Thursday, November 15, 2018

Denied a Credit Card? Know How Long you Should Wait to Apply Again

It is not uncommon for your credit card application to get rejected even when your credit history looks clean. It is important to stay calm and carefully analyse the reasons for the rejection. If you are planning to reapply for the same card or to apply for another card, it is recommended that you wait for about 6 months before you apply again. This would give you sufficient time to take corrective actions and ensure that your application is fool proof and gets approved the next time.

The first step that you need to take is talk to the credit card company in order to find out the reasons for your rejection. The reason could be any of the following:

Credit card eligibility

Different credit card companies have different eligibility criteria for issuing credit cards. There may be restrictions with respect to age, annual income, employment stability, and so on. 

If your credit card application was rejected due to non-eligibility on any of those counts, it would be pointless to reapply for the same card. You need to shop around for a card that is right for you. You need to find a card that you are eligible for and apply for it.

Error in filling out the credit card application

A credit card application may get rejected due to errors in the application form. If the rejection is due to such errors, you can talk to the credit card company and re-apply after waiting for a few months.

Error in the credit report

An error in the credit report is another common reason for rejection. An old non-payment may be reflecting in your credit score. Nowadays, it is very easy to get your credit report through any of the four credit bureaus, for free once a year. If you are planning to reapply for a credit card it is important to keep track of your credit score and work towards a better score

Too many credit card or loan applications

If you have applied for many loans or credit cards, it gives the impression that you are credit-hungry. It is important to time your applications well to ensure that only one or two applications are pending for approval at any given point of time.

Employment history

If you have changed your job many times or have been in the current employment only for a short period, it could result in rejection of your credit card application. Apply for a card only after you have been in a stable job at least for a year.

Work on your credit score before you apply again

If your credit card application has been rejected due to a low credit score, it is important for you to work on enhancing your credit score. You can do this by closing some of your loans, ensuring timely payment of bills and by maintaining a low credit utilisation ratio in your existing cards.

Once you do this, you can look for the best credit card in the market and apply again. For example, Bajaj Finserv offers industry-first features with the Bajaj Finserv RBL Bank SuperCard. Enjoy interest-free cash withdrawal from ATMs for 50 days, easy EMIs and a pre-approved loan limit that can easily be converted to an interest-free personal loan for 90 days. You can also earn up to 20,000 reward points as a welcome gift.

Availing finance is easier than ever with pre-approved offers on loans and other financial products. With easy and quick processing and disbursal of funds, you can utilise your time to focus on the important things. Simply share a few, basic details and check out your pre-approved offer.

Author Bio:

Gaurav khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linkedin.


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