If You Get Denied For A Credit Card – Written by Nicole Dieker Written by Nicole DiekerArrow Right Contributor, Personal Finance Nicole Dieker has been a full-time freelance writer since 2012 and a personal finance enthusiast since 2004, when she graduated from college and, in search of financial guidance, found a battered copy of your money or your life in the public library. In addition to writing for , her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar, and NBC News. Dieker spent five years as a writer and editor at The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelance and publishing classes and works one-on-one with authors as a developmental editor and copy editor. Connect with Nicole Dieker on Twitter Twitter Connect with Nicole Dieker on LinkedIn Linkedin Nicole Dieker

Edited by Kelly WagonerEdited by Kelly WaggonerArrow Right Managing Editor, Credit Cards Kelly Suzan Wagoner is editor-in-chief at , where she leads a team of writers and editors committed to helping you get the most out of your credit cards – whether you need credit want to build, manage debt, or maximize rewards. Connect with Kelly Wagoner on LinkedIn Linkedin Contact Kelly Wagoner via Email Kelly Wagoner

If You Get Denied For A Credit Card

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What Happens To My Credit Score When I Apply For A Credit Card?

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What To Do If You’re Denied A Secured Credit Card?

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How To Apply For A Credit Card And Get Approved

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If you’re applying for credit cards and getting rejected repeatedly, you might be wondering what’s going on. Thanks to legislation passed in the 1970s, credit issuers are required to tell you exactly why they rejected your credit card application. So if you wait about a week, you will receive a letter explaining exactly why a publisher rejected your application.

Of course, the fact that you have read the adverse action letter does not mean that you still do not have questions. Does being denied a credit card affect your credit score? Can You Be Declined for a Secured Credit Card? And how can you increase your chances of approval?

We’ll look at what you can do after your credit card application has been rejected to help you go from ‘credit card denied’ to ‘credit card accepted’.

Why Your Credit Card Application Was Denied, And What To Do About It

When you apply for a credit card, it can take just a few minutes to find out whether you’ve been approved or declined. However, it may take up to two weeks to find out why your credit card application was rejected. The Fair Credit Reporting Act provides consumer credit protections, including a requirement for issuers to tell you why your application was denied. This document is called an Adverse Action Notice or Adverse Action Letter, and you can expect to receive it within seven to 10 business days of your denial.

Here are the most common reasons why credit card applications are rejected and the steps you can take to qualify for future approval:

Credit cards are often declined because the applicant’s credit score is too low. Every credit card requires a minimum credit score range – and if your credit score isn’t high enough to fall within that range, the lender may deny your credit card application.

Check your credit score before applying for your next credit card. Know where you fall within the FICO and VantageScore credit score ranges. This gives you an idea of ​​whether a future creditor might view your credit as poor, fair, good or excellent.

What To Do When Your Credit Card Application Is Declined

Once you know your credit score, compare credit cards designed for applicants within that credit range. These cards give you a better chance of being approved than cards out of your reach. You can start by looking at the choices of:

Take this time as an opportunity to improve your credit score. You can improve your score by, among other things, controlling payments on existing credit accounts, lowering your credit utilization and avoiding applications for new lines of credit.

In many cases, you are required to report your income and any monthly rental payments on your credit card application. After reviewing this information, a creditor or lenders may decide that your income is too low to provide more credit. Although people at all income levels can use credit responsibly, a credit card company may view low income as too much of a risk, especially when combined with high rent or mortgage payments.

Your income can affect your chances of approval for a new credit card, but it’s not always clear what a lender considers part of your income. Normally you can use the following as a source of income for a credit card application:

What Does It Mean When Your Credit Card Application Is Pending?

If you’re a student and only work part-time, it can be difficult to get approved for a credit card. Then consider a secured credit card, become an authorized user on a loved one’s card or apply for a student credit card. A student credit card is a great way to build strong financial habits, and most credit cards designed with students in mind do not require an extensive credit history.

If you’ve missed a lot of credit card payments lately or have had run-ins with debt collectors in the past, a lender may not want to give you a new line of credit. People with a lot of negative marks on their credit reports – whether from missed payments, collections, foreclosure or bankruptcy – may find it more difficult to open new credit cards.

Unfortunately, you can’t remove late payments or other common credit card pitfalls from your credit report. But if you can prioritize rebuilding your credit, you might be able to do that too

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