Hotness how to get a credit card with very basic profile

Hot Deal how to get a credit card with very basic profile

466°
Missing
Deal Cadet
168
821
10

my brother wants a credit card and he applied for hdfc but he got rejected
he files an ITR but maintains only required AMB in bank that too barely
but his CIBIL is only 299 he has never taken any loan or anything.
can anyone explain what does this mean

72 Comments  |  
19 Dimers
Cropped75770540910922727
Blogger
514
1934
51

It means he does not hold a good financial portfolio, hence is not yet eligible for any credit instruments.

Ask him to improve his profile in coming days to be eligible for loan and credits.

Missing
Deal Cadet
168
821
10
deb3l wrote:

It means he does not hold a good financial portfolio, hence is not yet eligible for any credit instruments.

Ask him to improve his profile in coming days to be eligible for loan and credits.

how to improve profile?
by maintaining more AMB or by doing more and more transactions or anything else?

Cropped254511418
Deal Cadet
493
299
5

Try in SBI by using Fixed Deposit as a cover…. He may get a cc with low limit. By the way, where you checked that score?? Many sites show different scores for me & official cibil.com shows I don’t have a credit history stuck_out_tongue_winking_eye

Cropped7885156231141019216
Deal Subedar
150
1498
17
MSDfan wrote:

Try in SBI by using Fixed Deposit as a cover…. He may get a cc with low limit. By the way, where you checked that score?? Many sites show different scores for me & official cibil.com shows I don’t have a credit history stuck_out_tongue_winking_eye

I have a cc(4 month old) but noone is fetching my history

Cropped75770540910922727
Blogger
514
1934
51
Expand
tank_u_m8 wrote:

how to improve profile?
by maintaining more AMB or by doing more and more transactions or anything else?

It’s least about AMBs but more about valid txns (not just trfs) and spends. It should not be within family too. Mostly business txns count. And yes, it’s not instant as you may know.. often takes months/ years to improve credit score.

PS: Consumer Loans highly impact the score. Settle immediately if any still exists.

Cropped254511418
Deal Cadet
493
299
5
Expand
tank_u_m8 wrote:

how to improve profile?
by maintaining more AMB or by doing more and more transactions or anything else?

No, to improve credit score you have to use credit instruments like credit card, home loan, vehicle loan etc. And pay the EMIs before due date

Cropped254511418
Deal Cadet
493
299
5
Expand
gauravnandwanii wrote:

I have a cc(4 month old) but noone is fetching my history

Need to wait for at least 2 more months bro

Cropped75770540910922727
Blogger
514
1934
51
MSDfan wrote:

Try in SBI by using Fixed Deposit as a cover…. He may get a cc with low limit. By the way, where you checked that score?? Many sites show different scores for me & official cibil.com shows I don’t have a credit history stuck_out_tongue_winking_eye

+1

Some banks provides credit cards with some covers, do check with different banks for the same. Your first one can be useful in many ways to improve it further.

Missing
Deal Cadet
168
821
10
Expand
deb3l wrote:

It’s least about AMBs but more about valid txns (not just trfs) and spends. It should not be within family too. Mostly business txns count. And yes, it’s not instant as you may know.. often takes months/ years to improve credit score.

PS: Consumer Loans highly impact the score. Settle immediately if any still exists.

yes i agree i got bombarded with offers for credit card after buying too many redmi 5a for 6 continuous months.
but does too many txns on sites like paytm have negative impact or not because he uses paytm a lot.

Cropped254511418
Deal Cadet
493
299
5
Expand
deb3l wrote:

+1

Some banks provides credit cards with some covers, do check with different banks for the same. Your first one can be useful in many ways to improve it further.

I have 2 credit cards bro. grinning grinning. I am using them since more than a year now. But still cibil.com is not fetching my score while all others are showing different ones

Cropped75770540910922727
Blogger
514
1934
51
Expand
tank_u_m8 wrote:

yes i agree i got bombarded with offers for credit card after buying too many redmi 5a for 6 continuous months.
but does too many txns on sites like paytm have negative impact or not because he uses paytm a lot.

Wallet txns are secondary ones. The primary bank account txn counts the most.

Missing
Deal Cadet
168
821
10
MSDfan wrote:

Try in SBI by using Fixed Deposit as a cover…. He may get a cc with low limit. By the way, where you checked that score?? Many sites show different scores for me & official cibil.com shows I don’t have a credit history stuck_out_tongue_winking_eye

sbi gives too much low limit which is of no real use.
got the score from paisabazaar they gave experian score.

Cropped75770540910922727
Blogger
514
1934
51
Expand
MSDfan wrote:

I have 2 credit cards bro. grinning grinning

Oh! I forgot to tag op. That comment was meant for him only. wink

Congratulations! plus1 grinning

Cropped254511418
Deal Cadet
493
299
5
Expand
tank_u_m8 wrote:

sbi gives too much low limit which is of no real use.
got the score from paisabazaar they gave experian score.

