4 Steps If You've Been Denied For A Credit Card

You can't always take it for granted that the moment you apply for a credit card online, you get one immediately.

There are many reasons as to why your application for a card gets turned down. Don't be disheartened and take a fresh look on how to go about things.

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. If you don't know why you were denied, you can call the company directly to ask why. It's important to find out the exact reasons why you were denied. Ask questions like, "What are the exact criteria I did not meet?" Just remember that if you keep applying and getting turned down, this makes your credit score go down even more.

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 it was the errors that led you to getting rejected, ask the bureau to send the corrected copy back to the place you got rejected from. The lender should then reconsider your application.

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