Why Did My Credit Card Application Get Declined?

When you apply for a credit card in Singapore, banks don’t just take your income at face value. They assess applications based on a mix of creditworthiness, income stability, regulatory requirements under the Monetary Authority of Singapore (MAS), and their own internal risk appetite.

Unfortunately, most financial institutions don’t offer detailed reasons for rejection. (Never hurts to ask, though!) But understanding the common pitfalls can help you get back on track and improve your chances the next time you apply. Many of these issues are fixable, so there’s no need to give up after one rejection.

» MORE: 5 steps to recover after your credit card application is rejected

1. You have a low credit score, or it’s too low for the card you applied for

Credit scores in Singapore are issued by Credit Bureau Singapore (CBS), which assigns individuals a risk grade ranging from AA (excellent) to HH (poor).

Premium cards — such as those offering airport lounge access or high miles earn rates — typically require better scores. If you applied for a top-tier card with a mid-range credit grade, this could be a red flag to banks.

2. You have poor credit management history

Banks pay close attention to how you’ve handled past debts. Signs of poor credit management include missed payments, defaulted loans, or consistently maxing out your credit limits.

Skipped payments

Even a single missed credit card or loan payment can raise concerns for lenders. These late payments are recorded on your credit report and may stay there for up to three years. In Singapore, MAS-regulated banks take payment punctuality seriously, and repeated delays can be a deal-breaker.

Bankruptcy

If you've previously declared bankruptcy — whether discharged or not — banks may be hesitant to approve your application. A history of insolvency signals high financial risk, and you’ll likely need to rebuild your credit profile over time before being considered for unsecured credit again.

High debt-to-income ratio

This ratio compares how much you owe each month to how much you earn. Even if you’ve never missed a payment, having too many active loans or credit lines can suggest you're overleveraged. Banks may reject your application if they feel you don’t have enough disposable income to take on more credit responsibly.

These behaviours can stay on your credit report for years. MAS-regulated lenders may flag even a single missed credit card payment, especially if it happened recently.

» Get into the specifics of credit score ranges and how to improve them

3. You don’t have enough credit history

If you’re a fresh graduate or new to Singapore, you might not have a long enough credit history for banks to assess your profile.

In such cases, it’s better to start with a more accessible option like a secured credit card or an entry-level cashback card.

>> Not sure where to start? Check out our guide on how to get a credit card with a low or no credit score.

4. You’re too young (or too old)

The minimum age to apply for a credit card in Singapore is generally 21.

On the other end of the spectrum, older applicants who are retired or without regular income may also face additional scrutiny.

That said, age itself isn’t usually the issue — it’s whether you have a stable and verifiable income stream.

» What other factors affect credit score? We list 9 possible reasons your credit score went down

5. Your income isn’t enough

In Singapore, most basic credit cards require a minimum annual income of S$30,000. Premium cards often ask for at least S$120,000.

If you earn variable income (e.g. freelance gigs, delivery driving, commissions), note that banks may only consider a portion of it — or require several months’ worth of documentation to verify.

Stick to cards that match your current income bracket to improve your chances.

» Stuck at the reporting stage? Learn how to report income for a credit card application

6. You have too many applications or new accounts

Every time you apply for a credit card, the bank performs a hard inquiry on your credit file. Too many of these within a short time can signal desperation or financial instability.

For example, applying for three or four cards within a month — even if you're eligible — can still lead to a decline.

» Pin down the number of credit cards you should own 

7. You don’t have the identification documents needed

All credit card applications in Singapore require valid identification. For Singaporeans and PRs, this means an NRIC. For foreigners, it usually means a valid FIN or work pass.

Banks may also request supplementary documents like recent payslips, a Notice of Assessment, and proof of residential address. Missing or outdated documents can result in automatic rejection.

If you’re unsure what’s accepted, check with the bank’s application checklist or customer service team.

8. You don't have a previous or current account with the issuer

Some banks prefer applicants who already hold a savings or current account with them. This is especially true for premium cards, where the bank wants to see a history of financial engagement.

Having existing products — such as a fixed deposit, investment account, or mortgage — may help if your credit profile is borderline.

9. You violated an internal rule

Banks also use internal rules and blacklists that aren’t visible to the public. For instance, if you previously defaulted on a loan with the bank, or closed an account under negative terms, that history could count against you.

If you suspect this might be the case, you’ll need to contact the bank directly for clarification.

» Credit card rejection normally comes down to 4 main reasons

Your application was denied, now what?

First — don’t panic. Credit card rejections happen all the time, even to people with decent incomes.

Here’s what you can do:

• Ask the bank if they can share the reason for the rejection.

• Request your Credit Bureau Report — you’re entitled to one free copy after a rejection.

• Review the report for any red flags and work on resolving them (e.g. overdue payments, multiple applications).

• Consider applying for a card that better matches your profile.

• Wait a few months before submitting a new application — especially if your report shows multiple recent inquiries.

Improving your credit standing isn’t instant, but with a bit of patience and planning, you’ll get there.