Besides convenience credit cards allow card holders to build credit, earn cash back and rewards and even protect against fraud. It is also a great resource for those big-ticket purchases you plan for. For instance, with a Platinum Choice Supercard you can avail bonus points, discounts on movie tickets, reward points on online spends and much more.
However, if your application for credit card gets rejected you can check for reasons below to gauge the cause and take appropriate steps.
Credit score
Credit score is a measure of your credit worthiness. A score of 750+ or more is considered good or healthy and it is also needed to get credit card in future. So, you have a credit card you must ensure to have no multiple debts on it, pay your credit card payments on time, pay off your loans on time, and avoid having too many credit cards. These practices will help you achieve a good score and even improve a bad score overtime.
Income source
Income stability or have a consistent source of income such as a job. Lenders insist on income source as it implies you can pay off the loan easily without default. Besides company reputation is also a vital criterion for evaluation while considering your credit card application.
Application form
Check the application form while filling it up. Make sure to have no errors or spelling mistakes. As this may increase your chances of being declined. As an alternative you can opt for lenders which let you submit online application. These are convenient and it lets you check for errors faster before submitting it.
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