Credit cards have quickly become an essential financial product in our day-to-day lives, enabling us to make purchases and pay bills with ease with just a tap. When you use credit cards online or in stores, you are eligible for credit card benefits like rewards and cashback. However, applying for a credit card can be time-consuming and stressful, while waiting for a response can be frustrating. This is where checking your credit card status facility online comes in handy, which is a very simple process. For your understanding, we will break down all the aspects of checking your credit card application status online in this article!
Steps to Check Credit Card Application Status Online
- Check the Bank’s Website: The first step in checking your credit card application status is going to the online portal of the issuing company. Look for the section that allows you to check your application status. Depending on the bank, this may be located on the homepage or under the credit cards section.
- Enter Required Information: Once you arrive at the section to check the application status, you will be prompted to add your details. Give the documentation information accurately, such as the applicant’s name, date of birth, and application reference number. You may also need to provide additional details, such as your email address or mobile number.
- Track Application Status: After entering all the necessary information, you will be taken to a page that shows the live status of your credit card application. This section may display a message indicating that your application is still pending, “in progress”, “approved”, “declined”, or “closed”. You may also see a timeline that shows the different stages of the application process and the estimated time for each stage.
- Contact the Bank’s Customer Service: If you face any problems while checking your credit card application status online or need further information, you can reach the company’s customer care. The contact details can be easily found on the bank’s website, and the customer service representatives will assist you with any questions or concerns.
Common Reasons for Delayed Credit Card Application Status
While many credit card applications get approved quickly, many applications get delayed every day. If you’re wondering what marks these applications as a red flag for the banks, here are four reasons for a delay.
- Incorrect Information on Application: One of the most frequent reasons for a delayed credit card application status is providing issuers inaccurate information. Ensure you have filled in all the necessary fields correctly, and double-check the information before applying.
- Incomplete Documentation: The bank requires specific documents to verify your identity and creditworthiness. If you fail to submit the required documents or submit incomplete documentation, it can lead to delays in processing your application.
- Verification Process Delays: Banks are required to accredit your creditworthiness and financial status before approving your credit card application. The verification process may take longer than usual if the bank finds any discrepancies or irregularities in your credit history.
- Technical Errors: Sometimes, the application status can be delayed due to internal departmental glitches or errors on the bank’s servers. In such cases, you may need to contact the bank’s customer service to check the status of your application.
What to Do if Your Credit Card Application is Rejected
- Understand the Reasons for Rejection: If your credit card application is denied, the bank will provide a reason for the rejection. It could be due to a low credit score, a high Debt-to-Income (DTI) ratio, or a history of missed payments. Understanding the reasons for the rejection can help you improve your credit score and avoid similar mistakes.
- Improve Your Credit Score: Your CIBIL score is an essential factor in determining your creditworthiness. If your credit score is low, you can take steps to improve it, such as paying bills and/or EMIs on time and reducing debt on other credit cards.
- Consider Applying for a Secured Credit Card: A secured card requires a cash deposit as collateral. Since the bank holds the deposit as security, it reduces the risk of default, making it an excellent option for those with a low credit score or no credit history.
- Apply for a Different Credit Card: If your credit card application is rejected, you can always apply for a different one. However, it is essential to check the eligibility requirements and ensure that you meet the criteria before submitting the application.
Tips to Increase Chances of Approval
- Check Your Credit Score: Most banks and credit card companies will check your credit score before approving your application. It is essential to check your credit score before applying for a credit card. If your credit score is low, you may need to improve it before applying for a credit card.
- Apply for Credit Cards That Match Your Credit Score: Different credit cards are available to suit varying credit scores. If you have a low credit score, you may find it challenging to get approved for a premium credit card with exclusive perks and benefits. In such a scenario, you can apply for credit cards tailored to people with low credit scores. These credit cards are easier to get approved for, and they also come with some benefits.
- Apply for a Credit Card That Suits Your Needs: There are various types of credit cards available in the market, each with different credit card benefits and features. It is essential to choose a credit card that suits your needs. For example, if you travel frequently, you may want to consider applying for a credit card that offers travel rewards or points. If you are a shopaholic, you may want to apply for a credit card that offers cashback or discounts on shopping.
- Keep a Low Credit Utilisation Ratio: The metric refers to the amount of credit you use compared to the amount of credit available. It is recommended to keep your credit utilisation ratio below 30% to maintain a good credit score. When one applies for a credit card, the bank or credit card company will look at their credit utilisation ratio. If the ratio is high, it may indicate that the applicant is reliant on credit, which may negatively impact their chances of approval.
Once you are able to apply and keep track of your credit card status online, it becomes a relaxing experience. Whenever you hit a snag or encounter a problem while checking your card’s online application status, don’t hesitate to reach the bank’s representative to help you out!