Updating Income Details in CIBIL (By Bank)

[rogerthat]

Dear TF Community,

I need some help from you all. So I've been applying for various credit cards for the past 2-3 years and nearly all my applications through online systems have repeatedly been unsuccessful. Even Credit Limit enhancements were rejected. The only successful ones were like Axis (thanks to Vimal), HDFC (came with salary account) and SCB (through RM). Multiple attempts at all others like ICICI, SBI, SCB and HDFC (initially), AU, Yes, etc have always been unsuccessful going through the automatic route.

I've done everything possible - reduced leverage from 60L to 28L, closed many dormant cards, have no late payments at all for 10+ years and so on. CIBIL score has ranged from 790 to 754 (currently 769). Last week I again applied for SBI Octane card which got again declined. I was frustrated and escalated till PNO and they called to give the usual response of over-leverage. I pointed out that my total credit limit after all the closures and reductions now around nearly matches my total CTC. The agent said that it wasn't how she was seeing it. So I asked her how she knew what my income was when I had never submitted any income details while applying? She said she only knows that the income shown on her system is very low and I can be eligible only for SimplySave.

Then it dawned upon me that the reason for rejection all these years could've been the wrongly reported income data in my CIBIL. It is probably that data that she is seeing. You cannot submit salary slips while applying online all these systems ask for only the PAN right? So your income never really gets updated.

I then raised a dispute with CIBIL today submitting my payslips asking them to rectify the information. I then got this response from them:

----------------------------------------------------------------------------------------------------

B) In this regard of employment section, we would like to inform you that the above information reflecting in your CIBIL Report is reported by the following Credit Institution as submitted by you at the time of application of the credit.

Credit Institution Account number Income Reported Account Last Reported Date
SBI XXXX1212 50192 28/02/2019
SBI XXXX3643 50192 30/09/2019
SBI XXXX3108 50192 30/09/2019
SBI XXXX0741 50192 31/07/2021
SBI XXXX5015 50192 31/01/2022
SBI XXXX8818 50192 30/11/2023
SBI XXXX3156 50192 30/06/2023
SBI XXXX2484 50192 31/05/2024

Further, we would like to inform you that the income reflecting in the employment segment of CIBIL report is as submitted by you at the time of application of the credit. Secondly, the income reported for the latest updated account is displayed on the CIBIL Report.

We request you to contact the relevant Credit Institution/s for updating your personal information. Once the Credit Institution/s informs TransUnion CIBIL about the change in your personal information, we will update our records accordingly.

----------------------------------------------------------------------------------------------------

My income is more than three times what is shown here. How do I go about getting this done and corrected? And why is that only SBI has updated my income info? None of the 28 applications I made in the past 4 years seem to have updated the income info? HDFC is my salary account bank.

Please try to help a brother out? 🙂

P.S. As you can imagine the SBI branch is a nightmare. I dread even going anywhere near it.

 

[helloworld]

Believe it or not 100% income is not the criteria here for your credit card rejection.

You have 10+ years of history (that matters) and no late payments (very much considered).

SBI rejections based on the following parameters:
- too many open credit lines
- too much credit exposure (more than 20x income)
- too many enquiries

Hence, it is suggested to apply SBI as early as possible in ones' credit journey because early days with less credit cards its easy to get approval.

I'm not understanding why you cared so much for Octane, but since you want SBI card - its better to apply offline (can be found any malls, airports, banks etc.) they easily fills and remove all blockers in your application. Its just SBI Card is not meant for Online (even if its online, you have to go through multiple people about your application before proceeding for review).

Again, your income no way related for your rejection. CIBIL only cares for payment history, credit age, mix of credit cards, credit utilization.

Rest all including income, age, address etc. not the parameters here to consider the application or or for rejection.

So, if still required card from SBI do apply offline. And you can see the magic.

Btw,
how many credit cards you have?
how many enquiries in last 2 years?
any offline applications rejected?

 

[Wealth is my birth right!]

Same happened to me but in a positive way
AmEx reported me the rounded off high salary which i declared to them when applying
My employer is in AmEx approved list so no docs asked
Its 3 years back

 

[rogerthat]

Believe it or not 100% income is not the criteria here for your credit card rejection.

You have 10+ years of history (that matters) and no late payments (very much considered).

SBI rejections based on the following parameters:
- too many open credit lines
- too much credit exposure (more than 20x income)
- too many enquiries

Hence, it is suggested to apply SBI as early as possible in ones' credit journey because early days with less credit cards its easy to get approval.

