The point is leverage ....simply put if you have x as income and if you have 4x as credit at any point of time you're over leveraged and may lead to default...so banks are risk averse on highly leveraged individual loan disbursement....and your last world Is a Typo or what is uninted limit???
KG for answer , last word is un utitlized limit .
If U Apply Loan Manually They Will Also See Limits In Credit Card For Financial Risk Factors.
Assuming U Have Credit Card Limit 1 Lakh , If a Loan Agent Asked To Reduce Limit , Then U Call CC Customer Care To Reduce Limit From 1 Lakh to 50k.
Pre-Approved Loans No Problem About Credit Card Limits.
Apart from this loan factor
1 more negative feature of having multiple cards that you may forget due date sometime which can cause problems in cibil.
Managing upto 10 cards at a time is mostly normal nowadays but above this very difficult and probability of forgetting due date is high.
So in short closing unnecessary cards is better.
do we have difficulty in other loans(like home loans) if we have too many CCs
Yeah, Income tax department will seize your assest. Be prepare brother 💪 ED will interrogate you regarding the purpose of so many cards. 😑😑
You are fine though as long as you don't do the money rotation.
hmm money rotation is not wrong though:) you might get IT notice if you do more than 10lakh rotation in a year in a single bank credit card or bank account, thats the only thing, its not really bad if you have all the proof papers of why you did the rotation :) hehehe
The point is leverage ....simply put if you have x as income and if you have 4x as credit at any point of time you're over leveraged and may lead to default...so banks are risk averse on highly leveraged individual loan disbursement....and your last world Is a Typo or what is uninted limit???
Apart from this loan factor
1 more negative feature of having multiple cards that you may forget due date sometime which can cause problems in cibil.
Managing upto 10 cards at a time is mostly normal nowadays but above this very difficult and probability of forgetting due date is high.
So in short closing unnecessary cards is better.
do we have difficulty in other loans(like home loans) if we have too many CCs