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IDFC Credit Card Rejection
IDFC First Bank has a list of basic eligibility criteria that must be fulfilled to get your credit card application approved. If you do not meet any of them, your application is likely to be rejected. So it is essential to know the reasons why your credit card application is rejected and how to overcome them.Check The Basic Information
Check whether your area is serviced by IDFC First Bank. Many credit card applications are rejected because the pin code is not served by IDFC First Bank. You can call IDFC customer care number at 1800 10 888 to find out whether your pin code is eligible and serviceable for IDFC Credit Card.Your name, address, and date of birth should match the documentary proofs submitted. If there is any mismatch in the basic information entered in the application form, there are higher chances of your credit card application being rejected.
Check Your Credit File
There are some instances where you have paid your EMIs or bills on the due date, but your existing lenders may have wrongly entered it as a missed payment. You can keep in touch with your lender to correct the mistake as this will have a huge impact on your credit score.
Unstable Employment History
If you are someone who frequently switches jobs, your application is likely to be rejected by IDFC Bank. Employment stability ensures stable monthly income. You will be able to repay your bills on time. This will form part of the internal policy criteria. The familiarity of the employer is also considered. Working with well-known companies can improve the chances of approval of your credit card application.No earlier credit history
If you have not borrowed any loans, or don't have any credit cards, it is very difficult to assess your creditworthiness. You will not have a credit score. Even if you have a stable net monthly income, IDFC may reject your credit card application. Your repayment history and capacity is not visible if there are no loans borrowed earlier. Go for a secured credit card to build your credit file.Low Income
The basic income criteria for getting an IDFC Credit Card is you should have a minimum monthly income of Rs 25,000. Do research well about the card you want to apply for. Some premium cards may require higher net monthly income. If you already have many monthly dues, IDFC may reject your application as your monthly income is not sufficient to meet the new obligation.Low or poor credit score
One of the important criteria to get a credit card is having a good credit score. A credit score is assessed based on your repayment history, credit mix, and credit utilisation ratio. It varies between 300 and 900. The ranking is given when your credit score falls in the following ranges.Credit Score Range | Ranking |
|---|---|
750-900 | Excellent |
700-749 | Good |
650-699 | Fair |
600-649 | Doubtful |
Below 600 | Bad |
What to do if your IDFC Credit Card application is rejected?
Consider including a co-applicant
You can try including a co-applicant in your credit card application. He/she can be any of your close family members (father, mother, husband, wife, son, daughter, brother, sister) with a stable income and a good credit score. The lender shall consider both of your profiles in assessing the repayment capacity.Wait for some time
It is ideal to wait at least 6 months when your credit card application is rejected. If you are in dire need of a credit card, you can re-apply after 3 months.Speak with the bank
Though rejection can be painful, it is good to understand the reasons behind it. Speak with customer care or the relationship manager to assess the reasons and steps to improve the eligibility to ensure approval of further applications.Points to ponder to avoid credit card rejection
- Do a thorough eligibility check. You can check your eligibility for an IDFC Credit Card through Credit Mantri.
- Study about the IDFC Credit Card you wish to apply for. You can also browse through the specific credit card eligibility requirement by visiting IDFC First Bank’s official website.
Take Steps To Improve Your Credit Score
Ensure you do not miss any EMI payments and fund your bank account adequately to avoid any ECS cancellation.
- Pay the credit card bills on the date.
- The improvement in your monthly income can boost your repayment capacity and convince the lender to offer you a credit card.
- Avoid frequent hard enquiries on your credit file as this will also have an impact on your credit score.
If your IDFC Credit Card application is rejected, it isn’t the end of the world. Try improving your credit file by incorporating healthy repayment habits. Where there are chances to grow, it is worthwhile to grab them.
FAQs of IDFC Credit Card Rejection:
1. How long should I wait to apply for another card if my IDFC Credit Card application is rejected?
You should wait for at least 3 months to a maximum of 6 months to make any fresh application.
2. My IDFC First Millenia Credit Card is rejected. Can I apply for the IDFC First Classic?
No. Changing the product does not help. This can lead to multiple rejections. Wait for 3 to 6 months when your credit card application is rejected.
3. I have an IDFC Branch near me. But my pin code is not serviceable for the credit card. Why?
This will be one of the bank’s internal policies. You can visit your nearest branch to understand the reason better and they could help you with different options.
4. There is a name mismatch in my Aadhar Card and Pan Card. How to proceed with the application?
It is advisable to bring only your similar documentary proofs to avoid any confusions and rejection. You can keep anyone proof as base and change the others accordingly.
5. I have all the eligibility requirements satisfied. Still my application is rejected?
Though there are general requirements, IDFC First Bank has internal policies that are considered while examining your credit card application. Don't worry there is always a next chance.
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