Reasons Your Credit Card Application Can Be Rejected
Your credit card application may have been denied because you have bad credit. Unpaid collections, recent delinquencies, and high credit card balances are all things that need to be fixed before you can be approved for a credit card (or a decent one at least).
Depending on the situation, your letter may list up to five reasons for denial, which may include:
Too Much Debt
Having debt, whether it's credit card debt or loan debt, can keep you from being approved for a credit card, even if you're paying your debt well enough to achieve an excellent credit score.
A rejection doesn't hurt your score. But your score may drop when you apply for a card, even if you're approved. Getting denied when you apply for a credit card has an extra sting if your credit score drops, too. ...
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection ...
How long information is kept by credit reference agencies. Information about you is usually held on your file for six years. Some information may be held for longer, for example, where a court has ordered that a bankruptcy restrictions order should last more than six years.
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor gives you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days.
The Axis Bank Insta Easy Credit Card is a chip & pin enabled credit card that puts your banking experience at ease by issuing the card against your Fixed Deposit with Axis Bank.
Lying about your income on a credit card application and stating a higher income than what you really make might be tempting, but it's a bad idea. At best, you could have your credit card account closed if the lender finds out. At worst, you could wind up paying big fines or spending time in jail.
Credit Cards You Can Use Instantly After Approval
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