Why Credit Card Application was Denied - Every third person wants to obtain a credit card to enjoy the convenience of paying and other benefits. If you have applied for a credit card and your application is denied, you are probably be wondering for reason of denying. Any credit card company rarely mentions the reason for which your credit card application was denied. Instead of it, they send a letter within 7 to 10 business days of your application. While you’re waiting to get your letter, here are some possible reasons your credit card application could be denied.
1. Age eligibility
If you are under age of 18 years, your credit card application will surely denied as you will be considered as an underage applicant. There are some exceptions, for instance, if you have already been added as an authorized user with your parents’ or relatives’ credit card.
2. Income eligibility
Though, income limits vary by credit card issuer so you have to consult your company in this regard. Again, your credit card application will be denied is you are not earning enough as per the norms of credit card company.
3. Less or zero credit history
Little or zero experience with credit management could also result in a denial of credit card application. Without a credit history, judgment on the credit worthiness is typical to make. Good and long credit history always adds positive points at your account that leads to the fast approval.
4. Too many credit cards
If you have number of credit cards then, also your credit card application will be denied. For instance, you have let’s say five credit cards and you are using only three of them, then this will directly impacts your CIBIL score. Thank you for read post about Why Credit Card Application was Denied, hopefully this article useful for us.
