Credit card portfolio advise 🙏Thanks in advance ☺️

[modiradhe]

I have following..

1. IRCTC SBI platinum (LTF) since 5 years
2. ICICI coral LTF since 4 years
3. Amazon ICiCi
4. HDFC millenia 999fees 3 years
5. Axis vistara signature 2 years 3000 fees
6. Airtel axis 499 fees recently purchased
7. Hsbc platinum LTF
8 . Idfc select LTF
9. IDFC power plus 499 fees
10. IndusInd legend LTF
11. Kotak Indigo XL 1499 fees
that’s all

Please suggest me new card or close the previous one. Thanks in advance

Sbi cashback apply but rejected

CIBIL 772

 

[krishna1718]

Axis vistara signature 2 years 3000 fees or Kotak Indigo XL 1499 fees both are for flight travel you can select one and close other so you reduce burden. if you travel booking is satisified by using smart buy of hdfc you can close both also. you have hdfc millenia so no need sbi cashback rather try swiggy hdfc lifetime free and tata neu infinity lifetime free you can close useless lifetime free cards you feel or reduce life time free cards limit so it will improve your cibil

 

[modiradhe]

How to reduce the card limit.. and how is that affect the CIBIL score..?

 

[krishna1718]

How to reduce the card limit.. and how is that affect the CIBIL score..?

if you reduce credit limit then FOIR will be good so you can get better cards or credit limit increase in good cards of you

 

[abhimarda]

if you reduce credit limit then FOIR will be good so you can get better cards or credit limit increase in good cards of you

There isn't any FOIR in credit card. FOIR is only in loans. Though some banks may be looking at total limits available to you and think that you are over leveraged though exact leverage can be calculated by them only if you are applying basis income documents.

 

[doctoramar]

I have following..

1. IRCTC SBI platinum (LTF) since 5 years
2. ICICI coral LTF since 4 years
3. Amazon ICiCi
4. HDFC millenia 999fees 3 years
5. Axis vistara signature 2 years 3000 fees
6. Airtel axis 499 fees recently purchased
7. Hsbc platinum LTF
8 . Idfc select LTF
9. IDFC power plus 499 fees
10. IndusInd legend LTF
11. Kotak Indigo XL 1499 fees
that’s all

Please suggest me new card or close the previous one. Thanks in advance

Sbi cashback apply but rejected

CIBIL 772

Depends on your expenses where you spend and whether you want rewards for travel or cashback.

 

[krishna1718]

There isn't any FOIR in credit card. FOIR is only in loans. Though some banks may be looking at total limits available to you and think that you are over leveraged though exact leverage can be calculated by them only if you are applying basis income documents.

now a days sbi decreasing card limits suddenly just because of FOIR

 

[abhimarda]

now a days sbi decreasing card limits suddenly just because of FOIR

Do you even understand what is FOIR?

 

[krishna1718]

Do you even understand what is FOIR?

FOIR full form is 'Fixed obligations to income ratio' and it's a metric used by banks and other financial institutions to assess an individual's loan eligibility. FOIR is calculated by considering fixed monthly expenses and by keeping out statutory deductions, such as Provident Fund, Investment Deductions, and Professional Tax. Although added obligations, including rent, may be deemed fixed obligations depending on income, a FOIR indicates a candidate's disposable income that they can use to repay existing and new debts. As a result, a person's loan eligibility is heavily influenced by their FOIR

 

[abhimarda]

FOIR full form is 'Fixed obligations to income ratio' and it's a metric used by banks and other financial institutions to assess an individual's loan eligibility. FOIR is calculated by considering fixed monthly expenses and by keeping out statutory deductions, such as Provident Fund, Investment Deductions, and Professional Tax. Although added obligations, including rent, may be deemed fixed obligations depending on income, a FOIR indicates a candidate's disposable income that they can use to repay existing and new debts. As a result, a person's loan eligibility is heavily influenced by their FOIR

Perfect! So In a credit card there is no fixed obligation as the amount to be paid is not fixed like EMI hence there is no FOIR. The bill is what you have spent in the month which can be anything. So there is no FOIR change even if you increase or decrease your credit card limit.

 

[krishna1718]

Perfect! So In a credit card there is no fixed obligation as the amount to be paid is not fixed like EMI hence there is no FOIR. The bill is what you have spent in the month which can be anything. So there is no FOIR change even if you increase or decrease your credit card limit.

creditcard is also loan bro if your limit going to increase across all cards than your income bank feels risk so they may decrease or increase exisiting limits or they reject new creditcard application

 

[abhimarda]

creditcard is also loan bro if your limit going to increase across all cards than your income bank feels risk so they may decrease or increase exisiting limits or they reject new creditcard application

Credit card is a credit line rather than an amortizing loan. I am a banker for 17 years and I have approved all sort of loans personal in nature whether unsecured personal loan, home loan, education loan, car loan etc but you are the first one to tell that credit card payment to taken in FOIR. Ok, then tell me, if my credit card payment for last 3 months is 5k, zero, 50k, and zero, what amount should be taken for calculation of FOIR. Ultimately credit card spend is expense which is already considered and then banks decide how much FOIR should be if they were to take a loan which has fixed obligation. A FOIR of 40% means 60% is available to spend or invest so that 60% already takes care of card spend. And as said earlier banks may see leverage which is seen as Total amount of credit lines/loans available to a person against his/her income which may get affected by reduced credit limits but not FOIR.

 

[krishna1718]

Credit card is a credit line rather than an amortizing loan. I am a banker for 17 years and I have approved all sort of loans personal in nature whether unsecured personal loan, home loan, education loan, car loan etc but you are the first one to tell that credit card payment to taken in FOIR. Ok, then tell me, if my credit card payment for last 3 months is 5k, zero, 50k, and zero, what amount should be taken for calculation of FOIR. Ultimately credit card spend is expense which is already considered and then banks decide how much FOIR should be if they were to take a loan which has fixed obligation. A FOIR of 40% means 60% is available to spend or invest so that 60% already takes care of card spend. And as said earlier banks may see leverage which is seen as Total amount of credit lines/loans available to a person against his/her income which may get affected by reduced credit limits but not FOIR.

well i dont know indepth as you know ok thanks for updating us