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Why weren't you approved for the Neo product?

  • Updated

Your Neo product application may not have been approved for various reasons. Neo can't change this automated decision, but you're welcome to apply for other Neo products.

Why couldn’t we approve you for a Neo product

Your Neo product application may not be approved if you previously have a different Neo account. If your application wasn’t approved and you have more than one Neo account, chat with us.

There are many reasons why applications for Neo products may not be approved. We’ll let you know you if we need more information.

Credit card

Here are some common reasons why we couldn’t approve a credit card application:

  • Didn’t use a valid ID document
  • Didn’t reach the age of a majority
  • Used a VPN during the application
  • Have more than one Neo account
  • Have a credit freeze (or your credit file wasn't found)

Neo Money™ account

Some common reasons why we couldn’t approve you a Neo Money account (including the Neo Everyday account or Neo HISA) include:

  • Didn’t use a valid ID document
  • Didn’t reach the age of a majority
  • Didn’t use the valid Canadian SIN (Social Insurance Number)
  • Have more than one Neo account
  • Used a VPN during the application

Neo Invest™ account

Some reasons why we couldn’t approve you for Neo Invest account include:

  • Didn’t use a valid ID document
  • Didn’t reach the age of a majority
  • Didn’t use the valid Canadian SIN (Social Insurance Number)
  • Have more than one Neo account
  • Used a VPN during the application

What to do after you weren’t approved for a credit card

For credit card applications, you can reapply 30 days after your last application was declined. If you weren't approved for a credit card, then you’re encouraged to wait for a few months before you reapply. Chat with us to see if you’re able to reapply. You can also get a secured credit card to help build your credit if you weren't approved for a standard credit card.

Here are a few steps to improve your chances of getting a credit card:

Check your credit report

Get insights into your lending history and verify that the information contained in your credit report is accurate. You may access your credit report for free online from Equifax® or TransUnion.

Learn more about credit scores and credit reporting.

Improve your credit score

Your credit score matters, so improving it over time could increase your chances of approval when applying for credit in the future. Here are a few things you could do to boost your credit score:

  • Avoid multiple credit applications in a short time
  • Pay bills on time and stay within your credit limits

Check and report Equifax or TransUnion any errors on your credit report.

FAQs

What should I do if my Neo product application wasn’t approved?

If your application wasn't approved, you’re welcome to apply for a different Neo product. If you applied for a credit card, you can reapply after 30 days. The Neo team isn’t able to change this automated decision.

What should I do if I made a mistake on my application?

If you have made a mistake on your application, your application may not be approved. Chat with us to see if you can reapply.

Can I reapply after my Neo product application wasn't approved?

You’re encouraged to wait ‌a few months before you reapply for a credit card, but you’re welcome to apply for a different Neo product.

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