Axis Credit Card Rejection - Should I Ask for Reason?

[rakesh3929]

I recently applied for Axis MyZone CC as it was provided as LTF. Upon applying immediately within 30 minutes I received an SMS saying my credit card application got rejected. There was neither a proper email to denote my receipt of application nor an email mentioning rejection. Everything was through SMS.

Later, when I checked my CIBIL report, I found that there was a CIBIL enquiry for the credit card application and there was a column called "Amount" which showed a whooping 30 Lakh whereas other card application enquiries show only 1000, 10000. Could this be a reason for my application getting rejected? Can this be considered as an error on Axis part? If yes, how do I approach this and fight back?

Note - My current CIBIL score is 783 and Crif score which Axis uses is 793.

 

[rakesh3929]

Update - After filing a complaint with RBIO, received an email today just an hour before. Here is the reply,
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"Dear Mr.Rakesh,

Thank you for writing to Axis Bank. This is with reference to your complaint raised at the office of banking ombudsman regarding rejection reason for credit card application - C1-000000XXXX6275-C1. The reference number for the interaction is: '250224092641 and N202425027014580 (with the bank).

At the outset we regret the inconvenience caused to you. We wish to state that your credit card application could not be approved as it did not meet the requirements of laid down internal policy of the Bank.

There are various parameters considered in evaluation of the application. Creditworthiness of an applicant is ascertained by assessing the applicant on various parameters such as his KYC confirmation (personal, residence and office confirmation), income and/or past credit behavior (CIBIL), the nature of the applicant’s employment/business, the experience in the industry, the qualification of the applicant, his banking health, repayment track record on any previous loans/credit card availed etc.

In the instant case, your credit card application has been declined due to cibil score criteria not meet

We reiterate that our inability to offer you the Credit Card does not in any way reflect on your creditworthiness. Alternatively we would be pleased to offer you a pre-approved credit card (Insta Easy Credit Card) which does not require any income documents and the same is issued against Fixed Deposit with our bank. We request you to visit our website www.axisbank.com or click on the link: http://www.axisbank.com/personal/cards/credit-cards/our-cards/easy-credit-card/features-benefits.aspx to know more about Insta Easy Credit Card.

With regards to your query that- Axis Bank made a credit inquiry of 30 lakhs whereas other banks inquired for only 1000 or 10000 – we request you to please elaborate the same as we are unable to understand this issue.

We regret our inability to accede to your request for compensation.

The Bank’s stance in the matter has been reviewed and approved by the Bank's Internal Ombudsman.
We thank you for banking with us and look forward to your continued patronage.
Note:- Interactions are tracked via the Service Request number. We request you not to change the subject line in future correspondence. We assure you the best of our services"
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Can I ask them if 783 is not a good CIBIL score for getting their cards? I have a feeling that their credit enquiry for 30lakhs has something to do with the application getting rejected.

Tagging who were involved in this conversation before and others for feedback- @Fini7777 @sjmajumder @6ix9ine @helloworld @SSV

 

[sjmajumder]

Update - After filing a complaint with RBIO, received an email today just an hour before. Here is the reply,
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
"Dear Mr.Rakesh,

Thank you for writing to Axis Bank. This is with reference to your complaint raised at the office of banking ombudsman regarding rejection reason for credit card application - C1-000000XXXX6275-C1. The reference number for the interaction is: '250224092641 and N202425027014580 (with the bank).

At the outset we regret the inconvenience caused to you. We wish to state that your credit card application could not be approved as it did not meet the requirements of laid down internal policy of the Bank.

There are various parameters considered in evaluation of the application. Creditworthiness of an applicant is ascertained by assessing the applicant on various parameters such as his KYC confirmation (personal, residence and office confirmation), income and/or past credit behavior (CIBIL), the nature of the applicant’s employment/business, the experience in the industry, the qualification of the applicant, his banking health, repayment track record on any previous loans/credit card availed etc.

In the instant case, your credit card application has been declined due to cibil score criteria not meet

We reiterate that our inability to offer you the Credit Card does not in any way reflect on your creditworthiness. Alternatively we would be pleased to offer you a pre-approved credit card (Insta Easy Credit Card) which does not require any income documents and the same is issued against Fixed Deposit with our bank. We request you to visit our website www.axisbank.com or click on the link: http://www.axisbank.com/personal/cards/credit-cards/our-cards/easy-credit-card/features-benefits.aspx to know more about Insta Easy Credit Card.

With regards to your query that- Axis Bank made a credit inquiry of 30 lakhs whereas other banks inquired for only 1000 or 10000 – we request you to please elaborate the same as we are unable to understand this issue.

We regret our inability to accede to your request for compensation.

The Bank’s stance in the matter has been reviewed and approved by the Bank's Internal Ombudsman.
We thank you for banking with us and look forward to your continued patronage.
Note:- Interactions are tracked via the Service Request number. We request you not to change the subject line in future correspondence. We assure you the best of our services"
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Can I ask them if 783 is not a good CIBIL score for getting their cards? I have a feeling that their credit enquiry for 30lakhs has something to do with the application getting rejected.

Tagging who were involved in this conversation before and others for feedback- @Fini7777 @sjmajumder @6ix9ine @helloworld @SSV

Nothing more for you to do, unless RBIO asks you for comment. Now it totally depends on RBIO. Wait for closure.

