Guidance for credit card

[Seth]

I made one card against 2k FD and using since 8 months to build CIBIL.

Now my cibil is 763 so which unsecured credit card should I apply for first time.

I applied for ICICI , Axis and SBI before but they called and denied by saying low income although I pay IT of 3.7 Lacs and self employed.

What should I do in this situation?

Can I choose salaried instead of self employed as on salaried monthly income of 21k required which I have as per ITR , I was salaried before 1 year but not now.
So is it okay to do this?

And can I enter my old company name and address if I choose salaried?

Experts please advise

 

[pxg]

Banks will ask for last 3 months salary slip and/or latest ITR if they decide that they need to verify income. So, you can't just say you are currently salaried. And for self employed they will ask for ITR as well, specifically the computation of total income section and the acknowledgement.

I am 21 and self employed with my last ITR being below 5L (basically, applying for CC is on hard mode) and I managed to get 7 cards in 7 months. My credit score was about the same or even lower than yours, but I had a longer credit history (3-4 years) and credit limit using BNPL credit lines. And my FD card had 16k limit, for 2 years before I applied for my first unsecured card. Then I used that card to apply on C2C (card to card) basis. This only works with 1-2L+ limit cards, below that it's not worth it.

I think with a credit history of only 2k you might even get very low limit cards on the basis of both your ITR and credit history but it will take ages to upgrade card or get credit limit increase. 2k limit sucks because just spending 600 puts you above 30% utilization. And if you don't use the card (bill = 0) then your credit history won't have any payment recorded for that statement.

 

[tappukepapa]

You can try for FK axis, they are giving their cards to almost everybody including defaulters as its a paid card. 😀
But they are giving only 15K limit. Try via Flipkart app.

 

[Seth]

Banks will ask for last 3 months salary slip and/or latest ITR if they decide that they need to verify income. So, you can't just say you are currently salaried. And for self employed they will ask for ITR as well, specifically the computation of total income section and the acknowledgement.

I am 21 and self employed with my last ITR being below 5L (basically, applying for CC is on hard mode) and I managed to get 7 cards in 7 months. My credit score was about the same or even lower than yours, but I had a longer credit history (3-4 years) and credit limit using BNPL credit lines. And my FD card had 16k limit, for 2 years before I applied for my first unsecured card. Then I used that card to apply on C2C (card to card) basis. This only works with 1-2L+ limit cards, below that it's not worth it.

I think with a credit history of only 2k you might even get very low limit cards on the basis of both your ITR and credit history but it will take ages to upgrade card or get credit limit increase. 2k limit sucks because just spending 600 puts you above 30% utilization. And if you don't use the card (bill = 0) then your credit history won't have any payment recorded for that statement.

Ok so what should I do now?

I got SBI pre approved offer in paisa bazar, they showing no income proof required
I applied today let's see if they reject or approve l selected self employed
Let's see if they approve or not.

I applied in past for SBI via agent and they given 50k limit but asked me for vehicle RC or 4 lac ITR so it's not preceded.

My bank balance is good so should I give them my ITR or bank statement if ask for income proof?


And You got C2C using 16K limit FD card , Because I heard 50k limit needed for C2C.

 

[Seth]

You can try for FK axis, they are giving their cards to almost everybody including defaulters as its a paid card. 😀
But they are giving only 15K limit. Try via Flipkart app.

Okay let me try it.

I seen on YouTube that bankbazzar and lazypay giving instant approval to anyone based on cibil so should I try it any idea?

 

[tappukepapa]

Okay let me try it.

I seen on YouTube that bankbazzar and lazypay giving instant approval to anyone based on cibil so should I try it any idea?

I would suggest you don't go with these bankbazaar type apps, they shows pre-approved card in app but actually those are mostly fake, and too much spam calls and messages. they have ruined my credit score by applying for multiple cards without my consent.

 

[Seth]

I would suggest you don't go with these bankbazaar type apps, they shows pre-approved card in app but actually those are mostly fake, and too much spam calls and messages. they have ruined my credit score by applying for multiple cards without my consent.

