Reasons for My Credit Card Application Denial 

Getting an approval on your credit card application is good news especially today when such financial solutions are very helpful in keeping us up during a financial jam. However, there are so many credit card applicants being denied right now for reasons many of us cannot seem to figure out. What we don’t know is that credit card companies take a lot of factors into consideration and more often than not they only approve applicants who are low risk to them.

If you don’t know why you have been rejected on your credit card application, take a look at the possible reasons below for your denial.

  • Incomplete application details

The most common reason why an application for a credit card would be denied is missing information upon application. Credit card companies need complete details from their applicants. If you were too hasty in filling out their forms, chances are there were details that you have missed which caused your application to be denied.

Tip: Apply for a credit card online as the application won’t be submitted unless all fields that are required to be filled out have been completed.

  • You are not of age

Only adults are approved to own a credit card. Most credit card companies deny applications done by minors because they cannot run after them in case they default on their payments. The reason for this is because legal actions can only be filed against individuals aging 18 and above.

If you want to own a credit card at a young age because you have a job and are financially responsible, ask your parents to be a co-signer so that your application would be approved.

  • You don’t meet the minimum income requirement 

Unlike other instant cash solutions like Burlington Bad Credit Personal Loans which does not have any income requirements, you can hardly get your credit card application approved if your income is too low. Credit card companies only approve applicants who have a stable and average income since the lenders could easily recoup any loss they would suffer in case these applicants would default in their payments.

This is not the case with Burlington Bad Credit Personal Loans. Such loans are based on the equity of the vehicle of the applicants. If the applicant defaults in his or her loan, the lender would recoup the loss suffered from the vehicle itself. That said, it is more likely that you’ll get approved on your bad credit personal loan application than on your credit card application.

If you believe that you have been denied for the wrong reasons, simply contact the credit card company so you can re-file your application.

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