The content is accurate at the time of publication and is subject to change.

Ouch – that had to hurt. No one likes getting turned down for a loan, especially when you thought you had perfect credit. What went wrong?

Well, as you probably figured out by now, getting that credit card wasn’t all you had to do to maintain your flawless credit.Credit bureaus want to see you actually using the card – making charges and paying them off. That way they can see your pattern of good payments and financial responsibility.

If you don’t use your credit card for more than six months, the credit card lender is likely to report your account as inactive. This isn’t as bad as a closed account; if you start using your card, it will be reported as active again and you will still have those years of history to your advantage when potential lenders look at your credit report for length of credit history.

Start using your card for everyday purchases that you can easily pay off. After six months of making regular charges and on-time payments, you should see your credit score start to improve. Then you can try for that loan again. Good luck!

tags : Credit Score Loans Credit Report

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.