New DelhiOne hour ago
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It is seen many times that you apply for a credit card, but you do not get the card. Actually, a bank considers many things before accepting or not accepting any credit card application. He sees whether the person to whom he is giving the credit card is worth it or not. Today we are telling you about 5 reasons due to which credit card application gets rejected.
bad credit score
Credit card applications may also be rejected by those who have a poor credit score. If you have defaulted on any of your loans or you frequently pay your EMIs late, then your credit score may suffer even in such a situation.
Before issuing a credit card to any person, banks look at their repayment capacity. To know this, banks ask for Form 16 or salary slip of that person. If his annual income does not fall within the limits set by the bank, then that person’s application gets rejected.
due to high limit
Your application may get rejected even for taking more limit. That’s why build a good credit history with your first card, after which you will be able to get a premium card easily. If you’re getting a credit card for the first time, start with a basic card with no annual fees. This type of card is called no frills card. This is a card with a low spending limit. Do not fall into the trap of credit cards with high limits in the beginning.
don’t apply too much
Credit card issuing banks or non-banking financial institutions (NBFCs) check your credit history before approving your application. In such a situation, even if you have applied in many banks and for many cards, your application may be rejected. So avoid applying too much for the card.
on changing jobs frequently
If you change jobs frequently, then this is also not good for your credit card application. Frequent job changes are considered a sign of unstable careers and hence giving credit cards to such individuals is considered a bit risky. This reduces the chances of getting a credit card.