- Getting rejected for a credit card? Don’t worry it won’t harm your credit score.
- Denied for the one that you wanted? Relax and apply for others in the same category.
- If not getting approved for a new one, you can maximize the limit of the existing one.
- Don’t use a credit card to borrow cash. Consider other alternatives such as a personal loan that has a lower rate of interest comparatively.
Credit cards have made your transactions easier, as we can pay through it for most of your day to day purchases. The best part about holding a credit card is you can buy something currently which you can’t afford and can pay for it later. The great convenience which comes with a credit card can not be ignored and hence it has become a part of our life.
The rewards, discounts, offers and cashback are another plus points that make cards tempting and irresistible.
To avail, the benefits people apply for a credit card, but as loans, credit cards also have some eligibility criteria to get qualified for. The one who meets the eligibility criteria gets qualified and the one who is not able to meet these criteria gets rejected. If you are among those whose credit card application has been rejected then there is nothing to worry about. We are here to help you.
What to do when your credit card application is rejected?
The first thing you need to do when applying for a credit card is research, there are different categories of credit cards offering different benefits. So, if you want to have one, it becomes important to know the benefits and apply accordingly.
Suppose you want to have a lifestyle credit card that offers rewards on booking movie tickets, dining and shopping. Now compare all the lifestyle credit cards and apply for the one which suits your requirements best. But, unfortunately, if your application for the card. There is no big deal in it.
You can get your card next time, let’s discuss how this is possible.
Fortunately, there are some steps you can take to get success in the next attempt. Let’s know what are these steps:
Research properly
Whenever you apply for a credit card, the first thing you need to do is research for the benefits and the eligibility criteria properly. Apply with only those with whom you find yourself eligible.
Don’t rush, wait
If your new credit card application gets rejected, you need to ask the credit card provider the reason behind your rejection. If it is due to your credit score, or due to having too many cards and your outstanding bills, work on it. Wait for six months and apply for the card again.
Apply for another card in the same category
If you get rejected for a card, wait for some time and then you can apply for the same category card with another lender.
If you were applying for a credit card because you wanted urgent cash or if you are looking to consolidate high-interest debt you can also consider alternative products like a personal loan.
Make sure you’re paying your bills on time
If your credit score isn’t as good as it should be, you should find out ways to improve your credit score.
Since your payment history is the one which reflects in your credit score, you should make sure you’re paying all your bills on time. This will shortly reflect in your credit score.
Read on to the card provider rules regarding approvals
Don’t apply with the one who has recently rejected your application. Read on to the card provider rules regarding approval, before you apply. Different card issuers have different rules as some don’t offer cards to one who already has a fixed number of cards while others don’t approve a card to the one who was rejected recently. This will help you to avoid rejection as you will be aware of the rules in advance.
Things that you should look for when applying for a new card.
Low-interest rate
More benefits
Rewards/cashback
More coverage
Interest-free period
