I recently applied for credit card, but my application got rejected, what might be the potential reason for rejection? Should I reapply, if yes when should I reapply?
Following might be the reasons of rejection-
- Low or no credit score –
- If you’re new to credit or have a poor credit history.
- Low income –
- Your income may not meet the card issuer’s minimum requirement.
- High existing debt –
- Too many existing loans or outstanding card dues.
- Frequent applications –
- Too many recent credit applications can signal risk.
- Incomplete or incorrect application –
- Errors or missing information can lead to rejection.
You should consider reapplying after 5–6 months. In the meantime, focus on improving your credit score by paying bills on time, maintaining a low credit utilization ratio, and avoiding any new credit inquiries.