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What To Do If Your Credit Card Application Is Denied? |
By:
John Wiley |
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What To Do If Your Credit Card Application Is Denied?
by John Wiley
Too many people assume that they will get approved for a credit card right away just for applying. But, remember, credit cards do a very good job researching your background, many people get denied daily.
You may have been turned down for many reasons and there is definitely something you can do about it - so don't get upset if you have been rejected.
1. The specific reasons you were denied credit, or information on how to obtain those reasons, and, if a credit report was used in making that decision, the name and address of the credit reporting agency. Here are some possible reasons for denial: # Haven't lived at your current location long enough # Haven't been employed at your current job long enough # Your income is not sufficient to meet this particular creditor's minimum income requirement # Information supplied by the credit bureau
2. You just have to phone the company to find out why you were not accepted. It's critical to know why because if you are denied, there could be mistakes on your credit report that you need to fix. You can ask them specific questions like why you were rejected and also what bureau's report they used to make their decision.
If you've been denied more than once, the best advice is to wait a few months first before applying again, maybe at least 4-6 months.
3. If you've been denied credit because of information supplied by a credit bureau, federal law requires the creditor to give you the name, address, and telephone number of the bureau that supplied the information.
Make sure to get a hold of that bureau right away and get a copy of your credit report - by law, you are entitled to a copy at least once a year. You should check it almost immediately because it is estimated that over 40% of reports have costly errors on them that can be corrected. If you find an error, you should contact the company right away with proof to get it fixed.
4. If mistakes on your report led to the rejection of your application, ask the credit bureau to send a corrected copy to the lender. Then you can ask the lender to reconsider your application. If however, you were denied because of a poor rating, only better spending habits and time will help you get the credit you desire.
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Article Source: http://www.statssheet.com/articles/article54454.html |
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