Reasons Why Banks Reject Credit Card Applications

Have you ever wondered why Banks reject your Credit Card Applications and what are the criteria that lead to a successful Credit Card Application that gains you a brand new Credit Card?

The most important and the one that we all know is CREDIT SCORE which is a Score for every single individual in India who are of Age that determines your Credit Rating across all banks and it is calculated by various factors which includes your Credit Days, Credit Amount, Time to Pay and many more factors. But even though Credit Score is a huge factor in you getting approval or rejection of a Credit card there are a few hidden factors that most people don't know that affect your Credit Card Application.

NO CREDIT HISTORY

This is a point in Finance that most of the people fail to realise. We think that since we have a Bank Account and we transact throught that Bank Account that makes us a prime candidate for Application of a Credit Card. But sadly we are wrong as having huge transactions in your Bank Account doesn't count as your Credit History and it only increases when you either take a Loan or Buy something on EMI. So try to have some sort of Credit History so that your Credit Card Application passes smoothly.

YOUR JOB/EMPLOYER

Usually banks prefer it's Credit Card users to have a good job with a Company that has been around for some time. So if you have joined a company that is relatively new then chances are that the banks may feel a little weird about approving your Credit Card. So if you are someone who doesn't work in a Company with a long history then you should look for other options to get a Credit Card than the normal one.

LIVING IN A RENTED APARTMENT

This one is a tricky one for me to fathom as on one hand I do realise that having a owned property makes it easier for the banks and their employees to track you down and Anchor you to a location but at the same time when you apply for a Credit Card you already give your PAN details which automatically ties all your financials together so even if you stay at a Rented Apartment that shouldn't affect in your Credit Card Application.

These are some weird reasons why your Credit Card Application may get rejected so stay alert.