What to do?

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Last Comment 2022-11-11

2022-11-04

6 Months ago, I applied for many credit cards and so many applications were rejected and then my cibil got impacted.

So I thought about rebuilding my cibil score and then took FD based IDFC wow cc with a 5k deposit on 01/11/2022.

As I am a axis account holder, I have seen no joining or Annual fee for Indian oil cc in axis app. This free card got tempted me and I applied this axis Indian Oil card as it shows 0 joining and annual fees, surprisingly it was instantly approved today(04/11/22).

Now I am confused with this IDFC FD based card. Can I keep or close IDFC CC?

I am thinking to close IDFC as I don't need really now as Axis cc was approved. What happens to my cibil if I close within 5 days?

My main motto is to build my credit score for future.

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https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810531

getready

2022-11-04

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What happens to my cibil if I close within 5 days?

What's the rush? The damage is already done (Hard enquiries) + few more credit points reduction upon card cancellation (not a big deal*) but the cc issuer might leave a negative remark with credit information companies (via reports) that the user is not good with his financial decisions (You haven't even used the card yet*)

Just hold it for couple of months (Say 6?) and request cancellation

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810341

caks2006407

2022-11-04

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wait till u get Axis card; Axis can surprise u with approved to declined, that much reputation Axis has

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https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810320

guest_999

2022-11-04

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Your oldest cc is not even a month old & you already got another cc so closing the first cc won't have much impact. Btw how is your axis cc application instantly approved as that happens only when you click on apply now tab in axis app & see the card with no other details to enter unlike the usual application process where it asks whether you are an axis bank customer & if yes then enter your customer id to proceed with application even when applying after login into axis app.

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810341

caks2006407

2022-11-04

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wait till u get Axis card; Axis can surprise u with approved to declined, that much reputation Axis has

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810367

gopichand0224626

2022-11-04

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guest_999 wrote:
Your oldest cc is not even a month old & you already got another cc so closing the first cc won't have much impact. Btw how is your axis cc application instantly approved as that happens only when you click on apply now tab in axis app & see the card with no other details to enter unlike the usual application process where it asks whether you are an axis bank customer & if yes then enter your customer id to proceed with application even when applying after login into axis app.

They have given several options for income proof verification like bank statement upload, payslips upload, agent visit and automatic verification via linking bank. I have choosen the option of automated one verification with anumati (third party which is rbi approved) and instantly approved

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810491

guest_999

2022-11-04

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gopichand0224626 wrote:
They have given several options for income proof verification like bank statement upload, payslips upload, agent visit and automatic verification via linking bank. I have choosen the option of automated one verification with anumati (third party which is rbi approved) and instantly approved

But you said you are an axis acc holder so why is there an option for verification by linking bank/bank statement as these details are already known to axis from your axis bank acc. Also first time hearing about this "Anumati" for axis cc application for an existing axis bank acc customer.
@Tanmayyy

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810531

getready

2022-11-04

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What happens to my cibil if I close within 5 days?

Just hold it for couple of months (Say 6?) and request cancellation

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810675

gopichand0224626

2022-11-04

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getready wrote:
What happens to my cibil if I close within 5 days?

What's the rush? The damage is already done (Hard enquiries) + few more credit points reduction upon card cancellation (not a big deal*) but the cc issuer might leave a negative remark with credit information companies (via reports) that the user is not good with his financial decisions (You haven't even used the card yet*)

Just hold it for couple of months (Say 6?) and request cancellation

Yes. thank you. I will use it for 6months.

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810704

gopichand0224626

2022-11-04

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caks2006407 wrote:
wait till u get Axis card; Axis can surprise u with approved to declined, that much reputation Axis has

But I got msgs that card will be dispatched and already showing in credit cards section with masked card number also. https://i.imgur.com/4MQnf...pg

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810745

bohemian

2022-11-04

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Hold on for few months, its a good mix for cibil

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810769

gopichand0224626

2022-11-04

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bohemian wrote:
Hold on for few months, its a good mix for cibil

Yes correct. I will be holding secured cc, unsecured cc, consumer loan(slice) and personal loan (lazypay). Can u pls tell What will be my credit mix?

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810775

bohemian

2022-11-04

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gopichand0224626 wrote:
Yes correct. I will be holding secured cc, unsecured cc, consumer loan(slice) and personal loan (lazypay). Can u pls tell What will be my credit mix?

Secure and unsecured, bnpl(slice, lazypay)is not recommended.

Home loan, personal loan from bank also good with on time payment.

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8810804

Tanmayyy

2022-11-04

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guest_999 wrote:
But you said you are an axis acc holder so why is there an option for verification by linking bank/bank statement as these details are already known to axis from your axis bank acc. Also first time hearing about this "Anumati" for axis cc application for an existing axis bank acc customer.
@Tanmayyy

Axis approves some non-preapproved applications also instantly. Rare cases but happens.

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8811021

akki.akki

2022-11-04

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getready wrote:
What happens to my cibil if I close within 5 days?

What's the rush? The damage is already done (Hard enquiries) + few more credit points reduction upon card cancellation (not a big deal*) but the cc issuer might leave a negative remark with credit information companies (via reports) that the user is not good with his financial decisions (You haven't even used the card yet*)

Just hold it for couple of months (Say 6?) and request cancellation

do they hit cibil enquiry for fd based card as well ?

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8811385

getready

2022-11-04

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akki.akki wrote:
do they hit cibil enquiry for fd based card as well ?

Yes, they do

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8822399

gopichand0224626

2022-11-09

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Finally received my first unsecured CC as AXIS IOCL with LTF after 6 rejections from axis smile

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8822705

GautamgR

2022-11-09

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You can close IDFC Card, Its basically waste anyway, Barely any offers on merchants and benefits arent very personalised. Use that FD amount to get other secured ones like ICICI, OneCard, Paizabazaar (if you need Rupay Credit for Swiggy Offers) And diversify your collection ✌️

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8823449

satraghav

2022-11-09

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gopichand0224626 wrote:
Finally received my first unsecured CC as AXIS IOCL with LTF after 6 rejections from axis

BTW

1) what's the Credit Limit you got?

2) Applied as Salaried/Self employed?

https://www.desidime.com/discussions/what-to-do-481020cb-bd30-4005-ac85-8b541ff8b3bf?page=1#post_8826426

gopichand0224626

2022-11-11

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GautamgR wrote:
You can close IDFC Card, Its basically waste anyway, Barely any offers on merchants and benefits arent very personalised. Use that FD amount to get other secured ones like ICICI, OneCard, Paizabazaar (if you need Rupay Credit for Swiggy Offers) And diversify your collection ✌️

No it's visa infinite card, have amazing offer like 50% discount upto 300 on BMS