What? My credit card application got rejected again? This is the fifth time!!!

If you are someone who gets rejected every time you apply for a credit card, it might be time for you to learn about 8 common reasons why credit card applications fail so that you won’t miss out next time.

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8 Common Reasons Why Your Credit Card Application Gets Rejected

1. You have outstanding payments on your credit report

Of course, whenever you apply for a credit card, the first thing the bank will do is check your credit report, which compiles almost all of your financial history. If you have outstanding payments on your credit report or a long history of bad debts, you can say goodbye to your credit card application.

If problems arise, the first thing you need to do is pay off your debts. After that, you’ll have to wait another 3 years for those bad records to gradually be removed. Once your old debts are cleared, you should start fresh with discipline in spending and timely payments. When financial institutions see that you can be a good borrower, the credit card you desire will be within reach.

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2. Your income does not meet the bank's requirements

Many people are already aware that to apply for a credit card, applicants must have a minimum income of 15,000 baht per month or 180,000 baht per year, according to the Bank of Thailand's guidelines.

Some financial institutions may allow those with lower incomes to apply for credit cards, but this is rare, and you may only qualify for a limited credit limit.

Another important factor is

The bank will check where your income comes from and through what channels. The more stable your income sources are, the more confident the financial institution will be in your financial stability, making it easier for them to approve your credit card.

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3. Your job has an unstable income

As mentioned, the source of income is another crucial factor in determining the approval of credit cards by financial institutions. If you observe closely, the qualifications for most credit card applicants specify stable jobs such as government employees, state enterprise employees, private company employees, and business owners. These professions typically have stable incomes and often receive salaries through bank transfers.

If you are self-employed, such as in sales or as a freelancer, these professions are categorized as having unstable incomes, which reduces your chances of being approved for a credit card compared to others.

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4. Your phone number is unreachable or you lack a permanent address

Since credit card statements must be sent to your address, if you have late payments or outstanding balances, the bank will call your mobile number or send you a reminder message.

Clearly, if you lack both of these pieces of information, it will be difficult for the bank to trust you, leading to your credit card application being rejected.

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5. Incomplete application documents

The documents required for the application are sensitive details that we, as applicants, must pay close attention to. If you go to apply for a credit card and your documents are incomplete, the bank may ask you to return with the necessary documents before proceeding with your application, which will waste your time.

Some banks may not even inform you that your documents are incomplete and may simply not process your application at all. Therefore, make sure to research the required documents before applying for a credit card.

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6. You have previously been denied a credit card application

If you have previously applied for a credit card and were denied, or if you had a credit card that you canceled less than 6 months ago, the reasons for your new application being rejected can be summarized as follows:

  • Previously applied for a credit card and were denied

If you have applied for a credit card with this bank and were denied, you must wait another 6 months from the date of your first application before you can reapply.

  • Previously had a credit card but canceled it

In this case, you will also need to wait another 6 months before you can apply for another card from the same bank, as it is the bank's policy to save costs on credit card issuance and to prevent fraud.

In these two cases, if you need money urgently or do not want to wait, you can apply for a credit card with other banks instead.

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7. You already have other loans

Suppose you have other loans, such as a mortgage or car loan. This may be another reason why the bank would reject your credit card application, as your current debt burden may exceed your ability to repay. The bank will check your debt obligations through your credit report to assess your repayment capacity.

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8. You have no credit history or have never applied for a loan before

Sometimes, not having any debt history can be a disadvantage. Major financial institutions want to know our credit history before approving a credit card. If you have never had any history at all, the bank cannot verify your credibility and may reject your application.

The solution is to try applying for a credit card with smaller financial institutions or use a supplementary card first to build your credit report data before applying for a credit card.

Now that you know this, you won’t be rejected in your credit card application next time, guaranteed by Rabbit Finance.

Thanks for the information from finance.rabbit.co.th