Oh no! I hope I get SBI card approved now then my credit score would start.

Btw how approx much point cibil score affected for 1 enquiry if you have Idea?

I tried FK Axis but couldn't see on application , should I apply freecharge axis credit instead from freecharge app?

 

[Anil_SinghAnil_Singh is verified member.]

Oh no! I hope I get SBI card approved now then my credit score would start.

Btw how approx much point cibil score affected for 1 enquiry if you have Idea?

I tried FK Axis but couldn't see on application , should I apply freecharge axis credit instead from freecharge app?

No changes in score if you have 2-3 enquiries in a month. Also, if you are getting freecharge plus cc then go for it. Good start to build score. Also its a decent card from Axis.

 

[tappukepapa]

Oh no! I hope I get SBI card approved now then my credit score would start.

Btw how approx much point cibil score affected for 1 enquiry if you have Idea?

I tried FK Axis but couldn't see on application , should I apply freecharge axis credit instead from freecharge app?

1. 5-10 points drops but it depends upon different algorithms. Mine score improved 10 points despite 2 enquiries in a month. 😉
2. Apply FK axis from other account, or if you don't have apply banner then open flipkart - categories tab - credit section, there you will see its banner to apply.
3. Don't apply multiple cards at the same time, it will effect your credit worthiness.

 

[Anil_SinghAnil_Singh is verified member.]

1. 5-10 points drops but it depends upon different algorithms. Mine score improved 10 points despite 2 enquiries in a month. 😉
2. Apply FK axis from other account, or if you don't have apply banner then open flipkart - categories tab - credit section, there you will see its banner to apply.
3. Don't apply multiple cards at the same time, it will effect your credit worthiness.

Yeah. If you have applied FK card then don't apply any other card from Axis until you get result of 1st application.

 

[Seth]

@tappukepapa @anilsingh8248
Thanks both for answering my questions.

I can see FK axis in Flipkart app ,
I should take risk of 1 inquiry by applying FK Axis 😁😀
I will update if get SBI or axis any of get approved , Thank you🙏

 

[iamabhisekagar]

I made one card against 2k FD and using since 8 months to build CIBIL.

Now my cibil is 763 so which unsecured credit card should I apply for first time.

I applied for ICICI , Axis and SBI before but they called and denied by saying low income although I pay IT of 3.7 Lacs and self employed.

What should I do in this situation?

Can I choose salaried instead of self employed as on salaried monthly income of 21k required which I have as per ITR , I was salaried before 1 year but not now.
So is it okay to do this?

And can I enter my old company name and address if I choose salaried?

Experts please advise

Let me tell you my 6 month journey in CC...I have kotak 811 account...last year July I applied for Amazon Pay CC... rejected. One month later got a call from Kotak executive and they provided me 811 CC pre approved...which I accepted. 2 days later I got a app approved message from Flipkart with a link to apply for FK Axis CC which I did and got the card...then till December I made 11 enquiries but all in vain..then I applied for SBI Simply Click CC and got approved!


Just last week I got a limit Enhancement in my FK Axis CC!

My ITR is Rs 337000 and I am self employed...

Here's what I suggest...
Try entry level or co branded CC which has the bare minimum requirements (preferably where you have or had a bank account...I previously had Axis and SBI savings account in the past)...the moment you get one...stop applying till that card gets reflected in you Cibil (2-3 months) and then hunt for the next one...It has been working for me

 

[tappukepapa]

@tappukepapa @anilsingh8248
Thanks both for answering my questions.

I can see FK axis in Flipkart app ,
I should take risk of 1 inquiry by applying FK Axis 😁😀
I will update if get SBI or axis any of get approved , Thank you🙏

There is 99.9% approval chances of Fk axis, same happened with my cousin. He also applied fk axis with only fd based one card in his portfolio.

