ICICI Bank Credit Card Rejection

Did your credit card application get rejected? Here’s all you need to know about it.

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A credit card in today's financial setup offers a long list of benefits. Given the numerous features and facilities it offers, it is quite advantageous to have a credit card. While applying for an ICICI Bank Credit Card online is quite easy, there are also chances that your credit card request may be rejected.

This is because the lender puts your application through an approval process before granting a credit card to you. Before choosing whether to accept or deny a credit card application, each lender considers several variables.

Reasons for ICICI Bank Credit Card Rejection/Disapproval

If you have or want to apply for an ICICI Bank Credit Card, but are wondering what are the reasons for ICICI bank card rejection, keep the following pointers in mind. An ICICI Bank Credit Card rejection is possible due to the following reasons:

Low Credit Score

Your CIBIL or credit score is the first impression that you give to your lender. A score under 650 can easily be the main ICICI Bank card rejection reason. Reasons for a low credit score are:

If you regularly go beyond your credit limit
Your credit report has too many inquiries
You recently made a payment default

Limited Income

There are a number of lenders who are willing to offer credit cards to qualified customers, with larger credit limits. However, it's critical that your repayment ability is adequate and that your income supports your claim. At the time of application, you must meet the income eligibility criteria and present income papers such as Form 16, Salary Slips, Income Tax Returns, and so on. If you do not fulfil the lender's income standards, your application will be refused.

Unstable Occupation

Your occupation is a key element that credit card issuers evaluate when deciding whether or not to issue a credit card. Even if you meet all of the basic requirements, some credit card applications may be denied owing to your job status or history. When assessing an applicant's repayment capacity, the company's reputation is taken into account. A shaky job history can also hurt your credit card application's chances of being approved.

Late Payment

Your repayment etiquette is crucial. If you have unpaid credit card bills or have been making late payments regularly, you might not leave a very good impression on the lender.

Application Form Errors

It may appear to be a minor issue, but errors on your application form can result in a credit card application being declined. Many applicants make this mistake when filling out the application form, such as missing important information, providing incorrect information, and so on. Applying for a credit card online is preferable as the application form prompts you to fill up any necessary fields that have been missed.

How Will ICICI Bank Credit Card Rejection Affect Your Credit Rating

Based on the application processing stage you are at, there are two scenarios to describe how ICICI Bank Credit Card denial or disapproval would influence credit rating:

Case 1

You go to ICICI Bank or go to their website to inquire about ICICI Bank Credit Card processing costs, rates of interest, and so on. As a first check, the bank will pull your credit score from various sources. This is known as a soft inquiry, and it has no bearing on your credit score.

Case 2

Your credit card application will be declined if ICICI Bank obtains your credit score and credit history directly from either of India's credit bureaus and discovers that your credit score is low. The term "hard inquiry" refers to this style of investigation and this inquiry will impact your credit score.

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About ICICI Bank Credit card

What is the score rejected for ICICI Bank Credit Cards?

If your credit card application is denied, your credit score will suffer. Before applying for a credit card, it's always a good idea to check your credit score and make sure it's good, as well as learn about the eligibility requirements for the credit card you're interested in and make sure you meet them.

How do I find out why my ICICI Bank Credit Card was rejected?

The information is available on the ICICI Bank website, or you can obtain it by visiting your local branch. You can also receive the information by contacting ICICI Bank's credit card customer service.

Can I apply for an ICICI Bank Credit Card after rejection?

Because credit cards are unsecured loans with a high risk for the bank, they will closely scrutinise the application and will reject any credit card application that does not meet their eligibility standards.

Why is my ICICI Bank Credit Card application getting declined?

The ICICI Bank Credit Card rejection can happen due to a number of reasons such as:

You have a low credit score
You are not stable in your job
You recently made a credit delinquency
In case you are not making any of the above credit mistakes, get in touch with the ICICI Bank customer care.

How long does it take to get an ICICI Bank Credit Card approved?

Once you submit your application it may take the company between 14 to 21 days to dispatch your credit card. You can also check the status of your credit card application online through mobile/ internet banking. You can go to a nearby ICICI Bank branch to check the same.

How does a low credit score impact ICICI Bank Credit Card approval?

A credit score below 650 can be a significant reason for ICICI Bank Credit Card rejection. Regularly exceeding credit limits, multiple credit inquiries and recent payment defaults can contribute to a low credit score. Applicants are advised to check and improve their credit scores before applying.

What role does income play in ICICI Bank Credit Card approval?

While ICICI Bank offers credit cards with larger credit limits, it's essential that your income supports your repayment ability. Meeting the income eligibility criteria and providing income documents like Form 16 and salary slips are crucial. Insufficient income may lead to application rejection.

Can an unstable job history lead to ICICI Bank Credit Card rejection?

Yes, an unstable job history can impact credit card approval. Credit card issuers consider an applicant's occupation and job stability when assessing repayment capacity. A shaky job history may contribute to the rejection of a credit card application.

How do late payments affect ICICI Bank Credit Card approval?

Regular late payments or unpaid credit card bills can create a negative impression on the lender. A history of late payments may result in ICICI Bank Credit Card rejection. Maintaining a good repayment record is crucial for a positive credit card application outcome.

Can errors on the application form lead to ICICI Bank Credit Card rejection?

Yes, even minor errors on the application form, such as missing or incorrect information, can result in credit card application rejection. Applying online is recommended as it prompts applicants to fill in necessary details, reducing the likelihood of errors.