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5 Things To Do If You’re Rejected For a Credit Card

Rejected For A Credit Card -
Written by CreditSmart

Rejected For A Credit Card? Follow These Steps

There are actionable steps open to you in case your credit card or loan application has been denied or rejected. Being rejected for a credit card is not the end of the world. After this guide, continue making the right choices so you will not constrict future chances of landing credit.

  • It begins with the company, bank, or institution telling you why they said no to you getting a credit card.
  • If they searched your credit history, they should inform you that their decision was based on what they found; like a risk-ridden credit reference, for instance.
  • They need not elaborate on their reply; just intimation will do to help you figure out what to do next.
  • At this time, do not give up hope and sit sullen. Instead, study your credit report for inaccuracies. These happen more often than you will believe.
  • If you find one, raise a dispute with the proper authorities, tell them everything you feel you need to share about the inaccuracy, and include evidence. After this, you will need to wait 28 days for a good reply.
  • The agency in question will carry out investigations and mark your report with the same, just in case.

Following these preliminaries, whether your report contains inaccuracies or not, here are your follow-up steps.

1. No More Applying

Do not think this is just one bank with one opinion; I will go on re-applying until I get my loan. This is just not how it is done, because they are all going to look at your CIBIL report and they will in some form or fashion come to the same poor understanding of your credit stance.

Also, all that applying will of course be added to your report; part of the paperwork, digital and otherwise. This makes you seem credit hungry, desperate for credit, and so on. You will then have accomplished only one thing, namely making your situation worse, including how high your interest rates are going to be in the event that you do land a loan.

2. What Are You Shopping For?

You need the credit to buy something, first a loan product and then something more commercial; a car loan, for example. The first thing you need to buy is your credit report; or get it free if you have not already this year. Look at your credit rating.

Lenders will see this as well. They do not care that you want or absolutely need a car; all they want to know is if you can pay back the EMIs for your car loan. You can either opt for a one-off report or subscribe to a full credit report service. They are good investments.

3. Debts

Most people want loans so they can pay off other debts that are gaining weight and dire import with each passing day. From living expenses to bills, and long-standing debts, a loan can make all the difference. Free debt service plans are available, so check those out and other sources before deciding to mar your credit report with multiple loan applications.

4. Social Funds

These are one of the safest options open to you. Budgeting Loans are available from a Social Fund government option, and come interest-free; depends on conditions, though. See if India has one and make use of it.

5. Other Credit Options

While pawnbrokers themselves are a risky alternative, loan sharks are worse. If you are loan-desperate, see what you can pawn. If you are in a position to sell old gold, do so. This is not a recommended course, because you could sell that gold for less and then see its market value go up a while later. Then again, you need money now, so take your time, decide with family / trusted friends, and see what you can do.


With a little bit of research into the job market, especially part-time, and trustworthy debt repayment services in India as a whole or in your area, 2016 can be the ideal time to start working on your credit score so you can polish up your history and make future loan applications are much easier to work with; and more competitive interest rates. 2016 can be the year you stop being rejected for a credit card, and start being approved.

If you’re ready to begin your search for the right credit card for you, try comparing 35 different credit cards at BankBazaar.

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