4 Steps If You've Been Denied For A Credit Card - By: John Wiley, Posted on: 2007-07-27

Too many people assume that they will get approved for a credit card right away just for applying. But, remember, credit cards do a very good job researching your background, many people get denied daily.

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 should find out exactly why you were denied for the credit card. If the company used a specific bureau's report to make their decision, you have a right to know the contact information for that bureau. Some of the reasons people get denied... # Not enough "residence" history # Not enough employment history # Low income # Bad credit report

2. You just have to phone the company to find out why you were not accepted. It's critical to know why because if you are denied, there could be mistakes on your credit report that you need to fix. You can ask them specific questions like why you were rejected and also what bureau's report they used to make their decision.

If you've been denied more than once, the best advice is to wait a few months first before applying again, maybe at least 4-6 months.

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.

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.

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