I'm not understanding why you cared so much for Octane, but since you want SBI card - its better to apply offline (can be found any malls, airports, banks etc.) they easily fills and remove all blockers in your application. Its just SBI Card is not meant for Online (even if its online, you have to go through multiple people about your application before proceeding for review).

Again, your income no way related for your rejection. CIBIL only cares for payment history, credit age, mix of credit cards, credit utilization.

Rest all including income, age, address etc. not the parameters here to consider the application or or for rejection.

So, if still required card from SBI do apply offline. And you can see the magic.

Btw,
how many credit cards you have?
how many enquiries in last 2 years?
any offline applications rejected?

The thing is that I applied offline only. That too I found the DSA boss and applied through him. Still it got rejected. In fact this is the second time I am applying through agents. Last time I went through the mall guys and it got rejected.

Unfortunately I have 18 years credit history. I know it sucks to get old but there isn't much that can be done there... And ironically my first credit card was an SBI Card which I still am keeping (IRCTC).

• I have 11 credit cards with a combined limit of only 28L. I have worked a lot in the past 3 months to bring the combined limit down from the 60L it was earlier.
• 24 enquiries in the last two years.
• In the past one year I had a IndusInd card and a Yes Bank card approved (both came in via telecallers) and both of which I cancelled without activation. At the same time ICICI, SBI, HDFC rejected through offline applications. HDFC even when it is a salary account lol.

The rejection reason SBI is saying is overleveraged. I don't understand how I can be overleveraged when my income is 24L and combined credit limit is 28L. This is why I am suspecting SBI is taking the income basis in CIBIL which shows 6L annual income.

I am looking for Octane because that is literally the only worthy fuel card currently.

Thanks for the response...

 

[rogerthat]

basics (correct me if I'm wrong, do not have personal experience but based on product page on official site):

10,000/- per month (25000 points limit) = 1,20,000 = 6.25% + 1% waiver

problem: need to spend 80k more to get fee waiver + surchage waiver only upto 4000

so remaining 6000 = 1.18% = 71rs. extra every month.

every month:

10k fuel =
4k = 250 (6.25%) - 7 (18% GST on 1%) = 243
6k = 375 - 71 (1.18% surcharge) = 304

net return: on 1.2L spends = 5.47% (for some reason annual fee waived)

otherwise, 4% if fee paid.

some options:

amex platinum travel (try to achieve milestones) or mrcc (depends on fuel requirement)

in fuel card, power+ (alternative with similar offerings - some less limits), kind of easy to approve.

Regalia Gold.

Right contact at branch will get you this card easily. Even you're eligible for DCB.

Not sure where it went wrong in your approach, but IMO your offline process should be smooth, if went through right person.

Actually the 1% fuel surcharge waiver means for single transactions of less than Rs.4000. It is like that for most cards. Max fuel surcharge per month that can be availed per month is Rs.100. So more or less it's 2500 points a month. Terms and Conditions here. As for the shortfall I was planning to get the Rupay card and use it for UPI transactions to reach the annual fees waiver treshold. Also, add-on cards for family members.

I don't live in a metro city. AMEX acceptance is literally NIL outside the large hospitality and dining brands. There is no chance of any petrol pump accepting AMEX cards. It's even worse for Diners Black.

I don't think any HDFC cards provide points on fuel transactions. And there's surcharge on top of that.

The IDFC card seems to be way too complicated and low value overall. And I already have a IDFC card.

Even I don't know what is going wrong with my approach, I've asked and tried everything I could. The only card they can try to get me is SimplySave and that too there is no guarantee I will get it is what she said.

 

[helloworld]

I don't think any HDFC cards provide points on fuel transactions. And there's surcharge on top of that.

no points but regalia gold is for milestones which covers 5% benefit. surcharge same 1% waived.

Even I don't know what is going wrong with my approach, I've asked and tried everything I could. The only card they can try to get me is SimplySave and that too there is no guarantee I will get it is what she said.

meanwhile till your issue sorted (which only bank can tell) since you already have sbicard..

check this and see bpcl rupay card offered or not.

sbicard app -> more (after login) -> Benefits -> Avail new card

if bpcl rupay available, apply and wait for 2 months then contact support request for swap with octane.

you can ask immediately but then its only possible based on luck.

 

[MS R]

following / /

 

[SSV]

Dear TF Community,

I need some help from you all. So I've been applying for various credit cards for the past 2-3 years and nearly all my applications through online systems have repeatedly been unsuccessful. Even Credit Limit enhancements were rejected. The only successful ones were like Axis (thanks to Vimal), HDFC (came with salary account) and SCB (through RM). Multiple attempts at all others like ICICI, SBI, SCB and HDFC (initially), AU, Yes, etc have always been unsuccessful going through the automatic route.

