New Delhi, April 14 -- A lot of people may be shocked to discover that a loan can still be declined even if they possess a good credit score. While this may be infuriating, it is important to understand that your creditworthiness encompasses more than a three-digit number. Lenders will review multiple factors before they solidify their final lending decision. Let us look at the major factors for loan application denials regardless of a borrower's good credit score.

While a consistent pattern of credit usage and payment reflects a remarkable credit score, lenders still require confirmation of a steady source of income to rely on. If your income does not cover your EMI load or you are deemed to be self-employed in an unclear capacity, the ...