Receiving a credit card rejection can be a shock, especially when you have no idea why. Many people feel like their financial affairs are in good order, but are still unable to get a credit card successfully. Don’t reapply immediately, because there may be some underlying issues that you’re not aware of.
There are some ways you can take action when your applications get declined, but you should be prepared to uncover some problems you never suspected. The next move after something like this should be carefully thought out.
Review The Rejection Carefully
Make sure you read the rejection carefully. Banks will make sure that they tell you the exact reason why you’ve been declined, but it’s usually hiding between the lines.
Some reasons you could find are limited credit history, an excess of hard inquiries on your report, or bad credit history. This gives you some clues on where to start.
Look Into Your Credit Report
If the reasons given by the letter are credit-related, contact a reliable credit fix company immediately. Their credit repair consultants can generate a report on your credit and assess the weak points in it.
There could very well be some false negative items that need to be challenged, and fast credit repair can help change that.
Factor In Your Demographic
It’s possible that you’re not getting accepted for a credit card because of your demographic. People between 18 and 21 are not given credit if they don’t have an independent income. Even people in their 20’s can be denied credit if they don’t have any history, and their income isn’t high.
Try getting a secured credit card instead to build some good credit history and improve your case.
What About Other Kinds Of Debt?
Pre-existing forms of debt, such as loans and mortgages, can also lead to card application rejections. If the bank feels like your income isn’t high enough to match another line of credit as well as keep paying off your other debt, they may not consider you a good candidate.
Rethink Getting A Card Right Now
Any good credit repair counselor will give you advice on all lines of credit you have, factoring in your other debt. If your rejection has to do with bad credit due to too much debt or irregular payments, you might want to work on that instead of opening a new line right now.
Make sure you understand the larger picture of your finances before you reapply. Consider hiring our credit score counselors for quick bad credit fixes. At Oak Credit Repair, we make sure that our team gives you advice relevant to your issues! Call us at (484) 238-1225 to set up an appointment.