One of the most widely used banking products is the credit card. It allows you to borrow money quickly and utilise it to make purchases or in other ways.

One of the most widely used banking products is the credit card. It allows you to borrow money quickly and utilise it to make purchases or in other ways.

Unfortunately, credit cards for low-income individuals are not available to everyone. So, why are banks refusing to grant you a credit card today?

Unfortunately, credit cards for low-income individuals are not available to everyone. So, why are banks refusing to grant you a credit card today?

Problems with credit history

Problems with credit history

Credit issues should be viewed as tainted credit history. The most typical reason for loan denial is this.

Credit history is a complete file that contains information about borrower's payment discipline. Credit bureaus collect this information, which banks provide to them.

What to do:  If your credit history is terrible, you need to fix it. First, you need to figure out what exactly is wrong with it.

The age of the borrower

The age of the borrower

Each bank has its own rules. Some lend from the age of 18. Others need to be at least 21 years old, and others need to be 23 and older.

What to do: Finding a bank that is more dedicated to young or elderly borrowers is the best option. If you are denied a loan at one bank, go to the next.

No income certificate

No income certificate

John Deck

Many banks demand a potential client to show proof of income from his place of employment. This statement suggests that the person is officially employed.

What to do: Try to convince the bank of your solvency. Banks are adapting to the reality in which they have to work.

Lack of registration (residence permit)

Lack of registration (residence permit)

John Deck

What to do:  show documents confirming your solvency or take an online loan.

Recommendations and conclusions

Recommendations and conclusions

John Deck

If you are refused a loan, try to find out the exact reason from the bank manager. There is a slight chance that you will be told it.

Before taking a new loan, it is worth:

Before taking a new loan, it is worth:

John Deck

Check your credit history; Fill out a credit application carefully, indicating only valid data;

John Deck

If you have a low income, you should be able to receive a credit card. The most important thing is to double-check the form and data accuracy.