[sdp1975]

Originally Posted by amoghchaphalkar

Won't that affect your CIBIL score? From CIBIL's website:

Rule 5: Think twice before closing credit card accounts. While, using credit cards may negatively impact your credit history, unused credit cards actually imply that you are financially secure. This makes Loan providers view your application more favourably.

I had not thought about that. The main reason I closed my cards was phishing calls. I used to get calls telling me to redeem 7000 reward points - I would only have to disclose my card details . They already knew my contact details, name and the fact that I had a card - probably an insider job from the bank in selling out my details. Reported this to ICICI bank twice, but the calls didn't stop - finally closed my cards.

When I called customer support to close my cards, I came to know that there were other cards issued in my name that I had not even received and I asked them to close them as well. At one point, banks indiscriminately issued several cards to existing customers to expand their business.

I certainly don't miss a credit card these days.

[sgiitk]

Very interesting experience with TataSky. i wanted to pay using my MC Titanium (SCB) but the TataSky gateway for MC is on SBI which never works. So I ended up paying on my Visa which uses a different gateway, and missed out on the 5% Cash-back.

I got a phishing call from somewhere, which I reported to Stanchart. they escalated to the top and the SCB anti fraud unit also called me to follow up. The call was from a mobile number.

[binand]

Originally Posted by amoghchaphalkar

Rule 5: Think twice before closing credit card accounts. While, using credit cards may negatively impact your credit history, unused credit cards actually imply that you are financially secure. This makes Loan providers view your application more favourably.

This sounds as if CIBIL is batting for the credit card issuing companies. :-) I don't think any loan providers view unused credit cards that way. What does that mean, if I have to apply for a loan I should get several extra credit cards beforehand to get the best deal?

[amoghchaphalkar]

Originally Posted by binand

This sounds as if CIBIL is batting for the credit card issuing companies. :-) I don't think any loan providers view unused credit cards that way. What does that mean, if I have to apply for a loan I should get several extra credit cards beforehand to get the best deal?

I do not know how loan providers look at unused credit cards. But I do have a reason to believe what CIBIL has said is true from my own experience. I hold half a dozen credit cards of which I use only 2 that too for fuel and the occasional dining. Bill payments for these 2 happen on time. The other 4 are completely unused. And my CIBIL score is 800+ (I do not have any other loans). This over a period of close to 5 years now.

From what I have heard from my friends who applied for home loans; their CIBIL score did play a significant part in getting a good deal.

[panchi]

It is worthwhile to go back to basics of financing - keep yourself as less leveraged as you can. You take credit cards for the comfort of usage and CIBIL score is only a byproduct of your overall financial health. Accordingly, keep 1 or maximum 2 as per the need. It is unnecessary hassle to keep more credit cards. Keep focus on good balanced personal finance and credit score will build on it automatically.

I have only one credit card and I use it regularly and always paid on time for last 3 years. In addition, I always paid all my loans (personal/car/home loans) on time. My CIBIL score is 829.

-Panchi

Originally Posted by amoghchaphalkar

I do not know how loan providers look at unused credit cards. But I do have a reason to believe what CIBIL has said is true from my own experience. I hold half a dozen credit cards of which I use only 2 that too for fuel and the occasional dining. Bill payments for these 2 happen on time. The other 4 are completely unused. And my CIBIL score is 800+ (I do not have any other loans). This over a period of close to 5 years now.

From what I have heard from my friends who applied for home loans; their CIBIL score did play a significant part in getting a good deal.

[rkg]

i have two credit cards. The total value of transactions on these cards is high in the last 3 years. Use them at all the places. But CIBIL score is very high and I got SBI car loan in just two days.

Always paid in full on due date and never rotated the balance.

I think if one keep using the card judiciously, it will only improve, not reduce the CIBIL score.

