What to do if your credit card application is rejected
Monday December 1, 2008
Banks have set criteria for approving credit cards and you can improve your chances of being approved if you know what these are. If your application was declined, learn more today.
If you don't match up to your bank's lending criteria, you'll be automatically rejected. When processing your credit card application, banks check a number of factors to see if you're a worthy credit risk. These can include your income, your credit history and your employment details.
If you've been rejected once, wait a while before putting through another application. Before applying for another credit card, check to see if you have:
- A stable and ongoing income.
- The ability to cover minimum monthly repayments.
- Other personal debts that have a positive history.
- Any defaults on your credit file - if so, rectify them immediately.
- A permanent job.
Remember that the bank wants to be sure that you have the ability to pay off your credit card so they don't lose any money.
Find out more about why your credit card application was declined.
If you're still looking around for the right credit card, the Citibank Clear low rate credit card could be for you.
The Citibank Clear credit card has an interest rate of 12.49%p.a on purchases and offers up to 55 days interest free. Additionally, there is a competitive annual fee of $65 and a range of benefits and discounts.
Apply online for a Citibank Clear credit card.
