Are you wondering why your credit card application was denied? Don’t expect the card issuer to call
you and explain the reasons for the refusal. Let us tell you the possible reasons behind the rejection
of your credit card application:
1.Shaky credit score:
Being lazy when it comes to credit card repayment or loan EMI has serious affects. Delay in bill payment
directly impacts your credit score leading to a bad credit history.
2.Too many loans:
Having too many loans in your name can lead to rejection of your credit card application. In such a scenario,
banks are unsure of your repayment capability as your finances are already stretched thin.
3. Applying for many credit cards simultaneously:
Multiple credit card applications depict your desperation to avail a card. It may make an issuer doubtful
of your repayment capability.
4.High credit card usage:
High usage of a credit card means you tend to exhaust your credit limit swiftly and are not financially
stable. Similarly, using multiple credit cards for up to 50% of their combined credit limit can impact
your credit score.
5.Incorrect credit report:
There are times when CIB report reflects debt that you have already paid off. Check your CIB report thoroughly
for any such inaccuracies as they can drag down your score. Contact CIB department in Bangladesh bank to get
your report corrected.
6.Low profile Company:
Sometimes credit card application declined for the employee of a proprietorship or low graded limited company.
Surprisingly, your area of residence or location of your office can also be one of the factors you are not getting
a credit card. Banks maintain a record of blacklist areas where they do not extend their services; it could be that
your location falls in that list.
If you don’t meet the minimum income requirement stated by the card issuer, your application may be rejected. Search for cards that are aligned to your income bracket rather than looking for cards whose eligibility criterion you cannot meet.