 

[Seth]

Let me tell you my 6 month journey in CC...I have kotak 811 account...last year July I applied for Amazon Pay CC... rejected. One month later got a call from Kotak executive and they provided me 811 CC pre approved...which I accepted. 2 days later I got a app approved message from Flipkart with a link to apply for FK Axis CC which I did and got the card...then till December I made 11 enquiries but all in vain..then I applied for SBI Simply Click CC and got approved!


Just last week I got a limit Enhancement in my FK Axis CC!

My ITR is Rs 337000 and I am self employed...

Here's what I suggest...
Try entry level or co branded CC which has the bare minimum requirements (preferably where you have or had a bank account...I previously had Axis and SBI savings account in the past)...the moment you get one...stop applying till that card gets reflected in you Cibil (2-3 months) and then hunt for the next one...It has been working for me

Thanks bro for Sharing your experience.

Got confidence from you as you are also self employed like me and getting pre approved credit card ,
I will only target 1 unsecured cc for now and use it to build CIBIL

Unfortunately I closed my Flipkart pay later of 25k back 7 months by seeing "bekifayti" YouTube video that pay later is bad and they show as loan so CIBIL gets reduced🥲

Now I got to know that Flipkart pay later will built CIBIL nicely and FK axis card approvel chances are also high without any proof if you use Flipkart pay later that's how I could get unsecured credit card easily.

Btw For SBI simply card what income proof you gave ?

 

[Seth]

There is 99.9% approval chances of Fk axis, same happened with my cousin. He also applied fk axis with only fd based one card in his portfolio.

Okay bro I'm applying it👍

 

[tappukepapa]

Thanks bro for Sharing your experience.

Got confidence from you as you are also self employed like me and getting pre approved credit card ,
I will only target 1 unsecured cc for now and use it to build CIBIL

Unfortunately I closed my Flipkart pay later of 25k back 7 months by seeing "bekifayti" YouTube video that pay later is bad and they show as loan so CIBIL gets reduced🥲

Now I got to know that Flipkart pay later will built CIBIL nicely and FK axis card approvel chances are also high without any proof if you use Flipkart pay later that's how I could get unsecured credit card easily.

Btw For SBI simply card what income proof you gave ?

here is my SBI Story, https://www.technofino.in/community...t-card-without-income-source.8555/post-135171

 

[iamabhisekagar]

Thanks bro for Sharing your experience.

Got confidence from you as you are also self employed like me and getting pre approved credit card ,
I will only target 1 unsecured cc for now and use it to build CIBIL

Unfortunately I closed my Flipkart pay later of 25k back 7 months by seeing "bekifayti" YouTube video that pay later is bad and they show as loan so CIBIL gets reduced🥲

Now I got to know that Flipkart pay later will built CIBIL nicely and FK axis card approvel chances are also high without any proof if you use Flipkart pay later that's how I could get unsecured credit card easily.

Btw For SBI simply card what income proof you gave ?

Not to bad mouth anyone but most Bekifayti videos have some erroneous information...So I kind of avoid it...I would suggest you to follow Pura Jankari YouTube channel...it is best for someone to obtain their first few CC

 

[Seth]

Not to bad mouth anyone but most Bekifayti videos have some erroneous information...So I kind of avoid it...I would suggest you to follow Pura Jankari YouTube channel...it is best for someone to obtain their first few CC

You are right about bekifayti 😂
I yesterday seen a video where se mentioned 6.6% cb on simply save sbi cc on all offline spend and in simply click sbi we get 5% on all online spend I checked it's wrong.

Yes I watched some videos of pura jankari since week , he gives accurate information about credit cards.

 

[Seth]

here is my SBI Story, https://www.technofino.in/community...t-card-without-income-source.8555/post-135171

Great bro that you got without income proof

 

[iamabhisekagar]

You are right about bekifayti 😂
I yesterday seen a video where se mentioned 6.6% cb on simply save sbi cc on all offline spend and in simply click sbi we get 5% on all online spend I checked it's wrong.

Yes I watched some videos of pura jankari since week , he gives accurate information about credit cards.

He also does frequent live streams every week at around 10 PM