SIX Reasons Why Your Credit Card Application Gets Rejected

Low Credit Score

• Impact: If your credit score (also known as CIBIL score) is not clean, you are not considered worthy of any credit by the lender. In order to avoid any possible defaulters, banks take special note of the credit score of the applicant.
• Limit: You are required to have a credit score ranging from 700 or above to get your card approved.
• Solution: It’s important to keep a check on your credit score and keep it clear by minimizing your debts and having a low credit utilisation.

Also Read - How to Improve Credit Score/CIBIL score?

High Credit Utilisation Ratio

• Impact: This ratio implies the amount you are spending on your card as compared to the total credit limit of the card. A high credit ratio means your spending is more and you are splurging a lot of money through your card.
• Desired Ratio: The ideal credit utilization should be around 25- 30% of the total credit limit of your card.
• Solution: It is recommended you pay your credit card limit on time and if your credit ratio is higher and your spending is justified and easily payable, request the bank to increase your credit limit.

Also Read - 10 Effective Ways to Increase Your Credit Card Limit

Multiple Recent Credit Inquiries

• Impact: Whenever you apply for a loan or a credit card, your credit report is generated and an inquiry is recorded on it. When a lot of inquiries are registered within a short time span, your financial stability is put into question.
• Effect: Each credit inquiry brings your credit score down a few points.
• Solution: Prevent yourself from applying for multiple credit applications simultaneously and apply only when it is needed.

Existing High Debt

• Impact:Your existing debt is always evaluated by the lending authority to assess your ability to have another credit, which can be an additional credit expense for you.
• Limit: Your debt-to-income ratio should not be more than 40%, or this is a warning signal for the bank.
• Solution: It is recommended that the existing debts should be paid before you apply for new credit.

Inaccurate or Insufficient Information

• Impact: It is often noticed that any incorrect personal details submitted by the applicant can immediately lead to the rejection of your credit card application.
• Input Correct Details: Make sure that your details are to the point and accurate. Even the smallest error in your information about income, employment or address can cause problems in approval of your application.
• Solution: It is recommended to have accuracy and completeness of your details before submission.

Unstable Employment History

• Impact: Preference is always given to applicants with a stable employment history
• Red Flag: Change of job, losing your job or getting a salary cut can also disprove your application
• Solution: It is recommend you apply for a credit card after you are permanently employed for some time

Why your Adani One ICICI Bank Credit Card May Not Get Approved

Adani One in collaboration with ICICI Bank Credit Card has recently launched Adani One ICICI Bank Credit Card, which is a premium card for all those who travel for work or leisure. It comes in two variants- Platinum and Signature according to the budget and preference of the users.

While the Adani One ICICI Bank credit card is a great travel card, there can be a lot of reasons your card request might be rejected.

Stringent Eligibility Criteria

• Income Bracket: The Adani One ICICI Bank Credit Card would require you to maintain a decent income threshold in order to make it eligible for use.
• Credit Score: Your CIBIL score should be more than 750 to qualify as an applicant.
• Solution: Your income and CIBIL score should be carefully checked before applying for the card. The CIBIL score can be checked on various websites. You need to enter your details to know your score and accordingly, you can consider forwarding your application to apply for Adani One ICICI Bank Credit Card.

How to Increase Your Chances of Approval of Credit Card

Improve Your Credit Score

• Keep a check on your credit score to know your financial credibility.
• Try to pay off your existing debts.
• Keep a check on your credit utilisation ratio and bring it down to 25%.

Limit Credit Applications

• Don’t apply for multiple credit applications within 24 months as it can impact your credit score.
• Only if you meet the eligibility criteria, you should apply for your credit card.

Ensure Accurate Information

• Proofread your details to avoid any errors or typos.
• Ensure you give accurate employment and income details.

Research Bank-Specific Requirements

• Read the eligibility criteria thoroughly for credit cards.
• Ensure that your financial profile aligns with the bank’s expectations.

Build a Relationship with the Bank

• Open your account or purchase any financial products with ICICI Bank.
• A good financial history with the bank can improve your chances of approval.

If you are aware of the reasons behind your credit card application rejections, you can work towards improving your chances of card approval. So, maintaining a healthy credit score, giving accurate information, and meeting specific bank criteria, can reduce the chances of rejection of your application. If you are considering getting an Adani One ICICI Bank credit card, just pay attention to the card's unique requirements and having a spotless financial history. Remember, each bank has its own set of rules, and by adhering to them, you’ll be better positioned to enjoy the benefits that come with a new credit card.

Also Read -

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