What to do if your credit card application is declined

What to do if your credit card application is declined

1 December 2008

Banks have very rigid lending rules and don't disclose them willingly. If you have been declined, it's unlikely that you will get a satisfying response as to why you were rejected. As the bank is taking a credit risk by offering you a credit card, they need to be close to certain that you have the ability to pay off your credit card so they don't lose any money.

Before applying for a credit card, ask yourself:

• Is my income stable and ongoing? Will I be able to cover my minimum monthly repayments?
• What other debts, such as other cards and loans, do I have? Do I have any defaults on my credit file?
• Is my job permanent? Am I still on a probation period?

These questions are important because banks consider your income, credit history and employment status when looking at your credit card application.

Find out more about why your credit card application was declined.

If you're still looking for the right credit card, the Aussie MasterCard low rate credit card offers an interest rate of 11.99%p.a on purchases. This low rate credit card could be for you.

The Aussie MasterCard credit card offers:

• Up to 55 days interest free.
• A low annual fee.
• Competitive balance transfer deals are available.
• MasterCard SecureCode for safer online shopping.

Apply online for an Aussie MasterCard credit card.

Compare credit cards.

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