In the event that you get a notice that your credit card application is not accepted it could possibly be that the loan provider requires extra details to be able to clarify their assessment . If the information you supply then meets their requirements, you may still get an approval in just a day or two.
However if the application is rejected, contact the lender and ask why, if they tell you that there was an issue with your credit report get a free copy of your credit report from mycreditfile.com.au to check that all is in order.There may be other reasons, a credit assessment is rather mathematical in that your income will be weighed against you liabilities and other credit cards may come into play. If you have a credit card with a credit limit of $10,000 ( regardless of what the balance owing is) it is considered by some lenders as a $10,000 liability as it has the potential to be just that in a short period of time. On the other hand, only using a small portion of your allowable credit limit tends to beneficial to your overall credit rating.
Although it can be tempting to apply for another instant approval credit card immediately if your first choice of lender rejects your credit card application this is never advised as it can and will have a damaging impact on your credit rating and the application will in all likelihood be refused anyway. Making multiple applications in quick succession raises red flags, to potential lenders as an applicant in desperate need of credit is typically considered high risk.
