Rejection Hurts, Find Out What Might Have Happened
Credit cards have become a crucial part of our lives. These plastic cards help us to make our payments anywhere, anytime. You just have to carry one credit card and you can make a huge amount of payment with it, unlike cash which requires space and attention. Moreover, credit cards are safer than cash.
In this tech-advanced world, almost everyone has a credit card. You would also have one. And, if you don’t have it, then you should get it immediately. If you have one, then you would definitely know how useful a credit card can be.
However, due to several reasons, you may want to upgrade your existing credit card. You may want higher credit limit, more rewards, or more benefits. You may want to make a huge purchase or go on a vacation for which you may need a larger credit limit. In any of the case, upgrading your credit card is the best choice for you.
But, what if your credit card upgrade application is rejected? You may be wondering why this happened. You should not toss the rejection paper aside, when you get it. Rather, you should read it and find the reason behind the rejection. Let me tell you that there can be various reasons behind your card upgrade application rejection. We have jot down the 3 chief reasons why your credit card limit increase request could have been rejected.
1. Mistakes in application
Your credit card upgrade request can get rejected, if there are mistakes in your application or if you have not filled everything on the application. For instance, you may have missed your income, employment, or some other vital information on the application.
In such a case, you may not even get to know from the bank, as they will not call you and say that you have filled your application improperly. You can instead fill the credit card application online in order to save yourself from this, as online applications do not allow you to submit them until they are completely filled.
2. Lots of credit
If you have lots of credit cards or have taken lots of loans, then your credit card upgrade request may get rejected. Moreover, if you do not have enough income to support all these credit lines, then the credit card issuer may not provide you with an upgrade. You can rectify this problem by closing your credit lines as soon as possible and finish off your loans in order to diminish your credit exposure. This way you can also improve your CIBIL score significantly.
3. Poor credit history
If you have a bad credit history, such as you do not pay your bills or pay them late, then you may not get a credit card upgrade. If you have not paid your credit card balance for 6 months or more, then your credit card report gets charged off. This is one of the worst things that your CIBIL report can get.
And, this is why your credit card issuer may hesitate to accept your credit card upgrade request. If you pay back the charged-off balance, then your application may be accepted in future. Moreover, if your delinquent payment is too recent like within 6 months ago, then also your card upgrade request may get rejected.
Identify the reason behind your credit card upgrade rejection and then rectify it by following the right practices. If there is more than one mistake from your side, then make sure that you pay heed to each one of them and fix the problem. You can call the credit card issuer for more details, if required.
- SBI Prepares New Credit Card Specifically For Farmers - 22/03/2018
- These Are The 3 Most Popular Cards from Standard Chartered - 15/03/2018
- CIBIL Faces New Competition With Credit Scoring System From PayTM - 12/03/2018
- How To Check Approval Status Of Your Credit Card Application - 05/03/2018
- Citibank India Fears Cryptocurrency, Bans Credit Card Purchases - 15/02/2018