How to Handle Credit Card Rejection


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Credit Card Applications » Research » Guides » Cardholder Benefits » How to Handle Credit Card Rejection

How to Handle Credit Card Rejection

The content is accurate at the time of publication and is subject to change.
Dealing with rejection is never fun. Neither is work, but if you find yourself applying for large amounts of credit cards, and have not received one acceptance letter, it is time to work on your credit. It may be a little disappointing getting repeatedly denied by credit card issuers. Sure, you can’t have access to that illusive money stream, also known as credit, but don’t let a string of credit card rejection letters deter you from finding a good credit card. If you are repeatedly being rejected for credit cards; take some precautions to change it. When credit card issuers deny a consumer for a credit card it can be for a variety of reasons. One reason could be that your credit score was not high enough. Good news for you, under a new federal law, if your application has been denied or in turn you were offered a higher interest rate credit card, then you are entitled to see your credit score for free. Free credit scores are a rarity, so it is advised that you follow through with this if you find yourself in this situation. This legislation also applies to any future loans or credit that you may apply for. If you are denied credit, it is in your best interest to get a hold of your credit report and to begin to review any blemisheson your credit card report. Watch out for outstanding loans, late bill payments, bankruptcy, unauthorized charges, and even identity theft. Once you point out these problems, it’s important to work diligently to fix them. Exercising prompt bill payment, attention to detail, budgeting, and paying off more than the minimum balance will be rewarding for you and your credit score. Don’t get discouraged as building up your credit score can take years, and many never succeed. But by practicing faithful hard work and remembering your credit score everyday, you are bound to get an acceptance letter sometime soon. After you’ve been dedicated to prompt bill payment, and doing actions that will raise your credit score. Apply for another credit card in three to six months. Repeat this cycle until you hear good news. If after a year, you are still being denied a credit card try looking into a secured credit card. Secured credit cards can be a great option for those with poor or bad credit. Secured credit cards are guaranteed approval, for any one. The Orchard Bank MasterCard is a popular secured credit card. This is because an initial down payment is required to even open the card. Most secured credit card accounts require a security deposit of $200, but consumers are welcome to put more money up front. The security deposit is paid back when the account is closed. After the account is closed, and the money is returned, the consumer pays the bill and effectively builds their credit. If you choose this route, just make sure to remind the credit card issuer to send your credit activity to the three credit reporting bureaus, so it can help to skyrocket your credit score. Good luck.

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.
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