Wednesday, June 23, 2021

Credit Card Rejection

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Credit card rejections can be avoided if the user knows the exact cause behind them. They take action to fix these problems and make appropriate positive changes that will improve their credit history.

Following are the reasons that can be common for credit card rejection: 

  1. Low credit scores.
  2. Insufficient proof of income.
  3. A high number of rejected applications or inquiries within a short period.
  4. And other reasons related to the Bank credit criterion.
  5. Irregular payment.
  6. Lack of address proof.
  7. Nonpresence of a bank statement.
  8. Multiple requests for credit, and so on.

A bad Credit score can be one of the reason

People who apply for credit card approval have good credit history and do not normally get rejected. But sometimes bad credit history can also cause a provider to reject an application.  

Understand the credit card rejection criteria

The one who is applying for a credit card has to read the credit card rejection criteria. Then applicant needs to answer some questions which are based on their requirements. If the applicant passes the eligibility criteria, then the applicant should proceed to the next phase.

Types of credit cards anyone can apply

  1. Cashback Credit Cards
  2. Rewards Credit Cards
  3. Co-Branded Credit Cards
  4. Lifestyle Credit Cards
  5. Elite Credit Cards
  6. Travel Credit Cards
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