How to reapply after your credit card application is declined – Bajaj Finserv (2024)

FAQs

Can I reapply for a credit card after decline? ›

Yes, you can reapply for the same credit card or a different one if your application is denied. However, it is essential to understand the reasons why your application was denied and work towards fixing them before reapplying. It is also advisable to wait for at least six months to increase your chances of approval.

If you have been rejected by the bank, do not reapply immediately. If possible, wait for six to eight months before reapplying and see if you can find out why you were denied. If you can then fix that issue, it may increase your chances of approval.

1. Wait to reapply. How long you should wait to reapply for a credit card after an application is denied varies with each person's situation, so there's no hard-and-fast timeline to follow. The typical recommendation is that you should wait six months between credit card applications.

The income eligibility criteria has to be met and the applicant also has to submit income documents such as Form 16, Salary Slips, Income Tax Returns, etc., at the time of application. Your application will be rejected if you do not meet the income requirements specified by the lender.

It's a good idea to wait three to six months between credit card applications. Otherwise, it might look like you're applying for too much new credit in a short period of time.

How do I reverse a credit card denial? A bank may reconsider your credit application, even if you are initially denied. Many banks have a reconsideration phone number that you can call. Often, this phone number appears on the letter you will get in the mail when your credit card is denied.

You can apply again if you believe the new job description fits your current abilities and career objectives at the moment. With a different batch of candidates, your application may seem more effective and fit the employer's description than others, helping to increase your chances of success in this hiring round.

A hard inquiry from a card application can cause a small, temporary drop in credit scores. A denial or approval won't hurt your credit scores, because decisions aren't reflected in credit reports. When making lending decisions, card issuers use credit reports and credit scores to determine creditworthiness.

Applying for a loan or credit card can affect your credit score, but if the lender denies your application, that decision won't have any bearing on your credit health.

What step can you take if your credit application is denied? ›

It can sting if you don't qualify and the application is declined, but talking to a human through the reconsideration line can help. The reconsideration process includes a manual review of your credit report by an analyst with the bank or card issuer.

"Bajaj Finance's key product segments (until now) have been the secular growth segments. However, its foray into multiple newer products such as cars, tractors, CVs, and potentially MFI, could (in future) make its growth vulnerable to cyclicality despite having a well-diversified product mix," said the brokerage firm.

If you're denied a credit card, you should receive a letter stating the reasons for the denial. Using this information, you can take steps to improve your credit and other areas of your finances to have better odds of approval in the future.

It is measured on a scale between 300 and 900, with 900 indicating maximum creditworthiness. The minimum CIBIL Score required for Bajaj Finserv Insta EMI Card is 720 or above. A score of 750 or above is considered excellent and can fetch favourable terms while availing of the Bajaj Finserv Insta EMI Card.

Technically, you could close a card and apply for another one immediately after. However, it's best to wait at least 90 days between credit card applications, especially if you closed a card and are applying for a card with the same issuer.

Having a credit card declined can be embarrassing and inconvenient, but it won't affect your credit score. However, some issues that could cause a credit card to be declined, like late payments and high balances, do affect your credit. You can reduce the chances that you'll encounter this by: Paying balances on time.

Also, it is important to note that hard inquiries like declined loans can stay on your credit file for up to five years before they are removed from your history. In general, you can also get hard inquiries removed from your credit file if they are incorrect or fraudulent.

More often than not, issuers will let you reopen a closed credit card account. But your request may be unsuccessful if your timing doesn't abide by the issuer's policies.