11 Reasons You Can’t Get a Credit Card

There may be many reasons why your credit card application has been denied. The reason for disapproval of credit card may vary from person to person. Often these reasons are not disclosed instantly to the customer which leaves them perplexed. In most cases, a letter from an issuing authority is sent to the customer describing the decision. These letters often come with case-specific reasons as to why you were not given a credit card. Below are a few of the reasons that majestically of the population may find in their case of not getting a credit card. These reasons are as follows-

  1. More Debt

    – If you are having more debt on your name it may become cumbersome to get a credit card for yourself. More debts may make issuing agencies skeptical and hesitant to provide you a credit card. In this context, a person should waive off his debts and then apply for a credit card. This will give more credibility to your credit card application.

  2. Verification

    – There is more chances of rejection of a credit card application if your credentials are not verified. This may happen if you have provided a fake identity. Always provided genuine information to the card issuers. Your address, occupation, mobile number, etc are verified before issuance. If there is a discrepancy in verification then you may not get a credit card form the issuer.

  3. Numerous proposals

    -If you have applied for many loans or credit cards in the recent past with an agency then there are high chances of you not getting a credit card. No minimum set of a proposal exists that will lead to no rejection. But it is advised to keep your enquiries low to pursue a new credit card.

  4. Many Credit cards

    – It is also a reason on our list. If a series of research we found out that a credit card application can be rejected if you are having too many credit cards already.

  5. Less Earning

    – The income that entitles you to have a credit card may vary from company to company. If you are not having a predefined income for a credit card they ate higher chances your credit card application may be denied. As no such publication or minimum requirements are published, it is better to have a credit card that matches your needs and not too high.

  6. More Balance usage

    – Issuing companies to monitor you’re spending. If you are spending too much of your available balance or credit when the maximum limit has been crossed then you may be denied with the credit card. Having your balances below 35% is a good way to get your credit card application accepted and raise your credit score.

  7. Incomplete application

    – If you are in a hurry, lack time and fail to provide a complete application there are high chances your application be denied. This also gives an impression of you being careless to the issuers. This mostly happens when you are filling conventional forms in the offices. Whereas online form won’t get submitted until they have been filled.

  8. Public Records

    – Public records affect your credit less if they are older. If they are recent then credit report is affected more. This may lead to the formation of doubts for the credit card issuing company whether you will be able to complete the requirements of the finance or not.

  9. Limited credit

    – An individual’s credit card application may also be denied if they are having a low credit history. Your account must remain active from the last one year and sufficient credit must be generated to raise your credit score. Having no credit score has more chances of rejection of credit card applications.

  10. Instability

    – Absence from your workplace for too long may lead to disqualification of your application. Agents of the company do enquire at your workplace before issuing a card. Your instability at a source may prove harmful to you.

  11. Desired age

    – If you do not have reached the desired age as per the regulations then chances are you won’t be provided with a credit card. In most of the parts of the world 18 years is a minimum age when an individual becomes eligible to apply for a credit card. In case you are an authorized user of the credit card of your parent then you may be allowed for a credit card depending upon the credit card company.

All these reasons listed above are general and most commonly found occurring in most of the cases. These reasons may vary from individual to individual. But you should make these reasons count and work on them such that you will land yourself with more chances of getting a credit card.