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You can't always take it for granted that the moment you apply for a credit card online, you get one immediately. There can be many reasons for getting denied for a credit card, don't get down on yourself if you do - there are many things you can do. To start, you have to find out why you were denied? 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. 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. 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. 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.
Article Source: http://www.financemanual.com
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