Credit Card rejection

[Sailor044]

Hi there,
I work in the Merchant Navy with a salary of around 80K, credited in USD. My CIBIL score is 750+, and I currently have three credit cards from ICICI, HDFC, and Axis, all obtained through pre-approved offers. However, whenever I apply for a specific credit card, my application gets rejected. The reason seems to be that my salary is received and reflected in USD on my salary slip. Is there a way to overcome this issue
?

 

[Personal Finance by Nish…]

Don’t forget to hit like, must share with your colleagues and thank me later if you find this helpful.
As per my experience working with multiple Indian and international banks, here is my response to your query. Hope it will help you:

Your unique situation as a sailor in the Merchant Navy with a USD-denominated salary is likely causing the issue. Here are some potential reasons and solutions:

*Reasons for Rejection:*
1. *Income Verification*: Banks might struggle to verify your income since it's credited in USD, which can lead to rejection.
2. *Currency Conversion*: Banks may have concerns about converting your USD income to INR for credit assessment purposes.
3. *Risk Assessment*: Lenders might perceive your income as less stable or more volatile due to currency fluctuations.
4. Most of the bank in India avoid to issue credit cards to Merchant Navy, Shipping, Dockyards, Ports etc. employee irrespective of salary or posts.
5. There is internal bank policy on which bank don’t issue credit card to some profiles like: Sailors, Corporal, Petty officers, warrant officers and many more.

*Solutions:*
1. *Provide Additional Documentation*: Offer supplementary documents to support your income, such as:
- Bank statements showing your USD income credits.
- A letter from your employer explaining your salary structure.
- Tax returns or Form 16 (if applicable).
2. *Apply for Credit Cards Catering to NRI or Expats*: Some banks offer credit cards specifically designed for Non-Resident Indians (NRIs) or expats, which might be more suitable for your situation.
3. *Consider a Secured Credit Card*: If you're struggling to get approved for a regular credit card, a secured credit card might be a better option. This type of card requires a security deposit, which becomes your credit limit.
4. *Contact the Bank's Customer Support*: Reach out to the bank's customer support and explain your situation. They might be able to provide guidance or offer alternative solutions.
5. *Look for Banks with Global Income Acceptance*: Some banks, like Citibank or Standard Chartered, might have more experience handling global income and currency conversions.
6. Avoid applying credit card on salary basis better to apply on card to card basis-CAC(card against card).
7. Faster credit card approval if you apply with your bank in which your salary is credited regularly like: SBI, ICICI etc.

*Banks to Consider:*
1. *Citibank*: They have a global presence and might be more accommodating of USD-denominated income.
2. *Standard Chartered*: This bank also has international expertise and might be more willing to consider your application.
3. *HSBC*: As a global bank, HSBC might have more experience handling international income and currency conversions.
4. SBI, ICICI, AMEX, PNB.

Before applying, ensure you meet the bank's eligibility criteria, and your credit score is still healthy.

 

[Sailor044]

Don’t forget to hit like, must share with your colleagues and thank me later if you find this helpful.
As per my experience working with multiple Indian and international banks, here is my response to your query. Hope it will help you:

Your unique situation as a sailor in the Merchant Navy with a USD-denominated salary is likely causing the issue. Here are some potential reasons and solutions:

*Reasons for Rejection:*
1. *Income Verification*: Banks might struggle to verify your income since it's credited in USD, which can lead to rejection.
2. *Currency Conversion*: Banks may have concerns about converting your USD income to INR for credit assessment purposes.
3. *Risk Assessment*: Lenders might perceive your income as less stable or more volatile due to currency fluctuations.
4. Most of the bank in India avoid to issue credit cards to Merchant Navy, Shipping, Dockyards, Ports etc. employee irrespective of salary or posts.
5. There is internal bank policy on which bank don’t issue credit card to some profiles like: Sailors, Corporal, Petty officers, warrant officers and many more.

*Solutions:*
1. *Provide Additional Documentation*: Offer supplementary documents to support your income, such as:
- Bank statements showing your USD income credits.
- A letter from your employer explaining your salary structure.
- Tax returns or Form 16 (if applicable).
2. *Apply for Credit Cards Catering to NRI or Expats*: Some banks offer credit cards specifically designed for Non-Resident Indians (NRIs) or expats, which might be more suitable for your situation.
3. *Consider a Secured Credit Card*: If you're struggling to get approved for a regular credit card, a secured credit card might be a better option. This type of card requires a security deposit, which becomes your credit limit.
4. *Contact the Bank's Customer Support*: Reach out to the bank's customer support and explain your situation. They might be able to provide guidance or offer alternative solutions.
5. *Look for Banks with Global Income Acceptance*: Some banks, like Citibank or Standard Chartered, might have more experience handling global income and currency conversions.
6. Avoid applying credit card on salary basis better to apply on card to card basis-CAC(card against card).
7. Faster credit card approval if you apply with your bank in which your salary is credited regularly like: SBI, ICICI etc.

*Banks to Consider:*
1. *Citibank*: They have a global presence and might be more accommodating of USD-denominated income.
2. *Standard Chartered*: This bank also has international expertise and might be more willing to consider your application.
3. *HSBC*: As a global bank, HSBC might have more experience handling international income and currency conversions.
4. SBI, ICICI, AMEX, PNB.

Before applying, ensure you meet the bank's eligibility criteria, and your credit score is still healthy.

 

[Sailor044]

Thank you so much Sir,,

 

[Personal Finance by Nish…]

Thank you so much Sir,,

You’re very welcome.
I hope you get answers to all your queries. Don't forget to share this info with your circle as well.

 

[s2sharma1994]

Hi there,
I work in the Merchant Navy with a salary of around 80K, credited in USD. My CIBIL score is 750+, and I currently have three credit cards from ICICI, HDFC, and Axis, all obtained through pre-approved offers. However, whenever I apply for a specific credit card, my application gets rejected. The reason seems to be that my salary is received and reflected in USD on my salary slip. Is there a way to overcome this issue
?

Recently my friend applied for CC, got rejected filed complaint with RBI as clear rejection reason was not given finally AXIS replied reason is score below 800.
So, when your next card gets rejected file complaint at least you will know why it was rejected so you know is it worth it to take a hit on CIBIL for that card.
800 is new 750.