Steps wise guide to turn your SBI credit card rejection into approval

 Tushar Singh
  Sep 03, 2018

If you ever face credit card rejection, don’t be disappointed and follow these three simple steps to avoid rejection in the future. Here’s how you can turn SBI credit card rejection into approval:

Step 1: Find the cause of SBI credit card rejection: First step is to check the reason for your credit card rejection. A credit card application can be turned down because of the following reasons:

  • Bad credit score: Before approving the credit card application, the bank checks your credit score. If the credit score is poor due to previous delays in payment of debt or bills, the bank will most likely reject your application.

  • Low income: Your eligibility for a credit card is directly dependent on your annual income. If your income is low or your job profile is not stable, then banks may hesitate to sanction credit cards. On the other hand, a high and stable personal income is an assurance to the lender that the debts will be paid on time without any hassle.

  • Incorrect information: Something as minor as a spelling mistake or incorrect information in documents can lead to SBI credit card rejection. So, don’t forget to recheck the application multiple times before submitting it.

Financial problems: If you are already paying EMIs or if you are going through a financial crisis, the bank can reject your credit card application.

Step 2: Rectify your credit score: If you have a bad credit score, you always have the option to improve it. Here are a few things you can do to improve your credit score:

  • Pay credit bills on time: It is important to settle your credit card bills on time and in full. Unpaid bills and credit card balances reflect in your credit history, bringing down your score. Late card payments not just impact your credit history, you also end up paying a hefty interest rate. Hence, always settle your card dues before the due date.

  • Pay EMIs of existing debts regularly: If you have a loan or debt running, make sure you clear it by regularly paying EMIs on time. If you don’t default on EMIs, your credit score will improve with every passing month.

  • Check for errors: If you have a loan or debt running, make sure you clear it by regularly paying EMIs on time. If you don’t default on EMIs, your credit score will improve with every passing month.

  • Build credit score using a secured card: You can opt for a secured card that is issued by the bank against fixed deposits or property to improve your credit score. Despite having a bad score, you can get an approval for a secured card. Use the secured card to shop and pay the credit card bills on time. And it would eventually lead to a better credit score.

Step 3: Choose, inquire and apply: Once your credit score is improved, apply for the credit card you want. Before applying for the card, check the website of the credit card provider and inquire about the prerequisites for the approval Credit card. Make sure that the credit card application won’t be rejected based on your income, job profile or credit score.

Conclusion: If your credit card has been rejected, then you can follow simple steps to get it approved next time. The first step is to identify the cause of your credit card rejection. Your credit card application can be turned down due to a bad credit score, low income or financial problems. If the credit score is poor due to previous delays in payment of debt or bills, the bank will most likely reject your application. Also, if your income is low or if you are going through a financial crisis, the bank can reject your credit card application. Next step is to improve your credit score. You can do this by paying your credit card bills on time and in full. Unpaid bills and credit card balances reflect in your credit history, bringing down your score. Hence, always settle your card dues before the due date. If you have a running loan or debt, make sure to pay the EMIs on time. Further check for errors, if any on your credit report. If errors are detected, they should be highlighted to the credit information agency as per their reporting process. Lastly, after improving your credit score, you can again apply for the credit card you want. Make sure to check the website of the credit card provider and inquire about the prerequisites for the approval of the card. So, these simple steps can lead to hassle-free approval of your credit card application. Disciplined swiping of a credit card can provide huge financial benefits to you. So, if you ever face SBI credit card rejection, follow the above-mentioned steps for hassle-free approval. Borrow thoughtfully and repay punctually to have an immediate impact on your credit score.

Steps wise guide to turn your SBI credit card rejection into approval

Tushar Singh

Tushar Sharma is a financial advisor with an experience of more than 6 years. He has worked with top-most financial firms and has been a visiting faculty at many reputed institutes in India. Currently based in Delhi, Tushar Sharma is a passionate writer and loves sharing his knowledge on the subject.

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