4 Steps You Can Take If Your Online Credit Card Application
Has Been Refused
Help! I’ve Been Turned Down
You
received an envelope in the mail with a great offer for
a low interest credit card. You read all the details,
even the boring small print and decided that this card
fit your needs to a tee. You filled out the required forms
and anticipated the day that the card would arrive –
you even got to pick which background you got. However,
what came in the mail was not an acceptance and a brand
new card but a denial. What is your first reaction? Perhaps
anger. Perhaps sadness. Perhaps fear. Yet none of these
will help you get a card!
So,
what should you do?
1.
The first thing to do is read the letter carefully. Two
important pieces of information must be included in the
letter you receive when you're credit application is disapproved:
The specific reasons you were denied credit, or information
on how to obtain those reasons, and, if a credit report
was used in making that decision, the name and address
of the credit reporting agency. Here are some possible
reasons for denial:
- Haven’t
lived at your current location long enough
-
Haven’t been employed at your current job long
enough
-
Your income is not sufficient to meet this particular
creditor’s minimum income requirement
-
Information supplied by 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? This information is important to know and understand.
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.
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. Getting the credit bureau to investigate
an error will not cost you anything and will save you
a lot of time and frustration when it is corrected.
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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Wesley Atkins is the owner of http://www.credit-cards-advisor.com-
which aims to get you fitted with the best
credit cards to suit your situation. With numerous
credit card articles
and easy online
credit card applications you will never choose the
wrong credit card again.
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