I've done everything possible - reduced leverage from 60L to 28L, closed many dormant cards, have no late payments at all for 10+ years and so on. CIBIL score has ranged from 790 to 754 (currently 769). Last week I again applied for SBI Octane card which got again declined. I was frustrated and escalated till PNO and they called to give the usual response of over-leverage. I pointed out that my total credit limit after all the closures and reductions now around nearly matches my total CTC. The agent said that it wasn't how she was seeing it. So I asked her how she knew what my income was when I had never submitted any income details while applying? She said she only knows that the income shown on her system is very low and I can be eligible only for SimplySave.

Then it dawned upon me that the reason for rejection all these years could've been the wrongly reported income data in my CIBIL. It is probably that data that she is seeing. You cannot submit salary slips while applying online all these systems ask for only the PAN right? So your income never really gets updated.

I then raised a dispute with CIBIL today submitting my payslips asking them to rectify the information. I then got this response from them:

----------------------------------------------------------------------------------------------------

B) In this regard of employment section, we would like to inform you that the above information reflecting in your CIBIL Report is reported by the following Credit Institution as submitted by you at the time of application of the credit.

Credit Institution Account number Income Reported Account Last Reported Date
SBI XXXX1212 50192 28/02/2019
SBI XXXX3643 50192 30/09/2019
SBI XXXX3108 50192 30/09/2019
SBI XXXX0741 50192 31/07/2021
SBI XXXX5015 50192 31/01/2022
SBI XXXX8818 50192 30/11/2023
SBI XXXX3156 50192 30/06/2023
SBI XXXX2484 50192 31/05/2024

Further, we would like to inform you that the income reflecting in the employment segment of CIBIL report is as submitted by you at the time of application of the credit. Secondly, the income reported for the latest updated account is displayed on the CIBIL Report.

We request you to contact the relevant Credit Institution/s for updating your personal information. Once the Credit Institution/s informs TransUnion CIBIL about the change in your personal information, we will update our records accordingly.

----------------------------------------------------------------------------------------------------

My income is more than three times what is shown here. How do I go about getting this done and corrected? And why is that only SBI has updated my income info? None of the 28 applications I made in the past 4 years seem to have updated the income info? HDFC is my salary account bank.

Please try to help a brother out? 🙂

P.S. As you can imagine the SBI branch is a nightmare. I dread even going anywhere near it.

Several questions :

1) What was your latest successful CC application ? How much income you had declared in that application form.. Forget about whether you submitted your supporting income docs or not?

2) Have you ever held any SBI CC account ??

Can you reconcile your SBI applications with the dates starting from 28/02/2019 to 31/05/2024??
Do you think all these were your application enquiry dates?

SBI XXXX1212 50192 28/02/2019
SBI XXXX3643 50192 30/09/2019
SBI XXXX3108 50192 30/09/2019
SBI XXXX0741 50192 31/07/2021
SBI XXXX5015 50192 31/01/2022
SBI XXXX8818 50192 30/11/2023
SBI XXXX3156 50192 30/06/2023
SBI XXXX2484 50192 31/05/2024

 

[Nishan11]

I have 45 L ITR, Govt sector. Have 2 SBI cards Vistara & SimplyClick with 3 L & 4 L. Got this purely on cibil basis earlier. Have salary account with SBI.

Now they don't even increase CL due to internal policy or over leverage even after submitting all income documents.

 

[SSV]

I have 45 L ITR, Govt sector. Have 2 SBI cards Vistara & SimplyClick with 3 L & 4 L. Got this purely on cibil basis earlier. Have salary account with SBI.

Now they don't even increase CL due to internal policy or over leverage even after submitting all income documents.

How much is your total CL granted on all cards as per cibil??

 

[Nishan11]

How much is your total CL granted on all cards as per cibil??

75 L and that also due to 3 separate accounts by ICICI & AXIS for their 3 different cards.

 

[SSV]

75 L and that also due to 3 separate accounts by ICICI & AXIS for their 3 different cards.

so, it is not even 2 times your annual ITR and yo are already classified as Over-leveraged in the eyes of SBI..

 

[rogerthat]

no points but regalia gold is for milestones which covers 5% benefit. surcharge same 1% waived.


meanwhile till your issue sorted (which only bank can tell) since you already have sbicard..

check this and see bpcl rupay card offered or not.

sbicard app -> more (after login) -> Benefits -> Avail new card

if bpcl rupay available, apply and wait for 2 months then contact support request for swap with octane.

you can ask immediately but then its only possible based on luck.

