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Credit Card Declined: 4 Reasons why your Application got declined

  • Highlights

  • why is my credit card declined

  • Not having a credit history may be a deterrent too

  • Your income maybe lower than what the lender needs

  • Your employment details may not be up to the mark

A credit card can boost your spending capacity, helping you out in times of need. However, not everyone is issued a credit card. If you’ve recently been declined a credit card, then you may want to know more about the reasons behind the rejection.

Reasons why your Credit Card Application Got Declined

Here are a few reasons why your credit card application may have been rejected:

  • 1. You may have a bad credit history

  • 2. You may not have a credit history

  • 3. You may have a low income

  • 4. Your employer details may not be satisfactory

You May Have a History of Bad Credit

Your credit rating is an important factor in the approval process. For banks and financial companies, your credit score stands as testament to your repayment ability. If you have a low credit score, then you will have a hard time obtaining a credit card.

You May Not Have a Credit History

When you apply for a credit card or a loan for the first time in your life, you may face some difficulties. Financial companies look at your credit rating as an indicator of your ability to repay loans. But if you don’t have a credit history to begin with, then it’s difficult for the issuer to gauge your repayment capacity.

Additional Read: How To Use Credit Card Wisely

In order to get past this barrier, it’s a good idea to apply for credit cards at the bank where you already have a savings or current account. This is because your bank can analyse your spending habits by going through your account history.

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You May Have a Low Income

Apart from your credit history, card-issuers also look at your income before accepting or your application. Your credit card eligibility is negatively affected when you have a low level of income. In India, financial companies usually grant credit cards to those who have an income of at least Rs 1,80,000 per annum.

Your Employment Details May Not Be Satisfactory

Credit card issuers also consider the company where you’re employed during the approval process. If you work in a non-listed private firm that’s not well-known, then your chances of obtaining a credit card may be adversely affected. Financial companies often look at people employed in such companies as high-risk individuals who are prone to income fluctuations and designation exaggerations. Working at an unknown firm is another one of the top credit card rejection reasons in India.

If you’re looking to obtain a credit card from a trustworthy financial company, then consider the services provided by Bajaj Finserv. Credit cards are offered to both salaried and self-employed individuals. Depending upon your qualifications and requirements, you can choose from either a world credit card or a platinum card. Each time you swipe your card, you win reward points that can be redeemed to avail an exciting range of benefits.

Additional Read: How To Use Credit Card Points

You could also be eligible for some exciting pre-approved offers. Save time by simply entering your basic details and find your pre-approved offer here. This simplifies the whole process of availing financing.

However, it’s essential to know the credit card eligibility and have your finances in order, before you apply for credit cards. With a credit card in hand, you can easily make a multitude of purchases, and will never lack funds during an emergency.

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