Top 10 reasons for credit card rejection


Bangalore: Traveling and dining is never same when you have an access to a credit card. It's true that credit cards have become important sources of identification even if you want to rent a car for example; you really need a major credit card. To fulfill these desires every one wishes to have a credit card with them. Nitin who is a Senior Executive currently working for an IT firm had never thought of buying a credit card. But after repeated calls from different banks he finally decides to apply for a credit card. But for his surprise his credit card application was rejected despite of his good income and good credit score. Like Nitin Bad Credit Score
One of the most prominent reasons for rejection of credit card applications is bad credit ratings. In the past if you have taken any loans or mortgages from the bank or have been using a credit card already, you would have build your credit rating. You acquire a good credit card rating only when you make your payments in time. Trouble enters only when you are irregular and defaulty in your payments. This creates a bad credit rating that is calculated by CIBIL. All credit card applications are checked for the credit rating. You need to have a score above 720. If it comes up as negative, the application is rejected out rightly. Most of the banks consider CIBIL score before giving a credit card.