how I can improve my approval chances of cc

[Ravi12051993]

I recently applied for a hdfc swiggy and sbi cashback ccand received a rejection despite maintaining a CIBIL score of 725 and having multiple active credit cards. I would like to understand the reason behind the rejection and how I can improve my approval chances.
I currently hold the following credit cards:
Amazon Pay ICICI CC
Kotak Zen Signature CC
ICICI Platinum C C
Yes Bank Platinum Cc
Rbl paisabazar duet cc

 

[QamarImam]

I recently applied for a hdfc swiggy and sbi cashback ccand received a rejection despite maintaining a CIBIL score of 725 and having multiple active credit cards. I would like to understand the reason behind the rejection and how I can improve my approval chances.
I currently hold the following credit cards:
Amazon Pay ICICI CC
Kotak Zen Signature CC
ICICI Platinum C C
Yes Bank Platinum Cc
Rbl paisabazar duet cc

There could be several reasons for the rejection:

1. Over-leveraging: You already have multiple credit cards, which might make lenders think you're taking on too much debt.

2. Credit utilization ratio: Check if you're using too much of your available credit limit. Try to keep it below 30%.

3. Income or employment issues: Ensure your income and employment details are up-to-date and meet the lender's requirements.

4. Credit score:Most banks (like, SBI, HDFC, BOB) consider issuing CC only after checking a CIBIL score of 750 or above.

To improve your approval chances:

1. Reduce credit utilization: Pay off some debt to lower your credit utilization ratio.

2. Wait for a while: Apply after a few months to show lenders you can manage your debt.

3. Try to maintain a credit score above 750.

4. Consider a secured credit card This can help you rebuild credit and improve your chances.