Why Your Credit Card Application Was Rejected
A credit card works on your ego. If your credit card application is approved, you feel good. It’s like your credit-worthiness has found its supporter, more so when you get a gold or platinum card. With words like “Welcome to the world of privileges”, one can’t help but feel elevated at being acknowledged that you are worth something. On the other hand, when your credit card application is rejected, you are probably going to get deflated, annoyed and angry because you are deemed not good enough. But is it really just about being credit worthy? Let’s take a look at some of the common reasons why a credit card application gets rejected.
1. It is incredible but true. Some card applicants did not bother to find out the minimum criteria to qualify for a credit card! Make sure you are eighteen, have a steady income or have a dependable source of income. Failure to comply with those two minimal requirements is almost an instant rejection of your application.
2. If you are not that rich, don’t apply for cards out of your league. Gold and platinum cards are reserved for those who have much higher income than those with classic cards. Be practical and choose a card which reflects your current credit status. Whilst you might not get a direct rejection but a lesser card instead (eg. a gold card application is countered with a classic card offer), you might have wasted your time and effort making the application in the first place.
3. If a question is asked, answer it. Make sure you fill out all the information required and if you are unsure, ask. Leaving a section blank is likely to result in a rejected application. Make an effort to answer all questions and do note that no question is too trivial to ask by the credit card company.
4. Don’t lie. If your salary is $36000 per annum, don’t inflate it. Whilst credit card companies are keen to approve cards and increase their card base, they also conduct stringent check as a matter of financial prudence. A complete credit history check is not uncommon and income will be verified in most cases. You might risk being blacklisted from future applications if you were found to have given untruthful answers in your credit card application.
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