Personal Finance: You can get rejected for 5 reasons including frequent job change and applying for higher limits Credit card and personal loan application

Personal Finance: You can get rejected for 5 reasons including frequent job changes and applying for higher limits Credit card and personal loan application

In such a situation, it has been seen many times that you apply for a credit card or personal loan, but you are not able to get the card. Actually, the matter is such that the bank first considers many things while accepting or not accepting any credit card application. The bank sees that the person to whom it is giving the credit card, whether it is worth it or not, it checks it in this way. Today I will tell you about the 5 reasons why those due to which the credit card application gets rejected then why it happens.

On Bad Credit Score

For information, let me tell you that the credit card application of those people who already have a bad credit score can also be rejected. If you have defaulted on any of your loans or you often pay your EMIs late, then your credit score is bound to get bad even in such a situation.

Due to low salary

Let us tell you that before issuing a credit card to any person, banks look at his repayment capacity and repayment history. To know this, banks demand Form 16 or the salary slips of that person. Let us tell you that if his annual income does not fall within the limits set by the bank, then that person's application is rejected.

It may be due to a high limit

Let us tell you that after taking more limits, your application gets rejected even in this affair. That is why you should build a good credit history with your first card so that there is no problem in getting a loan or credit card in future, only then you can easily get a premium card. If you are applying for a credit card for the first time or are taking it for the first time, then you can start with a basic, no annual fee card. You can call this type of card a no-frills card. This is a card with a low spending limit. So do not fall for the high limit credit card at the beginning itself.

Don't apply again and again

Be it the credit card issuing banks or non-banking financial institutions (NBFCs) check your credit history before approving your application. In such a situation, even if you have applied for many more cards in many banks, then the chances of your application being rejected increase. So, therefore, avoid applying for the card too much or repeatedly.

Changing jobs too quickly

If you are changing jobs frequently, then this will also not be right for your credit card application. Frequent job change has been considered a sign of an unstable career and hence giving credit cards to such individuals is considered a bit risky by banks or NBFCs. This greatly reduces the chances of getting a credit card.

See also read

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See also

*If you want to download an e-Aadhaar card online then click here to know how to download your Aadhaar card online Click Here

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