(Solved) Credit Card Application getting rejected multiple times despite good CIBIL

[RaviAglRaviAgl is verified member.]

Hello everyone,

I would like to share my experience with the Axis Bank Credit Card Application process. This post may be limited to a very specific set of people, so it may not be applicable to you but you may find it interesting.

Following is the scenario –​

1. You have an income of somewhere between 3.00 to 4.99 Lacs (below 5.00 Lacs).
2. You have a good cibil score above 775.
3. You already own a couple of cards of other banks but not of the bank which you are currently applying for.
4. You have no other banking relationship with them as of now (such as a savings account or some other loan account).
5. You are showing yourself as self-employed and not salaried (having own business or you are working for someone but don’t have adequate proof of income to show).
6. You are applying on the banks online credit card application portal.
7. You are applying for one of the core cards of the bank (some of those difficult ones to get with high eligibility criteria).
8. Axis Bank or the other bank is rejecting your Credit Card Application citing internal policies of the bank.

Now, this is my analysis –​

• Since, you don’t have any relationship with that bank, they look at you as some normal individual.
• Since, you are not paying income tax, they doubt your abilities to repay your debts, despite your good cibil score.
• So, your credit card application goes to the trash, no matter how many times you apply.

How to overcome this –​

1. The best possible and ethical way is to get in touch with some offline agent working for that bank and request them to process your credit card application on a c2c (card to card) basis.
2. Go for some co-branded card of that bank such as a fuel card, shoppers stop, flipkart or some other card which is easier to get using the app of that brand. After using that cobranded card for the next 4-6 months, you can apply for an upgrade which should help you acquire your desired card, since you have established a good history with the bank.

The not so ethical route –​

I know, that I can face a lot of flak and rude comments from the community for what I am going to suggest. You should try the below only if you are really desperate and want to get the credit card at any cost. This is only for experienced users satisfying all the criteria in the section “Following is the scenario”. Since you are already facing a rejection, I don’t think you have anything to lose other than the below –

1. A cibil hit of 2 points against credit card application inquiry.
2. Your credit card application may be rejected again.
3. A temporary or permanent ban on your PAN from that credit card issuer.

Ok, now since I have already safeguarded myself and you are also aware of the risks and you are still willing to take the plunge, then do the following –

1. Proceed to fill the online application after a minimum period of 120 days, since your last application was rejected.
2. Fill your income as 10 Lacs in place of your actual income.
3. You will definitely be guided for your video kyc. Complete it and wait for the physical verification of your application.

Now, there will be 2 scenarios here –

Scenario A

Someone from their kyc team will contact you and request your ITR and income documents which they will submit to their credit card verification team.

There are 50% chances of rejection (due to low income in actual) but your application may be approved on a case to case basis, since you already have a good cibil score and also hold a couple of credit cards.

Scenario B

This is the best and my favorite part. The bank auto approves your credit card and sends it you to enjoy.

What I think of the above –​

• In case you are questioned about the income figure, you can say that you input it as a higher figure as you were expecting income from capital gain from sale of property which did not materialize.
• If you get the card, then generally there is no going back if you are a good payment master (which you already are as per your cibil score).
• Ethical or not? - This leans towards more of unethical, but you already have an excuse to save your butt.

Closing comments –​

I would not have written this here owing to moral issues but I have already developed a deep love for this community. I think that if someone is already screwed and gets some benefit from my experience, then the write up is worth it.

Hit a Like if you enjoyed this.

Thanks for reading!!

 

[Tejo]

Fill your income as 10 Lacs in place of your actual income.

I think salaried persons should avoid this.