 

[Fini7777]

Update - After filing a complaint with RBIO, received an email today just an hour before. Here is the reply,
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
"Dear Mr.Rakesh,

Thank you for writing to Axis Bank. This is with reference to your complaint raised at the office of banking ombudsman regarding rejection reason for credit card application - C1-000000XXXX6275-C1. The reference number for the interaction is: '250224092641 and N202425027014580 (with the bank).

At the outset we regret the inconvenience caused to you. We wish to state that your credit card application could not be approved as it did not meet the requirements of laid down internal policy of the Bank.

There are various parameters considered in evaluation of the application. Creditworthiness of an applicant is ascertained by assessing the applicant on various parameters such as his KYC confirmation (personal, residence and office confirmation), income and/or past credit behavior (CIBIL), the nature of the applicant’s employment/business, the experience in the industry, the qualification of the applicant, his banking health, repayment track record on any previous loans/credit card availed etc.

In the instant case, your credit card application has been declined due to cibil score criteria not meet

We reiterate that our inability to offer you the Credit Card does not in any way reflect on your creditworthiness. Alternatively we would be pleased to offer you a pre-approved credit card (Insta Easy Credit Card) which does not require any income documents and the same is issued against Fixed Deposit with our bank. We request you to visit our website www.axisbank.com or click on the link: http://www.axisbank.com/personal/cards/credit-cards/our-cards/easy-credit-card/features-benefits.aspx to know more about Insta Easy Credit Card.

With regards to your query that- Axis Bank made a credit inquiry of 30 lakhs whereas other banks inquired for only 1000 or 10000 – we request you to please elaborate the same as we are unable to understand this issue.

We regret our inability to accede to your request for compensation.

The Bank’s stance in the matter has been reviewed and approved by the Bank's Internal Ombudsman.
We thank you for banking with us and look forward to your continued patronage.
Note:- Interactions are tracked via the Service Request number. We request you not to change the subject line in future correspondence. We assure you the best of our services"
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Can I ask them if 783 is not a good CIBIL score for getting their cards? I have a feeling that their credit enquiry for 30lakhs has something to do with the application getting rejected.

Tagging who were involved in this conversation before and others for feedback- @Fini7777 @sjmajumder @6ix9ine @helloworld @SSV

Expected this from Axis Bank.
Like I said before, they give any random reason and close the case, and sadly, the RBI couldn’t intervene or do anything here.

Banks can have their own internal policies, but in my opinion, the reason they provided above is not valid. the RBI Ombudsman does not interfere in internal credit policy decisions, but they ensure the applicant receives a reason for rejection.

A 782 CIBIL score is considered good, and realistically, you should be eligible for most credit cards. We don’t know why Axis Bank specifically cited this as the reason.
I suggest waiting a few months before reapplying. Also, I don’t think escalating this matter further is worth your time.

 

[rakesh3929]

Nothing more for you to do, unless RBIO asks you for comment. Now it totally depends on RBIO. Wait for closure.

Will RBIO ask my confirmation before closing?

Expected this from Axis Bank.
Like I said before, they give any random reason and close the case, and sadly, the RBI couldn’t intervene or do anything here.

Banks can have their own internal policies, but in my opinion, the reason they provided above is not valid. the RBI Ombudsman does not interfere in internal credit policy decisions, but they ensure the applicant receives a reason for rejection.

A 782 CIBIL score is considered good, and realistically, you should be eligible for most credit cards. We don’t know why Axis Bank specifically cited this as the reason.
I suggest waiting a few months before reapplying. Also, I don’t think escalating this matter further is worth your time.

Understood. Any idea about the 30 lakhs credit enquiry?

 

[Fini7777]

Understood. Any idea about the 30 lakhs credit enquiry?

It might be a glitch or an automated random entry

I've seen 100,1000, max 100000 but 3000000.... strange

From my experience I can say that this number does not impact your credit score directly.

What u can do is ask axis bank that why they entered such high amount without your request
If it's a glitch ask them to remove the hard inquiry

 

[sjmajumder]

Will RBIO ask my confirmation before closing?

Depends on his mood 🙁

Understood. Any idea about the 30 lakhs credit enquiry?

Nope, absolutely none.

 

[rakesh3929]

It might be a glitch or an automated random entry

I've seen 100,1000, max 100000 but 3000000.... strange

From my experience I can say that this number does not impact your credit score directly.

What u can do is ask axis bank that why they entered such high amount without your request
If it's a glitch ask them to remove the hard inquiry

Done. Will ask them regarding the high credit enquiry. Thank you.

 

[rakesh3929]

Depends on his mood 🙁

Nope, absolutely none.

Okay. Thanks for your input.

 

[stranger44]

Okay. Thanks for your input.

Bro Same thing happened with me. I also applied for Axis Bank Neo Credit Card and when I saw the inquiry amount, it was written as 30 lakhs. And the system rejected my card. My CIBIL score was 770.And there was no late payment. And there was not single red flag in my CIBIL report. Also my annual income is 8 lakh.
I'm not much aware of this things but someone on telegram groups told me that because of this 30 lakh enquiry their automated system detects your income is not even close to 30 lakhs. Means you are not eligible for this and they reject your application. (I don't know is this true or not)