Am I over leveraged for SBI?

[AlooDum]

Currently I hold close to 10 cards with ITR of 30L & overall credit limit across all the cards 43L.

I don't have any SBI credit card and looking to apply one.

CIBIL of 781 & no defaults.

So my question is am I over leverage according to SBI??

Shall I apply directly or reduce my exposure?

 

[hellowo₹ld]

Tbh at this point I'm grateful enough to see the card getting approved. I read a thread where @D₹V ig if I'm not wrong got cb at 15k limit

Absolutely, use it fully if required but be mind that 'pay on time and never miss single payment' that is the only concern you have to keep on reminding yourself.

Btw, Congrats

 

[sidpsidp is verified member.]

Send where? Why not activate it ? What if i don't activate within 30 days 🥲🥲🥲

To sbi cc . Tell them that 20k cl is unusable & you won't activate such cc. Sending your amex statement and your salary slip will show that they've offered you less cl than you deserve. Mail them right away.

 

[sidpsidp is verified member.]

as you long as you pay ontime, u can use 100%. rest won't affect, there are other cards lying idle to contribute that gap.

No one know exact cibil algo as they tend to tweek it frequently.
Many people have hampered their score bt using cl of a single cc fully & not paying it back before bill generation.
I try to keep utilization of each cc below 25% by partially paying the due before bill generation.
Cc main advantage is free credit period, so decent cl is very important.

 

[samm255]

SBI Cards works very miraculously. They rejected my second card application when I applied for bank instant discount while on the other hand they made my SBI CB card LTF without any fuss.

 

[hellowo₹ld]

single cc fully & not paying it back before bill generation.

this is the major factor, always and all the time.

And >750 more than sufficient to get best in class interest rates w/ solid credit history (>3Y). Moreover income is high priority to avail credit card or loan finally.

 

[praveensudhakaran]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

 

[SSV]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

How many times it is if you exclude home loan ( ie all CC CL + PL)?
I would imagine it is around 2X

 

[Boy 07]

I tried all the possible ways to get the card and no luck. Atlast, got is as first card for my wife.

In my case - SBI said my HL+PL+ALLCC CL(my utilization is less than 2%) is 5X of annual salary. So, it is not possible.

Please explain HL and pl

 

[praveensudhakaran]

Please explain HL and pl

3X

The reason is IDFC wealth card with 1X of Annual Income as limit. MY EMERGENCY FUND😛😛😛

 

[praveensudhakaran]

Please explain HL and pl

HL - HOME LOAN
PL - PERSONAL LOAN

 

[Boy 07]

3X

The reason is IDFC wealth card with 1X of Annual Income as limit. MY EMERGENCY FUND😛😛😛

I have 11 cards with limit 16.88 L utilised 1 % it's being declined by sbi saying that Overlevaged what to do

 

[SSV]

I have 11 cards with limit 16.88 L utilised 1 % it's being declined by sbi saying that Overlevaged what to do

Utilisation is nothing to do with Overleverage.
To reduce your overleverage:
Either
1) Increase your annual income
or
2) Reduce your credit exposure, ie. your total CL

or Both.

All the best

 

[praveensudhakaran]

Utilisation is nothing to do with Overleverage.
To reduce your overleverage:
Either
1) Increase your annual income
or
2) Reduce your credit exposure, ie. your total CL

or Both.

All the best

Exactly, SBI consider the CL for leverage. Not utilization @Boy 07

 

[Boy 07]

Utilisation is nothing to do with Overleverage.
To reduce your overleverage:
Either
1) Increase your annual income
or
2) Reduce your credit exposure, ie. your total CL

or Both.

All the best

It was 22.88 L i reduced it 16 l i am closing the cards which i dont use but in the cibil i am not able to see my income detail and when i appy the sbi card there is no option to fill the income how sbi knows taht what is my annual income ? my annual income is above 6 L

 

[SSV]

It was 22.88 L i reduced it 16 l i am closing the cards which i dont use but in the cibil i am not able to see my income detail and when i appy the sbi card there is no option to fill the income how sbi knows taht what is my annual income ? my annual income is above 6 L

Not all the things in the cibil are shown to customers.
What we see and what the banks see are different to some extent..
We only see subset of what banks can see.
You should reduce your total CL below 10 to 12 L or increase your income beyond 9 L or both.

 

[Boy 07]

Not all the things in the cibil are shown to customers.
What we see and what the banks see are different to some extent..
We only see subset of what banks can see.
You should reduce your total CL below 10 to 12 L or increase your income beyond 9 L or both.

I will try

 

[rogerthat]

So SBI wants to give cards only to people who have no other cards or loans? Not a great business model. Looks like they will learn when they stop growing in acquisitions and share price tanks.

So, this is exactly what happened (market share and share price tanking)! Will they learn or not is another matter.

All's not well with SBI Card: Here's why profits and market share are falling - CNBC TV18

SBI Card is facing mounting challenges as profits drop, and market share shrinks. Regulatory pressures, rising credit costs, and shifting consumer trends are squeezing India’s second-largest credit card issuer.

www.cnbctv18.com

 

[D₹V]

So I'll be applying for SBI Cashback & A-Pay this Wednesday as soon as I turn 21. So Can you guys look into my case & give me a reality check???

Portfolio

1) AMEX - SmartEarn (Paid) - Rs. 1,62,000.
2) Axis Bank - Neo (LTF) - Rs. 1,34,000.
3) HDFC Bank- Millennia (Paid) + Swiggy (Paid) - Rs. 1,00,000 each.
4) Kotak Mahindra Bank - Zen Signature (LTF) - Rs. 35,000 + Myntra (Paid) - Rs. 27,000

CIBIL - 779
Credit Age - 2y 8m
Income - Take Home Salary - 70k approx.

I already have an account with ICICI under their Privilege program since the last year, I have an SBI Gold Segment Profile. What are the chances of approval & which one should I apply first ??? Throw in any other suggestions, if necessary.

@Vasuki @SSV @D₹V @Abhishek012

Anything below 10 card account is not over leveraged for SBI as per my research/observation.

BTW congratulations for the SBI cashback card.

Now before acquiring 10th card, apply SBI simply click or any other SBI card to get discount offers in sales. Later you can't get it (unless it's pre approved within the app).

And ICICI is notorious, can keep rejecting unnecessarily.

 

[Boy 07]

Absolutely, use it fully if required but be mind that 'pay on time and never miss single payment' that is the only concern you have to keep on reminding yourself.

Btw, Congrats

I have Cibil 779 and total limit of 9 cards is 13.5 L my annual income is 6 L am I over leverage for sbi card should I apply or not ????

 

[kuchbhikuchbhi is verified member.]

I have Cibil 779 and total limit of 9 cards is 13.5 L my annual income is 6 L am I over leverage for sbi card should I apply or not ????

ofc u r overleveraged