My Credit Card Application Was Rejected! Now What?!? - Credit

My Credit Card Application Was Rejected! Now What?!?

No doubt, you've probably gotten literally hundreds of credit card
applications in the mail and online, and each and every one of them has
said that you've been "Pre-Approved".

Of course it's natural that this would lead us to believe that the
application process is simply a formality. After all, you've been approved
already so no worries, right? Wrong! Many of the offers that say you're
"pre-approved" don't actually mean for the credit card. I know it's
misleading, but what they're really saying is that you've been approved to
apply for your card, not actually receive one. Your actual approval will
depend on several different factors, any of which can keep you off the
receiving end.

We'll go over some of the reasons for rejection and what, if anything, can
be done about them.

WHY YOUR WERE REJECTED....

The most probable answer is your credit score. Although several other
things may have been taken into consideration, such as your salary or time
on your job, your credit score is usually the biggie. The catch here is
that your credit history doesn't even have to be bad, it can be blank and
that will work against you just as much as a bad score will. Having no
credit is almost as bad as having bad credit since the credit card
companies have no reference point to see just how you will handle your
credit account.

If you have a history of making late payments on bills and other loans,
that will work against you. The credit card company wants to know that you
are a worthwhile risk before they issue you a card.

As I mentioned above, other issues also come into play. If you have just
started a new job, a creditor may want to wait a while to make sure that
you keep it. These are other factors that will be considered if your
credit history is less than perfect but not a total loss.

WHAT TO DO ABOUT....

Clean up your credit history ASAP! This is the single best step you can
take in improving your options when it comes to credit cards and other
types of loans as well.

Most creditors are required to tell you why you were rejected and what
credit bureau they used to access your report. You should be entitled to a
free copy of your credit report if the data contained on it was used to
deny your application. Check with the credit bureau to see.

If your credit rating is poor, take action immediately. Start paying your
bills on time. Look into consolidating your bills so that you can afford
to pay the monthly amount. Eliminate any extra spending that isn't
necessary and use that "extra" towards your outstanding debts. Yes, this
could take some time, but in the long run it will be well worth it.

Once you have cleaned up your credit a bit or established some basic
credit, let some time pass. Apply for the card (or a better one) again.
Once the creditor sees how hard you've been working to get your credit
report up to par, you may just be rewarded for your efforts. Be careful,
though. The last thing you want to do is go overboard with your new credit
card and dig yourself into another financial hell-hole! So be wary.

Alain Diza is an Ex-Enron survivor, turned Internet Marketer, Real Estate
Investor, and published author who partnered with financial credit
industry 'guru' Joe Lloyd, to negotiate the arguably largest & most
competitive online selection of highly-targeted credit cards in the
industry to date. Get your own free credit card designed specifically for
you, at Alain's "insiders-only" site:
http://www.onlinecreditcardsdirectory.com

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