No such luck in the app either. The only "benefit" available there is the CPP scam.

I had asked the agent on call of I could atleast get BPCL but she was adamant that the only chance I had was for SimplySave that too because the bank is now easily giving it out.

 

[Premium]

I don't know if this would be helpful in understanding this whole SBI over leveraged thing but here what happened to me-

Still preparing for gov exam, thus don't have a job yet, No ITR filed ever.

Had a HDFC Business moneyback from 2022 with 1L limit which was offered to me LTF as my father took the bike's loan in my name to build my credit history.

2. Got Tata Neu Plus as a 2nd card with shared limit. So total limit still remains 1L.

3. Got Yes Bank Select from telecaller. 1.2L provided. I had graduated by then, and I filled 40k as salary in my family business, No income docs were asked though.

4. Finally, out of a blue applied for SBI CB from sprint. Stated the same salary as above, again no income docs asked. No physical verification done, only had to confirm home and work address on call.
Got 95k as limit.

In short, IDK how SBI figured my salary, as I have never submitted any docs related to it. Had 6 inquiries in the prior 6 months of applying.

 

[rogerthat]

Several questions :

1) What was your latest successful CC application ? How much income you had declared in that application form.. Forget about whether you submitted your supporting income docs or not?

The last successful fresh CC application was IndusInd Legend last June. I didn't submit any kind of documents to them only PAN number. The application was sourced through incoming telemarketing call.

The last card I obtained by submitting income docs was BoB Eterna in April last year. I declared my proper income at that time (around 1L) in that form. It was approved and I got 1.5L CL.

The latest card I overall got was Axis Atlas last October by upgrading my old Select card over call.

2) Have you ever held any SBI CC account ??

Well, my first credit card was a SBI card (SBI Bangalore card) way back in 2006. I still have it in the form of SBI IRCTC Platinum card. Over the years I have held SBI FBB, SBI BPCL, SBI Prime and SBI SimplyClick cards.

Can you reconcile your SBI applications with the dates starting from 28/02/2019 to 31/05/2024??
Do you think all these were your application enquiry dates?

Wow. This has been an eye opener! You know what these aren't application enquiry dates at all! They are all Gold loans! And the dates are those when these loans were closed! And SBI (bank) reported the closure dates to CIBIL with my fake income attached to it?

 

[helloworld]

And SBI (bank) reported the closure dates to CIBIL with my fake income attached to it?

its not about income for sure. you just believed that support response, look other way where it exactly blocked.

 

[rogerthat]

its not about income for sure. you just believed that support response, look other way where it exactly blocked.

I think it is income only. Multiple levels of customer care and the agent too are insisting reason for rejection is over-leverage. According to CIBIL my income is 6L and CL is 28L or 4x. That is the very definition of over leverage by SBI Card... And they have never asked me for any income docs so how do they know what my income is?

If not income I don't understand why SBI is so adamant at refusing to issue me a card. Probably they want to completely avoid risk by issuing 40-50k limit cards with namesake benefits only to customers with very low credit exposure and earning and spending capacity. Ideal profile seems to be below 25 years of age and yearly income under 6-7L lakhs,

 

[helloworld]

I think it is income only. Multiple levels of customer care and the agent too are insisting reason for rejection is over-leverage. According to CIBIL my income is 6L and CL is 28L or 4x. That is the very definition of over leverage by SBI Card... And they have never asked me for any income docs so how do they know what my income is?

If not income I don't understand why SBI is so adamant at refusing to issue me a card. Probably they want to completely avoid risk by issuing 40-50k limit cards with namesake benefits only to customers with very low credit exposure and earning and spending capacity. Ideal profile seems to be below 25 years of age and yearly income under 6-7L lakhs,

some banks reject applications due to 'over enquiries' within their timelines (ex: federal, hsbc, sbi, stanc etc.)
some banks reject due to over leverage (ex: hsbc, sbi etc.) = here, it won't reach a stage its decision based on CIBIL overall credit limit
some banks just provide based on CIBIL report (ex: yes, idfc etc.)

rejection can be various reasons but not one from CIBIL page (personal, contact & employement information), remaining all contribute CIBIL like open accounts, enquiries, overall credit limit, past 3 years payment history etc.

but, anycase until you get accurate reason these all are just words but I' still stand that "wrongly reported income" is not the reason for rejection here.

Note: Overleverage and "wrongly reported income" not related - overleverage can only be determined after they ask our income then compare with total reported credit limit.

with 11 accounts its very hard to get SBI, HSBC, not a straight forward approach.

Anyway, I suggest give it a break and try after 3 months. I do not have any other solutions.