Making Your Credit Card Application Work

Getting denied for a new credit card can be discouraging. Certainly, you would want to get approved the next time you send out another application. Before you apply for another card, bear in mind that too many applications can hurt your score. Rejections can be caused by a number of reasons and one of them is your credit rating. If you really want to get your credit card application approved, here are some easy things that you can do:

Examine Your Rejection Letter

Once you get the rejection letter, do not throw it away. Instead, read it and understand the reasons why you have been denied. You can use the letter to your advantage by not making the same mistakes that you did before. Some of the reasons why you may have been rejected include:

• You did not completely fill out the application form. 
• There are conflicting details in your application form.
• Your credit report contains errors (i.e. common name and unauthorized opened accounts).
• Work history or current income does not satisfy the requirements of the credit card.
• Your credit rating is not favorable.
• You have financial problems at the moment.

Improve on Your Credit

If you wish to reapply for the same credit card, you may have to wait a few months before you can do that again. It is recommended to wait at least six months to make it seem that you are not “too desperate” for credit. There are several things that you can do to improve your chances of getting a card. Some of them are listed below:

• Start paying your bills on time. If you can, do this at an earlier time of the month. This way, you will never miss a repayment schedule ever again.
• Don’t carry balances as much as possible. In these tough economic times, it is understandable that you may find it difficult to pay off your loans and debts. However, you can resolve this issue by means of saving enough money to make more than the minimum required monthly payments. If you do not carry balances, you save yourself money since you do not have to pay the interest fees. 
• Don’t close your other credit cards. You may have already considered closing other accounts that you have. Perhaps you can no longer pay the annual fees or other charges so you might as well say goodbye to them. This is actually a wrong practice because this can hurt your score. Poor rating will cause the creditors to deny your application. Have a good strategy that will help you keep your score untouched even if you close some of your accounts.

If this is the first time that you will be getting a credit card, many issuers might deny your application. This is the reality that you have to face. It is significant that you only choose those that are suitable for your credit history so you will have higher chances of approval. Good examples are credit cards for college students and secured credit cards. Both can be obtained by people who are starting to build credit history.