4 Steps To Take If You Are Denied For A Credit Card

Don't just assume that the minute you apply for a credit card, you'll get approved - it does not work that way, many people get denied.

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.

If you get denied a few times, don't keep applying - this can hurt your credit score. You should wait at least 6 months before re-applying.

3. Remember, the law requires that if you get denied, you have a write to get the full contact information of the bureau who's report was used to deny you and then you have a right to request a copy of that report.

Contact the agency right away and ask for your credit report. The law says that you are entitled to a free copy if you get turned down because of their report. You need to immediately check for accuracy of the report, it's estimated that over 40% of reports have errors. As soon as you find the error, be sure to contact the agency with proof of the error - they are required by law to fix it.

4. If you think it was that error that caused you to get denied, ask the agency to send a corrected report back to the place you applied and ask that place to re-consider - most will!

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