Credit Card Application: Credit card has become a part of common man’s life today. Credit cards have many benefits. You can pay shopping or other bills up to a certain limit through a credit card. Your credit score gets better every time you pay your credit card bills on time. This makes it easy for you to get a loan from the bank. Through this you can buy any item on EMI.
If you are applying for a credit card then you should keep some things in mind. Banks consider many things before accepting or not accepting any credit card application. Today we are telling you about the reasons due to which credit card application can be rejected.
If you change jobs quickly
- Changing jobs frequently is considered a sign of unstable career. Hence it is not suitable for your credit card application.
- Giving credit cards to people who change jobs frequently is considered a bit risky.
- The bank looks at the repayment capacity of the applicant before issuing the credit card.
- The bank can ask for Form 16 or salary slip from the applicant to know this.
- If the annual income of the applicant does not fall within the limit fixed by the bank, then the application may be canceled.
- If you are taking a card for the first time, then do not get caught in the circle of high limits. Doing so may result in cancellation of your application.
- For the first time, a basic, no annual fee credit card will be right for you.
- Build a good credit history with your first card and then apply for a premium card.
bad credit score
- A bad credit score is one of the main reasons for the rejection of credit card applications.
- If you have defaulted on any of your loans or often late repayment of EMIs, your credit score gets spoiled.
don’t apply too much
- Banks or Non-Banking Financial Institutions (NBFCs) can check the credit history of the applicant.
- Even if you have applied for multiple cards in multiple banks, your application may get rejected.