After a long time in my career as an IT Professional and after a short time of being settled in financial matters and after a little short period being hiked myself in financial conditions i preferred to apply for a credit card. and it took no more time for applying a credit card without any cautions. Submitted all documents which all are required. Done with all inquiries and proceedings. and i waited for sometime to get my card(dont even know how to check the status). After 15 days of applying card i called back to know my status, customer care people told that my card had been rejected and didn't gave any reason for rejection(some banks did in history time). After all this processes i searched the reasons of rejecting a card.
Most probably the card gets rejected due to financial instability.
Every bank shows the reason as above in max. cases. but what do we know about financial instability? In general no one knows about financial instability and how it happens. To know it in general terms about why the credit card gets rejected here we go.
Minimum Eligibility of getting a credit card is, you must be above 18 years of age and you should have a steady income of at least 1,50,000 per year. salaried and self employee both will fall into this.
However salaried people must show their provident fund account and self employee however shows his income and provident fund he must go for fixed deposits in the bank from where he urges a credit card or he must show a steady income proof like tax returns for 3 years.
Now-a-days everyone is having a two wheeler on his own, if no, you must show them you have a two wheeler. People will ask each and every equipment of what u r having. Show them that u have atleast refrigerator, Washing Machine, Air Cooler or Air Conditioner and Two-wheeler.... and the residence also matters. Living area will also be considered sometimes.
Proofs of financial stability will be calculated using various terms....
Even if you don't have provident fund you can get a credit card by showing them the loan you took from any bank and the credit payments you did in time to time(transactions of your bank account in which you took loan amount).
Beware that you took loan only on your name and it is not a joint account or the loan must not be issued on joint names. Be sure that loans must not be in due while you are applying for a credit card.
Fixed Deposits of atleast 20,000 will automatically provide a credit card without any inquiry of what you have. All you need to do is submitting the documents what they need. The period of fixed deposit did by you will also counts the credit card period. if you like to withdraw your amount before it gets maturity then you need to end up with your credit card. Yes, when you are withdrawn with the amount from fixed deposit before the maturity time or if you like to cancel the fixed deposit then bank will first cancel your credit card and then they will cancel your fixed deposit.
Pursuing Other Credit Cards will automatically add a blend of sugar into your coffee. Yes, you can automatically get a credit card if you possess one until or unless if you dont have a bad credit history in those cards. Credit history is the major advantage you carry forward to get a credit card from other banks.
Card on Father's Income is history, previous days it is allowed to get a credit card on father's income, but not now.
But as a Student you can get a credit card with your father's income proof. Yes, a credit card will be issued if you show the proof of your degree and your father's income proof.
Credit Card Rejection from one bank will automatically show influence on other bank's approval. Because banks will share the customer info. If you have bad credits then also you will be rejected. Check that you don't have bad credits(transactions of your account with or without loan), before you apply for a credit card or loan.
No repayment track record will also lead to disapproval, if you don't take a loan or if you dont have a credit card or you haven't take anything from a bank and ever repayed then also you wont get a credit card.
Black listed professions or areas will be rejected because of non targeted regions by banks.
Non listed companies also get rejected as of no information about their companies or their financial stability.
Long Relationship with banks may provide you with a credit card because of the credit history and long relationship without any dues to the bank.
For all the above reasons you have one easy way to improve your credit score or getting a credit card is by doing fixed deposits. the one and easy answer to solve your problem.
Most probably the card gets rejected due to financial instability.
Every bank shows the reason as above in max. cases. but what do we know about financial instability? In general no one knows about financial instability and how it happens. To know it in general terms about why the credit card gets rejected here we go.
Minimum Eligibility of getting a credit card is, you must be above 18 years of age and you should have a steady income of at least 1,50,000 per year. salaried and self employee both will fall into this.
However salaried people must show their provident fund account and self employee however shows his income and provident fund he must go for fixed deposits in the bank from where he urges a credit card or he must show a steady income proof like tax returns for 3 years.
Now-a-days everyone is having a two wheeler on his own, if no, you must show them you have a two wheeler. People will ask each and every equipment of what u r having. Show them that u have atleast refrigerator, Washing Machine, Air Cooler or Air Conditioner and Two-wheeler.... and the residence also matters. Living area will also be considered sometimes.
Proofs of financial stability will be calculated using various terms....
Even if you don't have provident fund you can get a credit card by showing them the loan you took from any bank and the credit payments you did in time to time(transactions of your bank account in which you took loan amount).
Beware that you took loan only on your name and it is not a joint account or the loan must not be issued on joint names. Be sure that loans must not be in due while you are applying for a credit card.
Fixed Deposits of atleast 20,000 will automatically provide a credit card without any inquiry of what you have. All you need to do is submitting the documents what they need. The period of fixed deposit did by you will also counts the credit card period. if you like to withdraw your amount before it gets maturity then you need to end up with your credit card. Yes, when you are withdrawn with the amount from fixed deposit before the maturity time or if you like to cancel the fixed deposit then bank will first cancel your credit card and then they will cancel your fixed deposit.
Pursuing Other Credit Cards will automatically add a blend of sugar into your coffee. Yes, you can automatically get a credit card if you possess one until or unless if you dont have a bad credit history in those cards. Credit history is the major advantage you carry forward to get a credit card from other banks.
Card on Father's Income is history, previous days it is allowed to get a credit card on father's income, but not now.
But as a Student you can get a credit card with your father's income proof. Yes, a credit card will be issued if you show the proof of your degree and your father's income proof.
Credit Card Rejection from one bank will automatically show influence on other bank's approval. Because banks will share the customer info. If you have bad credits then also you will be rejected. Check that you don't have bad credits(transactions of your account with or without loan), before you apply for a credit card or loan.
No repayment track record will also lead to disapproval, if you don't take a loan or if you dont have a credit card or you haven't take anything from a bank and ever repayed then also you wont get a credit card.
Black listed professions or areas will be rejected because of non targeted regions by banks.
Non listed companies also get rejected as of no information about their companies or their financial stability.
Long Relationship with banks may provide you with a credit card because of the credit history and long relationship without any dues to the bank.
For all the above reasons you have one easy way to improve your credit score or getting a credit card is by doing fixed deposits. the one and easy answer to solve your problem.
