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Credit Cards & self employed option

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Comrade
stoptomove
Got two many rejection in last six monts for my credit card application.
They hit my cibil, show me eligibility for good card variants, do VKYC, then physical verification, demand more docs and information. Then finally through rejection sms / email.

Every piece of information  and documents provided by me are genuine and authentic. I apply as self employed person.

Should I now give up and stop new application. Tata new plus is provisionally approved for me but after so many in a row rejection i am afraid to apply.
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Deal Cadet Deal Cadet
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Self employed definitely works bro. I am self-employed and still consider myself a credit card newbie because almost all my cards are entry-level.

I started in Jan 2022 with my first CC SimplyCLICK. But managed to get 14 CCs in 13 months - SimplyCLICK, ICICI Amazon Pay, ICICI Platinum, HDFC Business MoneyBack, HDFC Tata Neu Plus, OneCard by South Indian Bank, RBL SaveMax, RBL Duet, BOB Select, IDFC First WOW! (ok this one is secured, got it for 0% forex) 😁, PNB RuPay Platinum, Yes Bank FinBooster, Kotak Zen Signature, and Axis MyZone. All are LTF except Tata Neu Plus. SBI SimplyCLICK was paid until this year when due to a blunder from them, I closed it and they re-activated it LTF. They're not premium or high-end but I got them mainly for the monthly discounts. Once I get from all banks, I will slowly upgrade them to premium ones.

What works - apply patiently, don't be disappointed by rejections - banks will approve if you show them ITR + good CIBIL, open savings accounts wherever pre-approved ones come easily. PM me if you want more details.

Rather than the reward points one, I prefer cashback or flat discount ones or where reward points are automatically converted into cashback without any charges or minimum point redemption rules. Reward point cards are a bit time-consuming to keep track of, and when those points expire, they sort of force us to spend more in shorter time period to redeem those points, so I avoid those or use the reward points cards mainly for the flat discounts that have around festive occasions.

Deal Cadet Deal Cadet
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guest_999 wrote:

Having a physically verifiable business address different from home address too?

@some1anywhere

No bro. I am a blogger so office address is same as home address and because of that and self-employed combination, I have had my fair share of struggles getting credit cards. In today's age when one can work and earn from home if you are into online content creation, banks should really relax this rule about having an office address different from home address. As long as our CIBIL is good, on-time payment record is clean and ITR is decent, banks should be more liberal. Oh well, I still haven't managed to secure some banks' credit cards because of this bank policy.

Certain banks like SBI which have already given me pre-approved are still demanding business address proof again for their higher variant cards like SBI cashback (₹999 fee) yet once they offered me the paid SBI Pulse card (₹1500 fee, the one that gives free gym sessions per month) at the branch pre-approved (but I didn't take it because there was no eligible gym nearby). Banks have very weird rules and policies for self-employed people.

@stoptomove

Mobile Guru Mobile Guru
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Self-employed is not the issue, something else (you got to figure it out what it is). Apart from one or two credit card issuers, no one (+ TataNeu Plus) is demanding income documents these days (CIBIL/Experian score + Existing credit relationships / limit alone being deciding factors)

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Comrade Comrade
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After writing this discussion, I applied for yes bank finboster credit card through bankbazar to release my frustration and distroy my cibil triumph. Now sharing my take home:
1. First time ever applied via nonbank channels.
2. I applied as self-employed
3. Home and office address same in my application
Now  Bankbazar created duplicate applications mentioning my office address something diffrent then i applied and there is now two application for yes bank in my name angry
I tried to vkyc several times but somehow they were not able to capture my pan card.
Then i told bankbazar about this two application and misleading information about my office address.
They told me that first application is canceled and second one is active. Will check for office address
Then after an hour another executive called and told that you have to provide a different office address as yes bank dont allow same residential and office address.
Now i know the culprit!!

Comrade Comrade
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I am thankful to bankbazar executive who shared that few banks allow and few not allow same office and residential address.

Kindly share bank name here on basis of approved credit cards with same office and residential address.

Helpful Helpful
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stoptomove wrote:

I am thankful to bankbazar executive who shared that few banks allow and few not allow same office and residential address.

Kindly share bank name here on basis of approved credit cards with same office and residential address.

Check PM

Deal Cadet Deal Cadet
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Spanjaykumar wrote:

Bro I did it only getting Amazon ICICI CC (First CC) but I choosen as>Salaried Then> Self Employed.... now I'm salaried person & Applied for 8 credit cards but they didn't do any physical or ask salary slips..... Bob mentioned 25,00,00,00,00 Annual income at CIBIL profile...but even indusind Rejected my application due to different address in aadhar card....🤔

Oh ok now you are salaried actually. ok got it. Nice. Which 8 CCs you got? 🙂

Deal Cadet Deal Cadet
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stoptomove wrote:

I am thankful to bankbazar executive who shared that few banks allow and few not allow same office and residential address.

Kindly share bank name here on basis of approved credit cards with same office and residential address.

Note that this again depends on whoever at the bank is processing your application. e.g. During my initial HDFC CC application in Feb 2022 they declined citing this reason (office address must be different from home address). Then for pre-approved offer in November, they couldn't care less and gave me decent limit of 1.88L.

Yes Bank also got approved despite this as did SimplyCLICK (But SBI Cashback denied for this reason!). Axis denied Axis Freecharge Plus for this reason last Dec but now approved My Zone. So it's all idiotic policies from bank or excuses to deny the CC.
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stoptomove wrote:

I am thankful to bankbazar executive who shared that few banks allow and few not allow same office and residential address.

Kindly share bank name here on basis of approved credit cards with same office and residential address.

Do share in this thread if you get any info about the same bro

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some1anywhere wrote:

Oh ok now you are salaried actually. ok got it. Nice. Which 8 CCs you got? 🙂

SBI Paid, RBL LTF, YesBank LTF, IDFC LTF, Au LTF, Axis MyZone LTF, HDFC LTF, PNB LTF...

Comrade Comrade
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some1anywhere wrote:
Note that this again depends on whoever at the bank is processing your application. e.g. During my initial HDFC CC application in Feb 2022 they declined citing this reason (office address must be different from home address). Then for pre-approved offer in November, they couldn't care less and gave me decent limit of 1.88L.

Yes Bank also got approved despite this as did SimplyCLICK (But SBI Cashback denied for this reason!). Axis denied Axis Freecharge Plus for this reason last Dec but now approved My Zone. So it's all idiotic policies from bank or excuses to deny the CC.
smile
Comrade Comrade
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stoptomove wrote:

Poll: Self employed option does work?
75% votes says yes
25% votes says no

Now 68 yes 31 no flushed

Deal Newbie Deal Newbie
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getready wrote:

AU guys are paranoid (Have mentioned this many times before here). Even for opening savings accounts, they cancel the application if you mess up (Say you opted for Self employed but confirmed as Self employed professional to their verification) and then the serviceable pincodes are limited too, many pre-approved applications got rejected for the same reason

With that said, AU too approves self-employed applications instantly (just based on CIBIL / Existing relationships)

Yes ek no ka cho#$ bank h 🤣

Comrade Comrade
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Experian report down by 149 points. For the rejection of AU card + 2 othere hard queries fearful

I simply hate experian. ..

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