Ways to Check Status of Credit Application
Cash is still the most popular medium of transaction across the globe but it is also the most unsafe. Carrying huge amount of cash is not at all safe anywhere. Credit cards, on the other hand, can solve this security issue by providing a credit option for a little percentage of your money borrowed from the bank to finance your purchases. It is one of the safest ways as there are several security measures provided by the bank to protect against fraudulent activities. You use the bank’s money for your expenses and then pay it back at the end of the month with the interest added on it. But not all can avail this facility as credit cards are granted to a specific set of people with a certain level of monthly income and other criteria. Once you have applied for the credit card with necessary details, you can track it through the bank’s website.
Steps To Check Credit Card Application Status
- You have been provided with a reference number when you submitted the credit card application form. Retain that number with you as the number is required to check the status.
- You need details like mobile number, PAN card details, DOB, Application or reference number for checking the details.
- Visit the bank’s website and enter this detail in the specific place to check your status of the credit card application. There is usually a separate link to check the status of applications under processing. For ex: HDFC Bank provides the following link – https://www.hdfcbank.com/personal/credit_card/cc_track
- Now provision to check the status through mobile messaging is also available.
- It takes around one month to process your application for credit card, once the process is completed, your card will be sent to your address.
Why are credit card applications rejected?
Your application for credit card with your bank might get rejected due to the following reasons –
- Credit scores have a very important role to play in the credit card application process. Just like loan application, if your credit score is low, your loan application gets rejected. Generally, a credit score below 700 is considered to be poor. It also takes into account things like usage of previous credit cards, how much unused limit you have kept.
- Another reason is an insufficient history of your credit with the bank or any other financial institution.
Periodically check your credit score
You can improve your credit score and get approval for your credit card with simple steps. You have to periodically check credit score and financial reports of yours to keep a track of your finances, pay EMIs on time, and repay the loans and credit taken within the deadline. If you don’t have much credit history, then you can apply for the credit card against some of your fixed deposits in the bank. Always, keep a track of your credit to get easy approval of your credit cards.
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