How to reapply after your credit card application is declined – Bajaj Finserv (2024)

FAQs

Can I reapply for a credit card after decline? ›

Yes, you can reapply for the same credit card or a different one if your application is denied. However, it is essential to understand the reasons why your application was denied and work towards fixing them before reapplying. It is also advisable to wait for at least six months to increase your chances of approval.

If you have been rejected by the bank, do not reapply immediately. If possible, wait for six to eight months before reapplying and see if you can find out why you were denied. If you can then fix that issue, it may increase your chances of approval.

Wait to reapply

If you were rejected because of too many hard inquires, Harzog recommends you wait at least four to six months before applying, or possibly longer. If you don't have stellar credit, you may want to wait longer to reapply than someone who has excellent credit.

As a general rule of thumb, consider waiting around three to six months before reapplying. In the meantime, try to improve your creditworthiness, which might increase your chances of getting approved when you reapply.

A hard inquiry from a card application can cause a small, temporary drop in credit scores. A denial or approval won't hurt your credit scores, because decisions aren't reflected in credit reports. When making lending decisions, card issuers use credit reports and credit scores to determine creditworthiness.

It can sting if you don't qualify and the application is declined, but talking to a human through the reconsideration line can help. The reconsideration process includes a manual review of your credit report by an analyst with the bank or card issuer.

Applying for a loan or credit card can affect your credit score, but if the lender denies your application, that decision won't have any bearing on your credit health.

You can apply again if you believe the new job description fits your current abilities and career objectives at the moment. With a different batch of candidates, your application may seem more effective and fit the employer's description than others, helping to increase your chances of success in this hiring round.

How long after rejection can I reapply? ›

If you've applied for a job and faced rejection, don't be disheartened! It's a good strategy to wait for about six months before giving it another shot. During this time, take the opportunity to revamp your application and resume. When you're ready to reapply, consider seeking expert advice, and that's where I come in.

Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease. Submitting a credit card application and receiving notice that you're denied is a disappointment, especially if your credit score drops after applying.

If you were denied because of incorrect information in your credit report, get your credit report and dispute the errors that are in it. If you were denied because you have too many credit cards or too much outstanding debt, you can reapply after paying down your balances or closing some accounts.

Credit invisibility can make things like getting approved for a credit card or a loan more difficult or costly. It's possible to get a credit card with no credit. You might consider applying for a secured credit card, student credit card or retail store credit card to help establish and build your credit.

What you can do about it. It's a good idea to wait three to six months between credit card applications. Otherwise, it might look like you're applying for too much new credit in a short period of time.

Technically, you could close a card and apply for another one immediately after. However, it's best to wait at least 90 days between credit card applications, especially if you closed a card and are applying for a card with the same issuer.

Having a credit card declined can be embarrassing and inconvenient, but it won't affect your credit score. However, some issues that could cause a credit card to be declined, like late payments and high balances, do affect your credit. You can reduce the chances that you'll encounter this by: Paying balances on time.

That is why it is always recommended to wait for some time after you get rejected to apply for another loan. Also, it is important to note that hard inquiries like declined loans can stay on your credit file for up to five years before they are removed from your history.