Reasons why your Credit Card Application Can be Rejected
With the multiple options available in the Indian financial market today, it is very easy to apply for a credit card. You can apply online for a credit card from the convenience of your home or office. There are also pre-approved credit card options available to customers.
However, even if it is a pre-approved credit card or not, the lender undertakes a certain approval process before issuing a credit card to the applicant. Every lender takes various factors into account before deciding whether to accept or reject a credit card application.
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6 reasons why your credit card application could be rejected by a lender
Bad credit score
Most lenders reject credit card applications if the applicant has bad credit scores. Credit score is one of them most important factors behind the acceptance or rejection of credit cards as well as other loans. Most institutions have a standard credit score rate for considering the creditworthiness of the customer, i.e., whether he/she is reliable in terms of repayment of the credit availed from them.
Usually, a good credit score or CIBIL score would be 750+. The CIBIL score will be negatively affected if:
If you do not have a loan history, this also affects the credit card application since there is no track records to evaluate your creditworthiness.
