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4 Steps You Can Take If Your Online Credit Card Application
Has Been Refused
Help! I've Been Turned Down
You received an envelope in the mail with a great offer for a
low interest credit card. You read all the details, even the
boring small print and decided that this card fit your needs to a
tee. You filled out the required forms and anticipated the day
that the card would arrive - you even got to pick which
background you got. However, what came in the mail was not an
acceptance and a brand new card but a denial. What is your first
reaction? Perhaps anger. Perhaps sadness. Perhaps fear. Yet none
of these will help you get a card!
So, what should you do?
1. The first thing to do is read the letter carefully. Two
important pieces of information must be included in the letter
you receive when you're credit application is disapproved: 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 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? This information
is important to know and understand. 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. You should contact this agency for
a copy of your credit report. Federal law states that you are
entitled to a free copy if you've been turned down. Once you
receive your report, check it for accuracy. Up to 40% of reports
have errors. If you find an error, then you need to report this
to the bureau in writing. Be sure to send along whatever proof
you may have. Getting the credit bureau to investigate an error
will not cost you anything and will save you a lot of time and
frustration when it is corrected.
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.
Wesley Atkins is the owner of http://www.credit-cards-advisor.com-
which aims to get you fitted with the best credit cards to
suit your situation. With numerous credit
card articles and easy online credit card
applications you will never choose the wrong credit card
again.
MORE RESOURCES:
SEC finds shortcomings in credit ratersReuters - 16 hours agoWASHINGTON (Reuters) - Credit rating agencies did not properly manage their conflicts of interests when assigning ratings to structured products such as ... |
Credit - Google News
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