CIBIL for IndusInd credit card

CIBIL assesses your credit history and provides a score in the range of 300 to 900. Naturally, higher the score, the better are your chances to getting the IndusInd credit card. Your CIBIL score carries a lot of importance when it comes to receiving credit from banks and financial institutions. A higher score is an indicator that the person does their credit card/loan payments on time and therefore can successfully afford to have a credit card. This three-digit score is a measure of your trustworthiness to the bank where you have applied for a credit card. When you apply for an IndusInd credit card, the bank will perform a background check of your credit history in partnership with CIBIL. Since CIBIL has the latest records of your credit dealings, it prepares a CIR (Credit Information Report) and gives out a CIBIL score. Based on this score, the bank will then evaluate your current outstanding payments and your ability to pay them while having a credit card. If you successfully meet their eligibility criteria, the bank will approve your credit card application and you will get IndusInd credit card.

While the process of applying for an IndusInd credit card is relatively very simple, the problem is that your credit card application can be rejected due to certain reasons. Therefore, it is wise to know about them in advance and take steps to ensure that your IndusInd credit card application is successfully accepted and you receive it fast.

• Bad CIBIL Score : If you have not paid your debts on personal loans or credit cards on time in the past, you will have a bad CIBIL score. When the banks run the background check on your credit history and find that you have not been making due payments on time, it can be a huge deal breaker and your IndusInd credit card application will be rejected. This is the most common reason for rejection of credit card applications.

• Age Eligibility : The basic requirements of applying for a credit card is to be at least 18 years of age. If you are below that age, you will not receive a credit card. Although you can still apply for a supplementary card or an add-on card, you will require a co-signer. If you are a minor and you apply for a credit card, the bank will reject your application.

• Self-employed : The process for granting credit card for self-employed people differs from salaried people. While salaried people are asked for their salary slip, the self-employed professionals need to show proof that they have successfully been in business since at least one year. If you are a self-employed individual and you don't have the proof, your application will be rejected.

• Insufficient Income : The credit cards are small loans that the banks or financial organisations provide to an individual. If you do not earn enough money to make timely payments of the credit card, you will not receive the credit card and your application will be promptly rejected by the bank.

• Incomplete/Wrong/Missing Documents : There are certain requirements that need to be submitted while applying for a credit card such as PAN number, identity proof, photo, income proof, age proof, etc. If you do not have these documents or the documents are not updated or are missing from the application, the banks will not process your application.