101 Why the Bank Approved or Denied Your Credit Card Application?


Each bank has different approval standards. However, the credit card approval is always based on the bank’s experience in managing account and the applicant’s credit history.


That’s why your credit is so important. For example, if Jack has been working for the company for 6 years, the monthly income is $3000. He owns a house and the credit report shows that his credit is good.


Then, when Jack submitted his application to Chase Bank, Chase would approve his application. Because, according to Chase Bank records on similar applicants, granting loans to such applicants is free-risk.


So you might have the experience. You applied for two similar credit cards at two different banks, one bank approved your application and the other rejected you.


Credit Card Application Form

The credit card application form is usually attractive and easy to complete. The banks understand that no one likes tedious procedures.


Federal law requires that interest rates and fees, such as annual fees later fees etc., must be clearly stated on the form. Even so, some small banks still add hidden costs that are hard to find.


So it’s wise to throw a credit card offer from a small bank into the dustbin.


The credit scoring model of a bank is different from the credit bureaus’ model. Credit score from the credit bureau is included in bank’s credit scoring model.


It is an important factor. The current work-life is also an important factor in bank’s scoring model.


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101 Why the Bank Approved or Denied Your Credit Card Application?

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