10 Reasons For Credit Card Application Rejection | Why Application Denied?
10 Reasons for Credit Card Application Rejection
Have you ever been rejected when trying to apply for a credit card and you’re probably wondering why? Then you really need to read this article in which we are describing the 10 Reasons for Credit Card Application Rejection. There’s no doubt rejection hurts, especially if you have enthusiastic desire to put a shiny credit card into your wallet in case of emergency but your form is rejected makes you think Why Application Denied?
When it doesn’t come in the market, you had to turn your family, friends, and financial institutions to meet unexpected financial needs i.e. such a hassle. But now, just carry it into your pocket or wallet and meet all your expenses. In specific case you will also achieve rewards and cash back for making purchases via using card. Isn’t great offer but to get any precious things is not an easy task.
Improper Application Form
Major reason for application rejection is an error in your form because people do not pay adequate attention at the time of filling an application form and did mistake. Just think at once if you a left digit at the time of mentioning salary or phone number what will result come? Sometimes we did another type of signature which doesn’t match up with the original signature. Hence it is vital that you pay attention while filling an application form.
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Issues Related With Credit File
Your credit card posses your personal and financial history and often used to determine your application form is victorious or not. If you missed any document which is required as payments on bills or loans and other similar factors it will be denied by the management. Check your files carefully and obvious problems from it then you will get copy of your credit file via MyCreditFile service etc.
Due To False Information
If you live in it’s naive to think you can fool credit card providers then this is huge mistake of applier. The association needs to ensure accurate information; if your information is incorrect they will reject your application. Even if you do not intentionally provide false information, you can prove yourself innocent by presenting evidence.
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If you do not meet the requirement i.e. your income is not sufficient for credit card in this condition you would not be approved. Income criteria is different for every applier as citizens permanent residents and temporary residents
If you consist abroad residence some credit card providers doesn’t accept your application form. One more condition behind the rejection of your form if the applier doesn’t have its own permanent residence it posse’s temporary residence then that person not be eligible for credit card.
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Unstable Job History
Generally, applier needs to show income certificate of two months to prove they can meet repayments. If you are job seeker or doesn’t possess any permanent job it works as hurdle. In this case, you will have to do very strong efforts if you desire to get credit card.
Self-employed individuals may find the credit card difficult as compared to salaried individuals. Banks don’t trust employees of a small proprietorship or partnership concerns because they can close at anytime. Bank likely to reject these kinds of applications. While well-known multinational companies which are listed on stock exchanges are easily get Credit Cards.
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Access Of Credit
One another reason behind the rejection of application form is too much credit available. The organizations which provide the credit card want to see that you’re only using a portion of the credit that’s available to you. If you’re maxed out, your credit card application is denied. Keeping your balances less than from 30% is the great option of your credit score.
Your Last Delinquency
Credit card providers seem the type of delinquency as well as how long it’s been since you were last delinquent. For six years ago if you did your payment late ups to 90-days it won’t hurt as badly as one from six months ago.
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Charge-Off On Your Credit Report
If you ever failed to pay your any credit card payment, then a new organization will hesitate to issue a new credit card. Paying the charged-off balance would be getting better to your chances at getting approved. An unpaid charge-off payment for six month or more is the one of the worst things that you created on your credit report.
If you’re under 18, you’ll probably have application would be rejected. Even adults that come under 21 may be repudiated if they don’t have self independent or earn money. But exceptions are always there if you’ve already been added as an authorized user to your parents’ credit card then may be your form is cancelled or not.
Before applying for any credit card customers should do research by their selves and never be completely depends on anyone. To improve the likelihood of approval, appliers need to understand the eligibility, terms and conditions of credit card.