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As time progresses, more and more people are joining the revolution called ‘Credit card’. Yes, it’s really a revolution. Now you don’t need to worry about how much cash you have in your pocket when you go shopping, just carrying this small piece of plastic is enough to assure you of a good shopping treat. You can use your card to order things from the comfort of your home (on the internet). So the number of card applications seems to be on the rise. However, not every application turns into a physical card. Some applications get rejected too.
Let’s check why a supplier would reject an application when he has spent so much time and energy (and money) on wooing new customers.
One obvious reason for rejection of an application is human error i.e. the error committed by you in filling out the application. These can be small mistakes like a wrong telephone number or wrong name or the postal code might be wrong. It’s normal to make mistakes, after all we are human being and no human being can be termed as perfect. Another strong reason for rejection of an application could be missing mandatory information i.e. when you forgot to fill-in some mandatory information in the application form. Sometimes, the application could be rejected because the application form has been filled-in in a handwriting that is illegible to the people processing your application. At other times, the sales representative could have made a mistake in either depositing the form correctly or in guiding you in the filling of the application. (newly hired sales representatives can make such mistakes).
However, these human errors are just minor errors that can be corrected later on and hence the only impact would be in terms of the delay in receiving your card. The main and the most important cause for rejection of a card application is a bad score. If you have been using other cards or if you have taken bank loans/mortgages in the past, you would have already built your credit history. If you have been making your bill/instalment payments in time (and in the correct amount), you would have already acquired a good score. However, if you have been irregular or if you have been defaulting on your payment dues, you would have developed a bad score. This score is calculated by bureaus who receive feeds from various suppliers. All applications are checked for the rating of the requestor and if it comes up as negative, the application is rejected outrightly.
So, these are the 2 most important reasons for rejection of an application and you must pay heed to them (especially the rating).
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