I suggested it just because his application has been rejected due to low score. It’s good even if he gets 10000 credit. BTW I got 55000 credit limit

Missing
Deal Cadet
168
821
10
Expand
deb3l wrote:

Wallet txns are secondary ones. The primary bank account txn counts the most.

no i meant that wether using main account to add money in paytm and getting money back from paytm to bank has a effects or not because generally all bankers at my home branch advise against it.

Cropped75770540910922727
Blogger
514
1934
51
Expand
tank_u_m8 wrote:

no i meant that wether using main account to add money in paytm and getting money back from paytm to bank has a effects or not because generally all bankers at my home branch advise against it.

Yes, they advised you the right thing. It has almost nil impact on the score.

Missing
Deal Cadet
168
821
10
Expand
MSDfan wrote:

I suggested it just because his application has been rejected due to low score. It’s good even if he gets 10000 credit. BTW I got 55000 credit limit

yes thanks will try for sbi but have to open an account there.
IDBI was offering him for a cc but he said not and switched bank to HDFC and they rejected it

Cropped75770540910922727
Blogger
514
1934
51
Expand
tank_u_m8 wrote:

no i meant that wether using main account to add money in paytm and getting money back from paytm to bank has a effects or not because generally all bankers at my home branch advise against it.

PS: Txns means business txns not retail txns. For salaried people, any sort of postpaid payments will work too.

Try to get any bank card first and after a while other banks will approve you based on your spend graph.

Cropped254511418
Deal Cadet
493
299
5
Expand
tank_u_m8 wrote:

yes thanks will try for sbi but have to open an account there.
IDBI was offering him for a cc but he said not and switched bank to HDFC and they rejected it

No need of opening an account to get credit card. And yes, he needs to open an account to do fixed deposit if they insist. Hope he gets one this time🤘

Missing
Deal Cadet
168
821
10
Expand
deb3l wrote:

PS: Txns means business txns not retail txns. For salaried people, any sort of postpaid payments will work too.

Try to get any bank card first and after a while other banks will approve you based on your spend graph.

what do you mean by business txns do you mean RTGS, NEFT or cheque txns or any other kind of txns.
sorry for asking too many questions but i want to learn.

Cropped75770540910922727
Blogger
514
1934
51
Expand
tank_u_m8 wrote:

what do you mean by business txns do you mean RTGS, NEFT or cheque txns or any other kind of txns.
sorry for asking too many questions but i want to learn.

Business txns are for business people who pay (on time) for business credits on regular basis. That impacts credit score a lot and help banks calculate eligibility for any business people.

Salaried ones need not to bother about the txn part but to focus on any loan or postpaid bill payment part.

Hope it helps. No issues for asking Qs bro. We all were newb one day. Knowledge grow by sharing only! Always happy to help.  grinning

Untitled 1
Deal Lieutenant
473
3465
92

How does he has 299 CIBIL score when the minimum possible CIBIL score is 300?

But let’s assume for a min that he actually has 299 score. And he has not taken any loan in his past then it means he is cheating the credit companies or not paying his postpaid bills. Many companies require PAN card/Aadhaar to give post billing facilities for their services. If he has not paid his bill or left the services without paying any outstanding amount then it can also be an issue. Many companies report to CIBIL. Or maybe he is cheating wallet companies with their post paid services. For example, if he has created a new wallet account and got post paid facility active. Then he bought something and threw the sim card away assuming they will not be able to get back their money if they are not able to get in contact. Or maybe somebody else found his ID and doing all this stuff on his name.

Anything is possible. To rectify this issue, pay for a detailed CIBIL credit report and fix whatever issue it has. If there are any fraudulent transactions then file a dispute against those transactions.

Once he has fixed his CIBIL report, he can get a credit card against a FD.

Missing
Deal Cadet
168
821
10
Roushh wrote:

How does he has 299 CIBIL score when the minimum possible CIBIL score is 300?

But let’s assume for a min that he actually has 299 score. And he has not taken any loan in his past then it means he is cheating the credit companies or not paying his postpaid bills. Many companies require PAN card/Aadhaar to give post billing facilities for their services. If he has not paid his bill or left the services without paying any outstanding then it can also be a issue. Many companies report to CIBIL. Or maybe he is cheating wallet companies with their post paid services. Like he has created a new wallet account and got post paid facility active. Then he bought something and threw the sim card assuming they will not be able to get back their money if they are not able to get in contact. Or maybe somebody else found his ID and doing all this stuff on his name.

Anything is possible. To rectify this issue, pay for a detailed CIBIL credit report and fix whatever issue it has. If there are any fraudulent transactions then file a dispute against those transactions.

Once he has fixed his CIBIL report, he can get a credit card against a FD.

it’s 299 experian score not CIBIL sorry my mistake
and i don’t understand what postpaid services mean does that mean local creditors or credit companies like bajaj or something other?

Yellow11 1256751 480x300 v1
Deal Subedar
75
1703
98
Expand
tank_u_m8 wrote:

no i meant that wether using main account to add money in paytm and getting money back from paytm to bank has a effects or not because generally all bankers at my home branch advise against it.

