IDFC First Bank Credit Card

[Neeraj920]

Hi
Can anybody advise, what could be the reason for declination of credit card after this much of steps? During the application they had mentioned that I will receive Wealth Credit card with limit more than 6 Lakh. This happened twice with me. First time I had applied in Dec 2022.

 

[Skylar]

Hi
Can anybody advise, what could be the reason for declination of credit card after this much of steps? During the application they had mentioned that I will receive Wealth Credit card with limit more than 6 Lakh. This happened twice with me. First time I had applied in Dec 2022.

View attachment 945

IDFC has the worst application prosses.
Have you asked IDFC reason for rejection?

 

[Neeraj920]

IDFC has the worst application prosses.
Have you asked IDFC reason for rejection?

Yes, but they did not give proper response. They told me that you have very good credit score and history, but they are unable to give reason for decline. They asked me to apply again after 6 months.

 

[Skylar]

Yes, but they did not give proper response. They told me that you have very good credit score and history, but they are unable to give reason for decline. They asked me to apply again after 6 months.

Your overall credit vs annual income?

 

[Neeraj920]

Your overall credit vs annual income?

Do you mean credit score or credit limit for any other card? They were offering 6.38 lakh credit limit during application.

 

[Skylar]

Do you mean credit score or credit limit for any other card? They were offering 6.38 lakh credit limit during application.

Na, your overall credit limit of all cards combined vs annual income.

 

[Skylar]

See, if my annual income is 5lac
and my credit limit of my 4 cards is 6lac

Then I'm overleveraged. as my credit is more than my income.
This reason is most common once SBI would give, but other banks won't tell cause their stupid systems have no option to show reason for rejection in their system.

 

[Neeraj920]

See, if my annual income is 5lac
and my credit limit of my 4 cards is 6lac

Then I'm overleveraged. as my credit is more than my income.
This reason is most common once SBI would give, but other banks won't tell cause their stupid systems have no option to show reason for rejection in their system.

My annual income is approximately 15 lakh and other bank cards like HDFC (4.7 lakh), AXIS (5.7 lakh), ICICI (5.7 lakh), SBI -4.21 lakh. I generally use less than 10% of credit limit.

 

[Skylar]

My annual income is approximately 15 lakh and other bank cards like HDFC (4.7 lakh), AXIS (5.7 lakh), ICICI (5.7 lakh), SBI -4.21 lakh

4.7+5.7+5.7+4.21= 20.31

So, here we go - Overleveraged - This could be the potential reason for rejection.

 

[Skylar]

May I know why you want IDFC Wealth card?

 

[Neeraj920]

May I know why you want IDFC Wealth card?

Because this one have lounge and other premium benefits. Now I am considering to apply Federal Bank celesta & AU Ixigo (LTF) along with IDFC. Please advise which one should I proceed and have higher chances of getting approval. I have home loan with outstanding principal amount 19 Lakh. Last time during the same duration, I got Indusind legend card approval with limit 5 lakh but IDFC got declined.

 

[Skylar]

Because this one have lounge and other premium benefits. Now I am considering to apply Federal Bank celesta & AU Ixigo (LTF) along with IDFC. Please advise which one should I proceed and have higher chances of getting approval. I have home loan with outstanding principal amount 19 Lakh. Last time during the same duration, I got Indusind legend card approval with limit 5 lakh but IDFC got declined.

What are your other cards from AXIS, HDFC and ICICI

- IDFC Wealth had premium benefits but a couple of months back it goes devalued you might have watched old videos of IDFC wealth, that card is not worth the hassle anymore.
- AU Ixigo - again the worst bank devaluation on it happens frequently and soon it will be a useless card.

- Federal Bank, I'm not at all familiar with it.

 

[Neeraj920]

What are your other cards from AXIS, HDFC and ICICI

- IDFC Wealth had premium benefits but a couple of months back it goes devalued you might have watched old videos of IDFC wealth, that card is not worth the hassle anymore.
- AU Ixigo - again the worst bank devaluation on it happens frequently and soon it will be a useless card.

- Federal Bank, I'm not at all familiar with it.

AXIS - Flipkart & My Zone, HDFC - Tata Neu Infinity & Regalia, ICICI - Amazon Pay & Coral Rupay,

Please suggest some good cards with LTF benefits

 

[Skylar]

AXIS - Flipkart & My Zone, HDFC - Tata Neu Infinity & Regalia, ICICI - Amazon Pay & Coral Rupay,

Please suggest some good cards with LTF benefits

Bro with your salary LTF cards is worse their return is worse.

Bro, I want you to check this channel
"Credit Cards Sahi Hai" some 700 subs see cards they are using.
In Axis, HDFC and ICIC alone you can get the best cards.

 

[Ramesh181]

Because this one have lounge and other premium benefits. Now I am considering to apply Federal Bank celesta & AU Ixigo (LTF) along with IDFC. Please advise which one should I proceed and have higher chances of getting approval. I have home loan with outstanding principal amount 19 Lakh. Last time during the same duration, I got Indusind legend card approval with limit 5 lakh but IDFC got declined.

Federal bank Celesta card, though they say its their top premium card but the features are very basic. But its good to have if you still want it as I believe they are offering it as a LTF now. I had this card as a LTF for over an year but never used it and closed it a couple of months ago.