To be frank i have taken the credit card only to improve my CIBIL score, because prior to that i do not have any credit card or loan. Hence CIBIL is showing no score at all for me as nothing is reported to them

[blorebuddy]

Originally Posted by sdp1975

I had not thought about that. The main reason I closed my cards was phishing calls. I used to get calls telling me to redeem 7000 reward points - I would only have to disclose my card details . They already knew my contact details, name and the fact that I had a card - probably an insider job from the bank in selling out my details. Reported this to ICICI bank twice, but the calls didn't stop - finally closed my cards.

I have got the same call asking me to redeem 7000 points which is expiring by revealing the card details. I have refused and complained it to ICICI Cust care. They have told not to reveal the details and there are fraud calls reported like that. I think the no is 011 4344 3060

[binand]

Originally Posted by blorebuddy

I have got the same call asking me to redeem 7000 points which is expiring by revealing the card details. I have refused and complained it to ICICI Cust care.

Somehow I get the impression this scam is attempted only on ICICI Bank credit card owners?

[zenren]

Originally Posted by binand

Somehow I get the impression this scam is attempted only on ICICI Bank credit card owners?

Considering the kind of information these callers have, there is certainly a leak within the ICICI system that is fueling these guys with critical information. The caller even knew the exact number of reward points that expired in my case.

Luckily for me, I sensed something fishy when I thanked them and said I'll pursue this offer directly with my relationship manager. After this, the way they tried to make me reveal my information to them confirmed my doubts regarding the fraud.

[null]

It's HDFC banks turn now to push a paid card across to me now.

The current lifetime free card is expiring & they sent a msg in may asking me to revert back if there is any change in address. Nothing to change, so ignore.

Now, I get a message saying the current card is being replaced with a higher money back cr. The message is crude, but I am pretty sure they will send out a card with annual fee (or with sm min spend clause) across.

ICICI did it to me a few months back. Now it is HDFCs turn. Is there some formal way of putting this cheap practrice to a stop?

[Dry Ice]

Originally Posted by null

... I am pretty sure they will send out a card with annual fee (or with sm min spend clause) across....

Best would be to ask them and get their response over email - if they are sending you a lifetime free card or not.

I have been using HDFC for quite sometime now - they were upfront about the min spend condition in my case, I took it anyway since I usually pay for petrol, diesel and all my utility bills via this card.

If you don't use the card much, I guess it's better to surrender the annual fee or even a min. spend card. This has a 50:50 chance of working - they may or may not offer you a lifetime free card.

[AutoNoob]

Originally Posted by sdp1975

I came to know that there were other cards issued in my name that I had not even received

This is another reason why one should check his/her CIBIL report atleast once a year. All credit cards issued to the individual are detailed in CIBIL report with their current status (active/ closed etc.)

[binand]

Originally Posted by null

The current lifetime free card is expiring [...] but I am pretty sure they will send out a card with annual fee (or with sm min spend clause) across.

Is there some formal way of putting this cheap practrice to a stop?

Aren't you jumping the gun a bit here? They haven't done "it" to you yet.

Also, is it just me who sees the irony in "lifetime free card expiring"? :-)

[null]

Originally Posted by binand

Aren't you jumping the gun a bit here? They haven't done "it" to you yet.

Well, they will. The SMS clearly says, they will be sending an upgraded card. After the ICICI experience, I am pretty sure even these folks wd pull a quick one here. I just checked their site. None of their cards are free as of now. Anyways, will email & check. If they don't want to give it for free, will ask them to cancel it as I am not dependent on it.

Originally Posted by binand

Also, is it just me who sees the irony in "lifetime free card expiring"? :-)

Haha. But I suppose its correct in creditcard lingo.

[rkg]

Originally Posted by null

Well, they will. The SMS clearly says, they will be sending an upgraded card. After the ICICI experience, I am pretty sure even these folks wd pull a quick one here. I just checked their site. None of their cards are free as of now. Anyways, will email & check. If they don't want to give it for free, will ask them to cancel it as I am not dependent on it.


Haha. But I suppose its correct in creditcard lingo.

Just wait and see. in my case my platinum plus chip card with spending thresholds for fee waiver was converted to life time free superia card. They have sent a mail also. it was done this year January.