There are many possible ways to apply for credit card, either online or directly from a financial institution. Whatever way you applied for it, I want you to know that the issuer will undertakes a certain approval process before issuing the card. However, what could cause your application to be declined or rejected?
Reasons Credit Card Applications are Declined.
1. Bad Credit Scores
What is Credit Score?
- You have requested for credit card from various institutions
- You have applied for loans with various institutions
- You don’t pay your EMIs early
- Usually default on repayment of loans
2. Default in Loan Repayment
3. Low Income
4. Bad Use of Previous Credit Card
6. Too Young to get a Credit Card
7. Mistake in the Application Form
8. Address Verification Failed
How to Ensure Your Credit Card Applications Isn’t Declined
- Maintain and try get a good credit score
- Keep record of good balance on your credit card and minimum request rate for new ones.
- Include your other means of income when submitting your income eligibility information. This will enabled and increase your chances approval.
- Before submitting your credit card application form, recheck your information for error or mistyped spellings.
- Make sure you pay any available loan on time to avoid default that will reduce your credit score rate.