Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    Reasons for Denial of Loan or Credit Card

    Applying for a loan or credit card is very easy, but getting the application approved is not. Banks and financial situations consider multiple factors and conduct various checks on applicants before they approve or reject any application. They want to be sure of the individual who they are lending money to.

    Some of the reasons for denial of a loan or credit card are as follows:

    • No or Poor Credit History – Credit History plays an important role in the approval of loans or credit cards. Banks always check your credit history and score before they decide to provide you with a loan or credit card. Your credit history will have details about all your past debts and if it shows any problems related to repayment of any of these past debts such as delay or default, then your lender may choose to reject your application.
    • Below Minimum Age Limit – If applicants are below the minimum age limit, then it is very likely that banks will reject their credit card or loan application. For most credit cards in India, the minimum age requirement is 18 years. In fact, some banks insist on a co-applicant or co-borrower and ask for income proof from young applicants who are between 18 years and 21 years of age.
    • Low Income – If you have a low income, it is very likely that your request for loan or credit card will be rejected by banks or lenders. Banks specify a minimum amount of income that you must earn to get a loan or credit card.
    • Work Issues – People with an unstable employment history may be denied loans and credit cards. Banks or lenders like applicants who are consistent with their jobs. Most banks require people to have a minimum experience of 1 or 2 years and an assurance from applicants that they will be working for their current employer for at least a period of 6 months.
    • Multiple EMI or Credit Cards – If you have too many EMIs and if you use more than 50% of your salary for repaying these EMIs, then banks or lenders may deny you a loan. Banks also tend to reject credit card application of people who have too many credit cards.
    • Negative Verification – After you apply for a loan or credit card, lenders verify your information. If this verification is negative, then your application might get rejected.
    • Negative Banking History – Banks and lenders will check your bank accounts to get an idea about how you manage your banking activities. If the result is negative, then you may be denied a loan or credit card. For example – If your lender sees that your salary is not being credited on time in your bank account or if your cheques are being bounced, then your application may be rejected.

    These are some of the common reasons because of which requests for loan or credit card are rejected by banks and financial institutions. In case of home loans, there are other factors such as legal verification and property valuation that can get loan applications rejected.

    Rejection of loan or credit cards can have a negative impact on your credit score and you might not get any loans or credit card in the future either. To prevent this, you must ensure that you pay your debts on time, have a stable employment and income, provide the correct documents and check the eligibility criteria of a product before applying for it.  

