Credit card application is getting rejected again and again, know what could be the reason

Credit Card tips: If your credit card application gets rejected again and again, then know what could be the reason for this. Get your credit card easily with these steps.

Credit Card tips: Credit cards are becoming a part of everyone’s life. Most of the credit card users spend most of their monthly expenditure on the credit card itself, as it also offers attractive discounts. But are you facing problems in getting a credit card? Your every application is being rejected by the bank. Let us know, what could be the reason for this.

Low credit score

Your low credit score can be the main reason for your credit card application being rejected. Furthermore, applying for the card more than once in a limited time may result in your application being rejected, even if you have applied for the card in different banks.

No source of income

Credit card companies also check your source of income before giving you the card. If you do not have a stable income source, your credit card application may get cancelled.

Having more debt

If you already have a lot of debt, such as personal loan, car loan etc., then your ability to repay the loan remains in doubt. In such a situation, companies often cancel your credit card application.

Having more than one credit card

Even if you have more than one credit card, banks may declare you at high-risk. In this situation also your credit card can get canceled.

Delay in payment

If you do not pay your credit card on time, then it affects your credit score, in which case you may have trouble getting another credit card.

Credit card settlement

If at any time you have settled your credit card dues for less than the actual amount, then it is almost impossible to get another credit card.

Age, job and income

Most banks give credit cards to people who are above 23 years of age. Apart from this, a stable job and regular income is also necessary for you to get a credit card.

How to get credit card

If you are also stuck in similar problems, then in these ways you can take a credit card.

Avoid applying again and again. If your credit card application has been rejected once, you may have to wait up to a year to apply again.

Check your credit report

If your credit card application has been rejected, also check your credit report and see why your application has been rejected. Solve that problem first and then ask your bank to check your report once again.

Get someone else’s help

If your credit score is not good, then you can take help of someone who has good credit score. If he is willing to be your co-applicant, then the risk is reduced and your chances of getting a credit card increase. However, always choose a family or a very close friend for this.

Note: This news is based on an article published on the Axis Bank website.