As banks tighten credit card approvals, the days when you can apply for a card with just a business card are gone forever. Many people have encountered credit card rejections. Usually when banks reject approval, they will only tell the applicant the result but not the reason. Let’s analyze some of the reasons why credit card approval is rejected and learn about it together.

What are the reasons why a credit card cannot be approved?

1. Personal credit stains

Many applicants have good conditions, but are rejected after applying to a bank. Once, after repeated defeats, it was not until the editor reminded me to check my personal credit report that I discovered that it was because my personal credit record was overdue, which prevented me from applying for a credit card.

2. First-time card application

When there is a group of people who apply for a credit card, the bank will review them more strictly, which also leads to their rejection rate being among the best. That is the first-time card application. clansmen. Applicants who apply for a card for the first time usually have a blank personal credit record because they have no previous card use records.

Here I would like to remind you of a misunderstanding, that is, blank records do not mean good records. Blank records can only indicate that you have not had a loan relationship with a financial institution before. In this way, it is difficult for banks to grasp what type of applicant this applicant is. Maybe it’s a good kid who pays back on time, or maybe it’s an old man who habitually defaults on payments. This uncertainty makes banks more cautious and stricter when approving cards.

For this type of applicant, it is recommended that you apply for a regular card from a small or medium-sized bank instead of applying for a gold or platinum card at the beginning. After you apply for a regular card and accumulate a good credit record over a period of time, you can apply for a limit increase or a higher-level credit card.

3. The credit card level applied for is too high

Many applicants like to apply for Platinum Card because it has a high limit and many value-added services. However, the Platinum Card has higher requirements for applicants than both the Regular Card and the Gold Card, requiring applicants to have a certain financial foundation. Therefore, some applicants who applied for the Platinum Card were rejected by the bank.

4. Self-employed individuals have unstable sources of income

It is found that there is a type of applicant who is also difficult to apply for a card, that is, freelancers or self-employed individuals who do not have a stable source of income. In fact, Many people have a lot of money, houses and cars, but because they are self-employed and pay their own wages, their income is not stable enough. Banks usually reject the card when approving it. It is recommended that you present proof of assets to the bank. With good proof of financial ability and repayment ability, the bank will be able to approve the card application.