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Monday, 19 July 2021

Credit card applications will be rejected for these 5 reasons, including frequent job changes and applying for higher limits.

 Credit card applications will be rejected for these 5 reasons, including frequent job changes and applying for higher limits.

Credit card applications will be rejected for these 5 reasons, including frequent job changes and applying for higher limits.


    If you have applied to too many banks and too many cards, your application may be rejected


Often you apply for a credit card, but you don't get the card. The bank looks at a number of things before accepting or rejecting a credit card application. He checks to see if the person he is giving the credit card to deserves it. Here are 5 reasons why a credit card application may be rejected:


Bad credit score

One of the reasons for being rejected can be a bad credit score. If you default on a loan or you repay the installment late then your credit score may be worse.


Celery should be low

The bank looks at its repayment capacity before issuing a credit card to anyone. To find out, the bank wants a Form 16K celery slip from the person. If his annual income does not reach the amount fixed by the bank, the application of that person is rejected.


Due to the high limit

Your application may be rejected in the event of a higher limit. So first build a good credit history with your card, then you will easily be eligible to take a premium card. If you are using a credit card for the first time, start with a basic, year-free card. This type of card is called a no frills card. This is a low cost limit card. Don't go for less that your full potential.


Don't apply too much

The credit card issuing bank or non-banking financial institution (NBFC) checks your credit history before approving your application. However, if you have applied to many banks and for many cards, your application may be rejected. Therefore, you should not apply for the card more often.

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It will be difficult to change more jobs in less time

Credit card application can be affected if you are changing more jobs. Frequent job changes are considered a sign of a volatile career and therefore giving a credit card to such a person is considered a little risky. This makes it less likely to get a credit card.

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