Understanding the Power of Secured Credit Cards: Leveraging Your FD

[MudraMantra]

Greetings everyone,

I have a question regarding my credit card usage. Over the past decade, I've been using unsecured credit cards and currently hold more than 20 of them in my portfolio. My CIBIL score fluctuates between 785 to 798.

I'm considering applying for a secured credit card backed by an FD. Would this decision potentially improve my CIBIL score? Additionally, if pursuing this option proves beneficial, I would appreciate recommendations for reputable secured credit cards.

Please feel free to share your insights and experiences to help me make an informed decision. Thank you.

 

[doraemon]

Following


I am keen to get to Indian Bank credit card
Min fd is 25k
I want to know which variant I will get

Site has no such info

 

[Alex292929]

From my personal experience most of the banks like BOB & IDFC reports secured card as unsecured only in the CIBIL.
My friend had secured card from ICICI Bank and it was reported as secured only.

 

[SMS91]

I have a secured credit card with HDFC, but it is not reported as secured in CIBIL. I would like to know if banks report credit cards as secured in CIBIL. Typically, how much credit score increase with a secured credit card?

 

[Shin-Chan]

From my personal experience most of the banks like BOB & IDFC reports secured card as unsecured only in the CIBIL.
My friend had secured card from ICICI Bank and it was reported as secured only.

There are a few Banks who does that but, we need to separate the wheat from the chaff to find the option that boosts (if any) our CIBIL score the most and provides potentially decent rewards.


p.s.: Is LTF

 

[rodeoSRP]

Following


I am keen to get to Indian Bank credit card
Min fd is 25k
I want to know which variant I will get

Site has no such info

Would like to know to what’s the min FD in any PSU bank for a LTF Rupay select Credit Card..

 

[imdjay]

Greetings everyone,

I have a question regarding my credit card usage. Over the past decade, I've been using unsecured credit cards and currently hold more than 20 of them in my portfolio. My CIBIL score fluctuates between 785 to 798.

I'm considering applying for a secured credit card backed by an FD. Would this decision potentially improve my CIBIL score? Additionally, if pursuing this option proves beneficial, I would appreciate recommendations for reputable secured credit cards.

Please feel free to share your insights and experiences to help me make an informed decision. Thank you.

I applied for secured PNB Rupay select card just for this. and they reported it unsecured.
I don't think having a secured card affects your CIBIL by a lot.

If you are worried about CIBIL. You can do the repayment before the bill generation. Keep your limit usage in negative. Your score will jump above 800.

 

[Vasuki]

Greetings everyone,

I have a question regarding my credit card usage. Over the past decade, I've been using unsecured credit cards and currently hold more than 20 of them in my portfolio. My CIBIL score fluctuates between 785 to 798.

I'm considering applying for a secured credit card backed by an FD. Would this decision potentially improve my CIBIL score? Additionally, if pursuing this option proves beneficial, I would appreciate recommendations for reputable secured credit cards.

Please feel free to share your insights and experiences to help me make an informed decision. Thank you.

Icici reports as secured. Easiest to get
Easiest to close

No Benefit
At 785 to 800.

Credit age matters
Cur matters


I don't think secured cc does more good to cibil but
Gold loan
Home loan certainly does

 

[Shin-Chan]

Icici reports as secured. Easiest to get
Easiest to close

No Benefit
At 785 to 800.

Credit age matters
Cur matters


I don't think secured cc does more good to cibil but
Gold loan
Home loan certainly does

Home loan for sure will, it adds a decent size asset value against the customer which is immovable; thus reducing chances of default and increases credit worthiness (or means to recover in case of non payment).

 

[asahi]

How to apply for Hdfc Secured Credit Card I already have a decent fd with them

I have a secured credit card with HDFC, but it is not reported as secured in CIBIL. I would like to know if banks report credit cards as secured in CIBIL. Typically, how much credit score increase with a secured credit card?

 

[Vasuki]

Do u have cc with them ?

How to apply for Hdfc Secured Credit Card I already have a decent fd with them

 

[Pradumya]

Even SBM Bank FD backed OneCard reported as unsecured card.

 

[m4b]

I don't think this is going to improve your CIBIL. The only way to enhance CIBIL is to mix your credit. Take a personal loan, use any postpaid credit line etc. I believe CIBIL between 785 to 798 is great, but it's up to you.

 

[sidp]

How to apply for Hdfc Secured Credit Card I already have a decent fd with the

In addition to normal application form , you need to fill up lien consent form which will mention which fd/s you want to put lien and by how much. Meaning you can put lien on multiple fd or even partially a single fd.

 

[Lobogris]

I have a secured credit card with HDFC, but it is not reported as secured in CIBIL. I would like to know if banks report credit cards as secured in CIBIL. Typically, how much credit score increase with a secured credit card?

Indusind and RBL report it as unsecured or rather a normal card. ICICI and Yes Bank report it as secured. I am saying this from personal experience.

 

[Lobogris]

Home loan for sure will, it adds a decent size asset value against the customer which is immovable; thus reducing chances of default and increases credit worthiness (or means to recover in case of non payment).

Yes. Sometimes I have thought about taking a needless home loan against one of my properties, just for this purpose but the hassle isn’t worth it. I have never taken a home or car loan in India.

 

[vaibhav111]

just watch the thread instead @rodeoSRP @manzparty

 

[its_karan]

Following


I am keen to get to Indian Bank credit card
Min fd is 25k
I want to know which variant I will get

Site has no such info

Indian Bank ke liye FD amount se zyada

Branch main kis Card ka Stock pada hai zyada matter karta hai

@Strange

Indian Bank Credit Card Application

Has anyone been able to get an Indian Bank Credit Card using the online portal? Planning to get a Rupay Select Card (annual fee 250 from 2nd year, waived off on spends of 50000). But I don't think I have the patience or the energy to visit the branch (they accept C2C for offline applications)...

www.technofino.in

 

[sidp]

Greetings everyone,

I have a question regarding my credit card usage. Over the past decade, I've been using unsecured credit cards and currently hold more than 20 of them in my portfolio. My CIBIL score fluctuates between 785 to 798.

I'm considering applying for a secured credit card backed by an FD. Would this decision potentially improve my CIBIL score? Additionally, if pursuing this option proves beneficial, I would appreciate recommendations for reputable secured credit cards.

Please feel free to share your insights and experiences to help me make an informed decision. Thank you.

Gold/home loan or even personal loan has more impact on credit score.

Secured fd might improve by 5 points, if you make total cur < 10% & card level cur <20-25%, it will have more impact. You can even make cur 0/-ve, but this doesn't have long term impact. If one month cur increase from-ve to even 1%, score will again drop. So you should stress about making cur 0/-ve only if you are planning to take big loan in near future.

 

[doraemon]

Indian Bank ke liye FD amount se zyada

Branch main kis Card ka Stock pada hai zyada matter karta hai

@Strange

Indian Bank Credit Card Application

Has anyone been able to get an Indian Bank Credit Card using the online portal? Planning to get a Rupay Select Card (annual fee 250 from 2nd year, waived off on spends of 50000). But I don't think I have the patience or the energy to visit the branch (they accept C2C for offline applications)...

www.technofino.in

Fd based credit card bhi instant kit mai milte hai?