Credit Cards Declined (need help)

297°
Deal Cadet
thewinner

I need help with understanding the issue of why it’s declined.

Profession: Web design services (Proprietor)

I’m an income tax payee.

I took an SBI car loan (4.75L) in Dec 2019 (Rs 2.8L still to be paid). All EMIs paid till date.

Cibil Credit Score > 758

I applied for the following cards in the last 6 months:
1. Axis Freecharge (Sept 20) > declined
2. Flipkart Axis (Nov 20) > Declined
3. Amazon ICICI > Jan 2021 > Declined
4. IDFC First > Waiting list (No offers currently). I have a 3 yrs old business account in good standings.

I asked ICICI> They said low income. Not sure how much income is required.

What could be the issue?

36 Comments  |  
24 Dimers
  • Sort By
Pro Shopping Friend Pro Shopping Friend
Link Copied

All wrong and too many cards you applied
Try with Bajaj Fin RBL and SBI BPCL or any variant they suggest, then climb steps

Deal Cadet Deal Cadet
Link Copied

This is a dumb thing people usually do on an impulse and don’t read the documentation… Read the terms and conditions & min eligibility requirements… Then apply…

The moment your first card was declined, your Cibil took a hit. now the impact is getting greater due to all the other cards you’re trying, your Cibil is now taking hit after hit without you knowing, and all you’re doing is just screwing up your cibili score… If you don’t have a regular income as salary, banks are finicky so stick with a CC on lien first…

Ask on DD first, people will help you out…

Deal Cadet Deal Cadet
Link Copied

Wrong cards for a beginner. Axis people will not approve fk axis and FreeCharge card easily. Amazon pay also a bit difficult.
I would suggest go with any sbicard. Don’t apply for too many cards at once. Hard enquiry makes you credit hungry and will impact your credit score.
Take it easy initially. You should get your first card soon.
At last idfc has not yet launched their credit card. And initially it will be invite only model. So chances of getting in the initial phase will be a bit difficult as there is huge interest in the market for that card

Finance Ninja Finance Ninja
Link Copied

I’ll say to wait for 3 months and let your cibil come to a good score(gone down due to hard checks for previous cards) and then apply for basic sbi cards or secured cards(cards against FD) for a while. Only then go ahead with new cards.

The PostMighty The PostMighty
Link Copied

I don’t work but have more than 12 cards🤣 joy

Deal Subedar Deal Subedar
Link Copied

Bro tumhari technique hi galat hai…

Deal Newbie Deal Newbie
Link Copied

I made an fd and got one card then applied for SimplyCLICK, Got that Card, then Got One Card and Now IDFC Select Card. Now i will apply for Amazon pay or FK Axis Cards, But Only after 6 Months.

Deal Cadet Deal Cadet
Link Copied

u should have tried for hdfc moneyback, hdfc is the most generous bank, they give credits cards to people who do not even have any credit history, i had no cibil score but just on the basis of transactions they approved my application 2 years ago..

for icici bank, u need an ITR of 4 lakh above, that too for their basic platinum credit card, for online application they ask for ITR of 6 lakh n above…

axis is the most pathetic bank in credit card section and u tried to get their most wanted flipkart credit card.

if u want to apply for a credit card, most favourable time is march, bcoz every bank has march end targets, so chances of approval r high @thewinner

Pro Shopping Friend Pro Shopping Friend
Link Copied
aniket1587 wrote:

axis is the most pathetic bank in credit card section and u tried to get their most wanted flipkart credit card. True

if u want to apply for a credit card, most favourable time is march, bcoz every bank has march end targets, so chances of approval r high How? Backend team is completely different, unless they also have target @thewinner

.

Deal Cadet Deal Cadet
Link Copied

i started job in 2019 with monthly income of 15K per month. And I got ICICI credit card with salary account ❤️.. and because of that now I got amazon pay ICICI too sweat_smile

Deal Cadet Deal Cadet
Link Copied
aniket1587 wrote:

u should have tried for hdfc moneyback, hdfc is the most generous bank, they give credits cards to people who do not even have any credit history, i had no cibil score but just on the basis of transactions they approved my application 2 years ago..

for icici bank, u need an ITR of 4 lakh above, that too for their basic platinum credit card, for online application they ask for ITR of 6 lakh n above…

axis is the most pathetic bank in credit card section and u tried to get their most wanted flipkart credit card.

if u want to apply for a credit card, most favourable time is march, bcoz every bank has march end targets, so chances of approval r high @thewinner

