Please tell me why rejected applications everytime

[amartyabhunia001]

I have only 1 credit card (Amazon icici) and others pay leter .. ..
Recently I create a fixed Diposit and gat a get but
please tell me every time Rejected my credit card application...
reason - Bank internal policies and We regret to inform you that we are unable to process your Credit Card application as it does not meet the Bank's credit norms - Axis Bank
Also rejected from - SBI , INDUSIND,AXIS,HDFC,ICICI,
*All are not same time after some month, 5,6 month but rejected
1.I am always pay 100% payment
2.my utilisation is under 30%
3. My cibil score was 764
please tell me why ???
*Please tell me how to get credit card now??

 

[RitamModak]

Possible Reasons for Rejection:

• Internal Bank Policies: Banks sometimes have internal policies that restrict credit card approvals based on factors beyond your control. These could include quotas for certain types of cards, limitations on new customers in your area, or even recent economic conditions.
• Insufficient Credit History: While a single credit card with good payment history is positive, having a more diverse credit mix (credit card + loan) can strengthen your profile. Pay Later options may not be reported to credit bureaus, so they don't build your credit history as effectively.

Tips to Improve Your Chances:

• Check Credit Report for Errors: Ensure your credit report (CIBIL) is accurate. Errors can negatively impact your score. You can get a free report once a year.
• Maintain Low Credit Utilization: You mentioned keeping utilization under 30%, which is excellent. Continue this practice.
• Apply for a Card with Lower Credit Limit: Start with a card offering a lower credit limit. This shows the bank you're responsible and helps build your credit history.
• Consider a Secured Credit Card: These require a security deposit, but using it responsibly can significantly improve your score.
• Space Out Applications: Don't apply for multiple cards simultaneously. Each application triggers a hard inquiry, which can temporarily lower your credit score.
• Target Specific Banks: Research cards offered by banks where you have existing accounts (savings, loans). They may be more likely to approve you.
• Consider Pre-Approved Offers: Banks sometimes pre-approve customers based on their creditworthiness. Check if you have any such offers from Axis or other banks.

Here's a strategy:

1. Check Your Credit Report: Verify there are no errors in your CIBIL report that might be lowering your score.
2. Wait for a While: Give your credit score some time to recover after previous applications (ideally 3-6 months).
3. Apply for a Secured Card: Consider a secured card from a reputable bank to build your credit history further.
4. Target Specific Banks: Focus on applying for cards from banks where you have existing accounts.
5. Look for Pre-Approved Offers: Check if any banks offer you pre-approved cards based on your creditworthiness.
6. Limit inquiries: Avoid applying for multiple cards at once.

Repeated credit card applications can hurt your credit score. Each application results in a hard inquiry, which can temporarily lower your score. This can make it harder to get approved in the future.

 

[TaxWiser]

I have only 1 credit card (Amazon icici) and others pay leter .. ..
Recently I create a fixed Diposit and gat a get but
please tell me every time Rejected my credit card application...
reason - Bank internal policies and We regret to inform you that we are unable to process your Credit Card application as it does not meet the Bank's credit norms - Axis Bank
Also rejected from - SBI , INDUSIND,AXIS,HDFC,ICICI,
*All are not same time after some month, 5,6 month but rejected
1.I am always pay 100% payment
2.my utilisation is under 30%
3. My cibil score was 764
please tell me why ???
*Please tell me how to get credit card now??

My personal thoughts on this topic are:
These days, banks are really focusing on giving credit cards to people with solid credit reports and proper income documents. Gone are the days when just having a decent CIBIL score could get you those awesome lifetime free (LTF) credit cards. Remember when HDFC and ICICI used to offer zero balance accounts? Well, those options have pretty much disappeared now just like current LTF CC scenario.
So cut the long story short, if you’re aiming for great credit cards, make sure you have your income documents(salary slip - most recommended, ITR) ready, Trust me, it’ll make a big difference!

 

[amartyabhunia001]

Possible Reasons for Rejection:

• Internal Bank Policies: Banks sometimes have internal policies that restrict credit card approvals based on factors beyond your control. These could include quotas for certain types of cards, limitations on new customers in your area, or even recent economic conditions.
• Insufficient Credit History: While a single credit card with good payment history is positive, having a more diverse credit mix (credit card + loan) can strengthen your profile. Pay Later options may not be reported to credit bureaus, so they don't build your credit history as effectively.

Tips to Improve Your Chances:

• Check Credit Report for Errors: Ensure your credit report (CIBIL) is accurate. Errors can negatively impact your score. You can get a free report once a year.
• Maintain Low Credit Utilization: You mentioned keeping utilization under 30%, which is excellent. Continue this practice.
• Apply for a Card with Lower Credit Limit: Start with a card offering a lower credit limit. This shows the bank you're responsible and helps build your credit history.
• Consider a Secured Credit Card: These require a security deposit, but using it responsibly can significantly improve your score.
• Space Out Applications: Don't apply for multiple cards simultaneously. Each application triggers a hard inquiry, which can temporarily lower your credit score.
• Target Specific Banks: Research cards offered by banks where you have existing accounts (savings, loans). They may be more likely to approve you.
• Consider Pre-Approved Offers: Banks sometimes pre-approve customers based on their creditworthiness. Check if you have any such offers from Axis or other banks.

Here's a strategy:

1. Check Your Credit Report: Verify there are no errors in your CIBIL report that might be lowering your score.
2. Wait for a While: Give your credit score some time to recover after previous applications (ideally 3-6 months).
3. Apply for a Secured Card: Consider a secured card from a reputable bank to build your credit history further.
4. Target Specific Banks: Focus on applying for cards from banks where you have existing accounts.
5. Look for Pre-Approved Offers: Check if any banks offer you pre-approved cards based on your creditworthiness.
6. Limit inquiries: Avoid applying for multiple cards at once.

Repeated credit card applications can hurt your credit score. Each application results in a hard inquiry, which can temporarily lower your score. This can make it harder to get approved in the future.

Thanks