How To Avoid Having Your Credit Card Application Declined By The Banks

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Find out the main reasons to have your credit card application declined. Learn what to do to increase the chances of a positive outcome when you apply for a credit card.

No one likes to have a credit card application declined. It can make you feel snubbed and less worthy than you felt before. In the majority of cases, such a situation is avoidable provided you are realistic, prepared, and sensible in making your credit card application.

These are the main points to consider so that you can avoid having your credit card application declined:

• Apply where you will be accepted You can’t always get this right, but you can reduce the odds of falling at this first hurdle by making sure you are basically eligible for the card you are applying for. Check out the minimum income criteria and do not make an application if you fall short. Checks can be made to make sure you are telling the truth. Equally, if you are a foreign national who has just arrived in the country on a short-term visitor’s visa, no Australian credit card provider is going to look at you. 60% of people only ever apply to their own bank for a credit card because they feel more confident their familiarity will cause a positive response.
• Check your credit report On every “apply now” page of any credit card, one of the criteria stated is that you must have a good credit rating. These people are going to be lending you money. A failure to check this out can easily lead to you having your credit card application declined. It’s understandable. Just as you wouldn’t lend money to a known rogue, banks do not like giving credit to anyone who has shown a flippant attitude towards repaying their debts in the past. If you are not certain how your report looks, ask a credit bureau to let you see it.
  The main credit bureaus in Australia are Veda Advantage and Dun & Bradstreet, and either will want around $30 from you. This is money well spent so you can not only see where you stand, but if your standing is actually a fair reflection of your history. Mistakes can be made. Debts can be wrongly attributed to you, or old spent debts may remain listed as active that should have been erased long ago. Having your credit card application declined on the basis of a clerical error would be a great shame.
• Improve your credit score This may not be possible overnight, but you can certainly take steps to ensure you don’t have future credit card applications declined. This will mean clearing all your debts as fast as you can, closing old accounts rather than letting them lie dormant, removing old partners from your credit history whose activities may still be linked to your name, and paying your bills on time, every time.
• Fill out the form correctly! Don’t let a silly mistake on your form be the reason for you having your credit card application declined. Make sure you correctly and accurately fill in all the spaces required, and then review your form before clicking to submit it.

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