Hdfc bank not releasing credit leverage?

[shariqAzim]

Hey folks help me understand, can banks just retain/block my credit limit even after i close my card? Shouldn't it be available for any other banks card to use from a general limit/leverage.

Back story:
I had a hdfc credit card which was worthless until jan 25, i applied hdfc pixel play which was somewhat worthless. I had closed the hdfc primary card few days after applying for pixel. And transferred 3 lakhs to pixel (as it was my primary card now)..
I closed my pixel card last week, now pixel aren't releasing the limit, rather saying it would be transferred only to a hdfc credit card (which sadly i dont have now).


At this point I don't have any cards from hdfc. And my credit leverage of 3 lakhs is lost because of this policy.

Question now is:
Can hdfc block and eat away the credit leverage like this or can i do something to get it resolved in my favour? Or am i wrong in understanding how credit leverage works or how it gets available for other institutions to use?

Asked this previously too without much help
https://www.technofino.in/community...whereas-it-should-be-available-for-all.42094/

 

[BhaiyaJi]

You are looking for credit limit without any credit card? Is my understanding correct?

 

[RAMESH BABU N]

Your understanding is wrong.

It's not possible nor feasible to transfer (or even consider) limits of closed cards from one bank to another bank.

So, do not expect that.

 

[shariqAzim]

You are looking for credit limit without any credit card? Is my understanding correct?

Your understanding is wrong.

It's not possible nor feasible to transfer (or even consider) limits of closed cards from one bank to another bank.

So, do not expect that.

First of all thanks for your responses.


Sorry if i am understanding incorrectly.

But normally often i see when i close cards, the limits can be used by other bank (approx 1.6 lakhs everytime) . Atleast 3 times i have seen it being available in last year itself.
Thus, i thought this is a general practice.

 

[SSV]

Hey folks help me understand, can banks just retain/block my credit limit even after i close my card? Shouldn't it be available for any other banks card to use from a general limit/leverage.

Back story:
I had a hdfc credit card which was worthless until jan 25, i applied hdfc pixel play which was somewhat worthless. I had closed the hdfc primary card few days after applying for pixel. And transferred 3 lakhs to pixel (as it was my primary card now)..
I closed my pixel card last week, now pixel aren't releasing the limit, rather saying it would be transferred only to a hdfc credit card (which sadly i dont have now).


At this point I don't have any cards from hdfc. And my credit leverage of 3 lakhs is lost because of this policy.

Question now is:
Can hdfc block and eat away the credit leverage like this or can i do something to get it resolved in my favour? Or am i wrong in understanding how credit leverage works or how it gets available for other institutions to use?

Asked this previously too without much help
https://www.technofino.in/community...whereas-it-should-be-available-for-all.42094/

okay.. now that you have no HDFC card, what is your CIBIL is showing with regard to HDFC cards?

If no HDFC cards are shown as active cards in the CIBIL then it wont effect your leverage ratio

 

[RAMESH BABU N]

First of all thanks for your responses.


Sorry if i am understanding incorrectly.

But normally often i see when i close cards, the limits can be used by other bank (approx 1.6 lakhs everytime) . Atleast 3 times i have seen it being available in last year itself.
Thus, i thought this is a general practice.

Based on your income levels n your CIBIL scores, as given in your applications, may be those banks must have arrived at 1.6L as your limit.

It has NOTHING to do with your erstwhile limit of closed card(s).