एचडीएफसी बैंक आरबीआई ने क्रेडिट कार्ड इशू करने से बैन कर दिया है एचडीएफसी बैंक अगले आदेश तक कोई भी क्रेडिट कार्ड इशू नहीं कर सकता और जहां तक आपको क्रेडिट कार्ड लेना है सबसे अच्छा तरीका क्या है बैंक बाजार की वेबसाइट पर जाइए और इंडस्लैंड कार्ड आपको बहुत आसानी से मिल जाएगा ऑनलाइन केवाईसी वेरीफाई करिए और 3 से 5 दिन में कार्ड पाई है और अपनी क्रेडिट रेटिंग सुधारी है उसके बाद आरबीएल का कार्ड लीजिए 2 कार्ड होने के बाद लगभग 1 साल में आपको एसबीआई भी क्रेडिट कार्ड दे देगा आपको कोटक भी क्रेडिट कार्ड दे देगा आपको आईसीआईसीआई क्रेडिट कार्ड दे देगा यदि सूचना अच्छी लगे और आप के काम आए तो इस सूचना को अन्य लोगों तक भी पहुंचाए आपका बहुत-बहुत धन्यवाद को

Deal Cadet Deal Cadet
Link Copied
ssgrocker wrote:

Wrong cards for a beginner. Axis people will not approve fk axis and FreeCharge card easily. Amazon pay also a bit difficult.
I would suggest go with any sbicard. Don’t apply for too many cards at once. Hard enquiry makes you credit hungry and will impact your credit score.
Take it easy initially. You should get your first card soon.
At last idfc has not yet launched their credit card. And initially it will be invite only model. So chances of getting in the initial phase will be a bit difficult as there is huge interest in the market for that card

I didn’t apply for too many cards in a short duration. My Cibil is getting better every month.

Let’s see what IDFC does for me.

Deal Cadet Deal Cadet
Link Copied

Right now my cibil credit score is 758.

Deal Cadet Deal Cadet
Link Copied

I’ll apply for a new card in March 2021. Any suggestions?

Deal Cadet Deal Cadet
Link Copied
Expand
caks2006407 wrote:

.

i said CHANCE of approval is high bcoz of fiscal year end sales target, thats what the hdfc credit card guy told me, i had only 3 lakh ITR and no credit history still i got 75k limit… i applied in march. 2018, my hdfc account was 2 month old at that time

Deal Subedar Deal Subedar
Link Copied

Always try card with bank where u have existing relationship. In ur case sbi. Try again in march first week.
Best is to apply sbi card via local agent found in mall store like big bazaar etc they’ll teach you what to say in verification call.

Deal Subedar Deal Subedar
Link Copied
SandeepBhaiya wrote:

I don’t work but have more than 12 cards🤣 joy

Good for you.

Often the case with credit cards is those who apply with good intentions never get it.

Also OP being self employed in that line of industry, is another problem.

Community Angel Community Angel
Link Copied

Hold your horses , stop applying cards first atleast minimum for next 6 months

Deal Cadet Deal Cadet
Link Copied
thewinner wrote:

I’ll apply for a new card in March 2021. Any suggestions?

You did apply for the cards in Nov and Jan chances are the entries did not post yet to your Cibil, check post April…

Deal Cadet Deal Cadet
Link Copied

Now go with secured credit card( credit card on the basis of Fixed deposit)

Deal Subedar Deal Subedar
Link Copied

Just forget about credit cards for atleast 6 months.
Or get credit card on fix deposit.

Deal Cadet Deal Cadet
Link Copied

Alright. SBI BM told me that I can get a card on the basis of loan. Shall I go for it?

It comes with a fee though

Deal Subedar Deal Subedar
Link Copied
thewinner wrote:

Alright. SBI BM told me that I can get a card on the basis of loan. Shall I go for it?

It comes with a fee though

Get a card against FD

Deal Subedar Deal Subedar
Link Copied

Your credit score is 758, no bank will approve CC.

Get a fd credit card, and use wisely to improve your credit card to minimum 775. Then apply for basic card like ICICI platinum or hdfc moneyback (if resume).

Now don’t apply again, all application will rejected because of low CIBIL.

Trailblazer Trailblazer
Link Copied

As ur newbie better try sbi r rbl cards

Deal Cadet Deal Cadet
Link Copied

I see. Someone told me that a CIBIL above 750 is considered good.

Deal Cadet Deal Cadet
Link Copied

Thanks, everyone for your advice.

Deal Newbie Deal Newbie
Link Copied
rohit_agarwal wrote:

Your credit score is 758, no bank will approve CC.

Get a fd credit card, and use wisely to improve your credit card to minimum 775. Then apply for basic card like ICICI platinum or hdfc moneyback (if resume).

Now don’t apply again, all application will rejected because of low CIBIL.

How to improve Credit Score,???
Timely Payment everyone knows.
CU is at 33%

Any other way

Analyst Analyst
Link Copied
Expand
anillaba52 wrote:

How to improve Credit Score,???
Timely Payment everyone knows.
CU is at 33%

Any other way

Get other loans, say a loan for iron or mixer grinder or mobile and pay on time. Use emi on debit card at flipkart or amazon and pay on time. Take an od on fd and return in day or two. Credit mix is also important, guess 30% part of credit score. Check asset yogi or anna dm videos on youtube. They are quite good in this field.

replyuser
Click here to reply
Reply