Our world depends a lot on plastic money over real currency notes. Mainly because it is much more easier to carry and even a bit safer. Every two out of three persons have a credit card now and banks in Philippines are encouraging more and more people to apply for credit cards.
But sometimes, when you apply for BDO credit card, your application might get rejected due to some reason. Fear not, because there are ways in which you can fix it. Here are a few of them.
- Apply again: If your first application for a credit card gets denied, then apply again, but make sure that you do it soon. This is because the more you ask for a credit card the more desperate it makes you look on your credit report, which is never a good sign. But the good thing is, your additional credit inquiries take a few days to show up on your credit report, so that gives you a window of opportunity to act fast.
- Read rejection letter: If your credit card application gets rejected, the card company sends you a reason for the rejection. If it is due to your credit history then you can ask for a copy of it and review it to ensure that the information in it is correct or not. It could also be due to some other reason like a low income. It is best advised to read the rejection letter and the reasons it states, and then work to correct them.
- Review credit report: If you feel that the information in your credit report is incorrect, then you can call your bank to rectify it, provided you have the necessary proof to do so. Once that is done, then you can apply again and this time, your application would most certainly not be rejected.
- Fix your credit: In the past if you have paid your credit card bills late, or you have high credit card balances, this would mean that you had bad credit. Naturally, when a person has bad credit, their chances of getting a rejection on their credit card application are quite high. Try and repair your credit history and then apply a second time.
- Get a secured credit card: This is the kind of credit card where the bank takes some money from you in the form of a security deposit for the card, and this money is kept in a savings account. If you default in paying your card bills, then the money from that savings account is used to pay it off. This is a good alternative for the time being when you are trying to repair your bad credit. Also, if you do not falter in making the payments on time for 6-12 months, then your secured card is converted to a normal credit card.
So the next time your BDO credit card application gets rejected, follows these few steps and you would be able to get another card in no time.