    Reasons for Denial of Loan or Credit Card Reviews

    • ICICI Bank Credit Card
      "Never understand the value of the customers"
      0.5 1.0/5 "Really Bad"
      I purchased the ICICI credit card 4 months before . I have huge transaction in ICICI salary account , but even though they provided me a credit limit of 25 k only . I am highly disappointed with the ICICI service . Never understand the value of the customers and customers requirements .
      Was this review helpful? 0
      , gulbarga
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Recently Purchased credit card"
      0.5 4.0/5 "Great!"
      Recently I applied for this SBI credit card through Executive . I find a good support from that executive by taking care of all the requirements till the delivery of my credit card . SBI provided me a credit limit of more than 50 k and Annual fees is around 500 /- .
      Was this review helpful? 0
      , gulbarga
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Very good credit card for other bank users"
      0.5 5.0/5 "Blown Away!"
      I always prefer HDFC service is very satisfactory service . For the last two years , I am using this HDFC credit card . I don't experience any negative things . Very good credit card for on-line shopping with some discount around 5-10 % . With a good credit limit of more than 50 k .
      Was this review helpful? 0
      , gulbarga
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Good. Can be more clear in details"
      0.5 3.0/5 "Satisfactory"
      SBI is good in the overall experience for the credit card. They are good in their offers and also in the credit limit. They have good emi options and there are good deals on the e commerce websites. The only thing which is not satisfactory is when I visit big stores like Big Bazaar for example. There are executives of this bank who would offer a credit card. If I am to tell them that I already have one, they would say that I could get a new card with a higher limit. My current limit is 70K and I would get 5 lakhs on the new card. Finally I would get a call from the bank who is willing to give me a new card with a bifurcated limit of 50k, where I would have 25K on each card. I refused as it is not useful to me.
      Was this review helpful? 0
      , kannur
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      It has been three years since i am using this credit card, there is some annual charges of 500 with this card. The credit limit with the card has been less and there has not been any benefits in using this card. I had not been using this card much and just for some purchases has been using.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      I have been using this credit card for the last couple of years, the services with them was good. I am satisfied with the credit limit with this card and there is an annual charges of 500 with this card as well. I have been using the card for all sort of purchases.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 21, 2019
    • Kotak Credit Card
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      I am using this credit card for the last three years where i am quite satisfied with the services of them. There has been a good credit limit with this card and it has an annual charges of 500 as well. There has been offers with the card on cash backs and reward points.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Good credit card"
      0.5 5.0/5 "Blown Away!"
      Hdfc taken one week of time to approve my credit card,they quickly dispatched the card. Initially they declined the card then I raised the request, they approved it on next day. The service is good they responding to the customer in professional manner. Initially I paid the amount of Rs. 1800 hence it became life time free credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 21, 2019
    • Kotak Credit Card
      "Average"
      0.5 4.0/5 "Great!"
      I use Kotak Mahindra Bank credit card and my experience was average. The helpline number was not useful and they need to improve the customer service. They don't charge annual fee, If I spend certain limit in a year. The credit limit was sufficient. I have not used the Flexi option so don't know the charges.
      Was this review helpful? 0
      , thane
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Average Service"
      0.5 2.5/5 "Just OK"
      I had been using this credit card for the last two years and the services which they had been providing so far has been pretty good. But they had been making many hidden charges and there was not much offers other than the reward points. The credit limit with the card is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Average"
      0.5 4.0/5 "Great!"
      I got this credit for making my essential needs and is very useful for me.It is best card for doing shopping and there is no annual fee charges as well.I am using this often.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using this credit card just for the last six months and the services with them was good so far. I am satisfied with the credit limit with this card and there has also been some better offers with this card on reward points. I am happy with the credit limit with this card as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 21, 2019
    • RBL Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using this credit card for the last one and a half years where i am satisfied with the services which they had provided so far. They had given me with a good credit limit and there has not been any annual charges with this card as well. I had been getting some good benefits in using this card as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 21, 2019
    • RBL Bank Credit Card
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I also bank with Ratnakar Bank for the credit card. The customer support is good and they also have a good online banking system. I can check the status of the EMI conversion and I can also login with ease. There are good offers and the credit limit is fine.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Good. Online banking needs to be user friendly"
      0.5 4.0/5 "Great!"
      HDFC Bank has offered me a credit card which has a annual fee of Rs.500. The credit limit is good. I am also fine with the customer services and response too. The online banking is not user friendly, it is very complicated to login and to also convert the emi is not that easy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Average performance credit card"
      0.5 3.0/5 "Satisfactory"
      While purchasing this SBI Platinum credit card , i got more vouchers during that time . They sold this credit card without proper information .making the credit call bill payment in SBI is very difficult process . This card is not at all applicable for my usage . I thought of blocking this credit card after that i changed my mind .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 21, 2019
    • HDFC Bank Credit Card
      "Need more offers in the future"
      0.5 4.0/5 "Great!"
      I am using the HDFC national card . On initial days, i wont receive much notifications through Email . Impossible to get he Credit card statement also . HDFC taken some time to respond my all these request. HDFC Services wise I am okay .I dint find any hidden charges in HDFC till now .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 21, 2019
    • SBI Cards Credit Card
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a credit card with State Bank of India. It is a good experience as I can redeem the points with ease. The credit limit is also good and there are no hassles. The statements are clear and sent to me on time. The customer support and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 21, 2019
    • Bank Bazaar Credit Card
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is really good as the portal helps me to track my credit score and also check the banks offers and deals and compare the various options. The team was on time to contact me and inform me the details. They also followed up in the process too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 21, 2019
    • Citibank Credit Card
      "Good. Can reduce the annual fee"
      0.5 4.5/5 "Excellent!"
      Citibank has been good till date and on time for me to get the credit card. The credit limit is also good. I expected more though. There are annual charges of 1K for the card which gets waived off if I use the card for 30K in the first month or within two months. It is a Indian oil card and since I did not need it as I would not use it much for fuel so I asked for a rewards card, but in between the conversation I got a message that it is already dispatched and would be delivered the same day. So I could not do anything about it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 21, 2019
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