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Why does your credit card application gets rejected?
A denied credit card application is not the end of the world as it seems. Even people who get their act together find it happening for one reason, like inadequate creditworthiness for a particular card. If your credit card application has been declined recently or you expect it to happen, here are the possible reasons. Reading them, you will know what to do next.
1. Low credit score
The credit score is one of the essential aspects considered for accepting or declining a credit card application. Also known as a CIBIL score, it ranges between 300 and 900. A low credit score shows a loan or credit card applicant’s poor debt management.
Most banks have a standard credit rating to decide the creditworthiness of a person applying for a credit card. A low CIBIL score can have a negative impact on your credit card processing. A healthy credit score of over 700 is required to improve your eligibility for a credit card. It shows that you are able and can manage to repay your debts in a timely manner. Here are some reasons for a poor credit score:
- You failed to pay your EMIs on time
- You have defaulted on loan repayments
You can have quick credit card approval online with a high credit score.
2. Low income
When it comes to credit card processing, the applicant's income is considered to determine the repayment capacity. The eligibility criteria for the income differ from one bank to another. To prove that you have enough income, you need to submit documents like salary slips, Form 16, or income tax returns.
Though it largely depends on a credit card issuer to determine the income eligibility criteria, most of them ensure that an applicant is capable of paying off the balances or at least the minimum payment calculated on the outstanding balance every month.
3. No or limited credit history
In the absence of any credit history to show, your chance of having the credit card application approved is limited. How will the card-issuing bank evaluate your repayment or debt-management capability if you haven’t had any credit experience?
You will not have any credit score if you haven’t taken any loan, making it difficult for a bank to evaluate the risk of issuing you a credit card. Applying for a secured card is a good option to start your credit history. After building your credit file, you can go for the card you are eligible for.
4. Unstable work history
Most credit card providers look for steady work history when processing credit card applications. If you have been often changing jobs or have gone through periods without pay, your credit card application is likely to get rejected. The card providers may think that you may not be able to maintain the monthly repayment schedule, for you are often without work, or your income is too low to manage credit.
5. The credit card application lacks valid information
When applying for a credit card, you need to provide all the essential information, including your permanent and current residential addresses, employment details, age, bank account details, and borrowing history. In case the details filled in are wrong due to miscommunication or carelessness, the application will get rejected.
It is advisable to double-check the information before submitting the form to avoid rejection. You can easily get your credit report online from a reliable credit reference agency if you notice any errors in your credit file. For instance, the report shows a wrongly recorded missed payment. It may reduce your chance of successful card processing.
To conclude, the reasons explained can mostly lead to the decline of credit card applications. Since the credit card providers do not disclose the reasons for rejecting an application, it is up to you to go through the terms and conditions provided before submitting the application.
For the Metra Trust credit card. You can find a suitable credit card with multiple benefits.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.