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?

 

[Boy 07]

ofc u r overleveraged

How much limit should be for all cards with income 6 L

 

[kuchbhikuchbhi is verified member.]

How much limit should be for all cards with income 6 L

Below your income ig
@SSV can say better

 

[SSV]

Below your income ig
@SSV can say better

Ideally it should be less than 2 times your annual income

 

[Boy 07]

Ideally it should be less than 2 times your annual income

It's meens it should be under 12 L

 

[Sahil_07]

I too faced rejection because of this over leveraged issue.
Now I want to reapply.
Will applying from the branch make any difference? OR the method is same for both?
If this time they reject,I will make a complaint in the Rbi Ombudsman

 

[Boy 07]

quite possible that sbi may NOT find you over leveraged as your limit is still lower than annual salary BUT SBI can do anything

Can any one tell me about this I have paycheck ( Uni) It's a credit line 1,50 L it's showing in my Cibil as a Personal loan .may it's count leavrage as sbi Declining my application from the month it has been shown in my Cibil ??

 

[Zacobite]

Can any one tell me about this I have paycheck ( Uni) It's a credit line 1,50 L it's showing in my Cibil as a Personal loan .may it's count leavrage as sbi Declining my application from the month it has been shown in my Cibil ??

it is not leverage.. it is usage of credit... will impact the credit score...

 

[Beyond]

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

I had similar profile like yours when I was approved for SBI, so you are not overleaverage by any stretch of imagination.
SBI cashback card has very low approval rate, If anywhow SBI rejects then try to secure other sbi card first before applying for cashback.

PS. - Congrats for your card approval. did not realise its 2 month old thread.

 

[Hemang]

UPDATE: The Apay rejection reason says -

• Rejected due to insufficient/adverse of credit history being less than required policy norms

Firstly they fetched EQUIFAX credit report & not CIBIL which is mostly irrelevant and inaccurate IMO. So I sent an email for reconsideration of my application wherein I attached my CIBIL Report & explained my case. CIBIL - 779, credit age - 2y 8m, no defaults whatsoever. I sent e-mail to girish.sehgal@icicibank.com, sandeep.bakshi@icicibank.com, anish.madhavan@icicibank.com, managingdirector@icicibank.com, senior.management@icicibank.com, headservicequality@icicibank.com, pno@icicibank.com & headcreditcards@icicibank.com.

I have not received a single auto reply acknowledgment e-mail. Sent the same e-mail two times more yet no auto reply acknowledgment e-mail, which forces me to think whether or not they have actually received the e-mail. I'm quite worried. Please help me figure out if there's anything more I can do?? @Vasuki @SSV

Even my application was rejected when i directly applied for amazon icici bhai. After 6 months too they had not deleted my previous application so it was not allowing me to apply. THen i approached icici bank directly, she suggested that if there is core card of icici bank with you then it is instantly approved for amazon icici. Now this may be an expansion strategy but it did worked with me.
After me, same thing happened with my juniors too, those who had platinum icici cc easily got amazon icici approval in 5 minutes. So you can explore this route too. No harm in keeping a core icici cc for 10% instant discount, and if you don't need it afterwards you can always close them.

 

[akiratoriyama]

Even my application was rejected when i directly applied for amazon icici bhai. After 6 months too they had not deleted my previous application so it was not allowing me to apply. THen i approached icici bank directly, she suggested that if there is core card of icici bank with you then it is instantly approved for amazon icici. Now this may be an expansion strategy but it did worked with me.
After me, same thing happened with my juniors too, those who had platinum icici cc easily got amazon icici approval in 5 minutes. So you can explore this route too. No harm in keeping a core icici cc for 10% instant discount, and if you don't need it afterwards you can always close them.

It is true.