all banks for occasional use, consider their LTF options.
Hope this helps!

suggestion related to my credit card portfolio & cibil score

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