Doing too many debit transactions in savings account is never counted as a good habit
They need stable profile customers.
fluctuations multiple times a day with countless transactions is not appropriate profile for their AI
and maintaining MAB or doing transaction in savings account has nothing to do with cibil score

Yellow11 1256751 480x300 v1
Deal Subedar
75
1703
98
Expand
tank_u_m8 wrote:

it’s 299 experian score not CIBIL sorry my mistake
and i don’t understand what postpaid services mean does that mean local creditors or credit companies like bajaj or something other?

Postpaid services like epaylater , lazypay, paytm Postpaid, truepay etc
report to cibil if you don’t pay due

Untitled 1
Deal Lieutenant
473
3465
92
Expand
tank_u_m8 wrote:

it’s 299 experian score not CIBIL sorry my mistake
and i don’t understand what postpaid services mean does that mean local creditors or credit companies like bajaj or something other?

No. For example BSNL broadband or Airtel post paid mobile sim. If he has taken a postpaid connection and threw the sim out without disconnecting and paying his final dues. This is just an example.

Another example, if he has taken a phone from Flipkart cardless credit and didn’t pay it afterwards.

Or bought something from Paytm postpaid and then forgot about it or intentionally ditched the account.

Not judging but people do all kind of stuff these days. In fact few days ago someone was asking about it that what will Paytm do if he doesnt pay Paytm postpaid.

Also people don’t hesitate to hand over their details to every app they install or do KYC for 50 or 100 rs cashback. Malicious apps can also missuse your details.

Maybe he has not done any of these things and it is just a mistake. We are only speculating here unless you bring detailed credit report from the credit bureau.

Missing
Deal Cadet
168
821
10
Expand
Roushh wrote:

No. For example BSNL broadband or Airtel post paid mobile sim. If he has taken a postpaid connection and threw the sim out without disconnecting and paying his final dues. This is just an example.

Another example, if he has taken a phone from Flipkart cardless credit and didn’t pay it afterwards.

Or bought something from Paytm postpaid and then forgot about it or intentionally ditched the account.

Not judging but people do all kind of stuff these days.

Also people don’t hesitate to hand over their details to every app they install or do KYC for 50 or 100 rs cashback.

Maybe he has not done any of these things and it is just a mistake. We are only speculating here unless you bring detailed credit report from the credit bureau.

No he should not have any due, he does not use paytm postpaid or anything like that at all, all of his online things are done by me and i don’t remember anything like this.
I think the 299 score is because he does not have any credit history.
Anyways he will not pay for detailed credit report.
Most probably he will go and get bajaj finserv card, i holded him from getting that for so long and told him to get a  credit card instead.
But the overall the credit system is weird the person who actually needs cc does not get it and person who has no need is bombarded with offers.

Untitled 1
Deal Lieutenant
473
3465
92
Expand
tank_u_m8 wrote:

No he should not have any due, he does not use paytm postpaid or anything like that at all, all of his online things are done by me and i don’t remember anything like this.
I think the 299 score is because he does not have any credit history.
Anyways he will not pay for detailed credit report.
Most probably he will go and get bajaj finserv card, i holded him from getting that for so long and told him to get a  credit card instead.
But the overall the credit system is weird the person who actually needs cc does not get it and person who has no need is bombarded with offers.

If someone doesn’t have a credit history then it displays 0.

Also, credit history is actual representation of how responsible someone is towards his credits and bills. Would you give loan to a stranger who has bad record of credit. Banks are just trying to protect their money and you can’t blame them for that.

It’s up to you guys if you/your brother don’t want to fix this issue now. But remember, if he is not able to get a credit card based on poor credit history then what will he do when he actually need it for something significant like a loan for business, car or house.

It’s in his best interest to address this issue now so he does not keep facing such issues in future. Rest is up to you.

EDIT: I also forgot to mention that he may not be able to secure a good job in some industries. I get to know this a few months ago that some companies in specific sector (security, banking etc) check credit score before offering a employment position. They rejected someone with poor credit history. It’s fairly common in US.

Missing
Deal Cadet
168
821
10
Expand
Roushh wrote:

If someone doesn’t have a credit history then it displays 0.

Also, credit history is actual representation of how responsible someone is towards his credits and bills. Would you give loan to a stranger who has bad record of credit. Banks are just trying to protect their money and you can’t blame them for that.

It’s up to you guys if you/your brother don’t want to fix this issue now. But remember, if he is not able to get a credit card based on poor credit history then what will he do when he actually need it for something significant like a loan for business, car or house.

It’s in his best interest to address this issue now so he does not keep facing such issues in future. Rest is up to you.

I understand bank protecting their money but the problem is when they just annoy customers with credit card offer calls.
i never applied for cc but bank suddenly started calling me 15-20 per day saying sir please take our credit card and those calls did not stop till i got one from them.
So a person like me who has no need has to get one just to avoid those calls and a person who needs one has to struggle.
I am not saying bank should not protect their money but i am saying that there is some problem in the way these credit agencies give score.
And yes surely will try to convince my brother to get this sorted out and Thanks for you guidance.

Missing