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. You have a right to find out the specific reason you were denied for the credit card. If a credit report was used to help make the decision, then you should get the name and address of the agency that supplied it. Here are some reasons for getting denied... # You have not lived in your current house long enough # Haven't had your job long enough # Your income is too low to meet their required minimums # Some information they did not like from the credit bureau
2. If the reason for your denial is unclear to you, then call the company for clarification. What were the exact reasons? What were the exact standards that you did not meet? If you apply for credit again and are turned down, then this reflects poorly on your credit report.
The best advice for this situation is to wait at least 6 months if you have been denied by two different companies in quick succession.
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.
