What You Can Do When Your Credit Card Application Isn't Accepted
Contributed by Deborah Zeitler
Your credit card application wasn't accepted - now what?
If your application for a credit card wasn't accepted, don't despair. There are several things you can do to make sure that your next application will be accepted. Occasionally you may find that simple mistakes on your credit report history were the reason that your card application wasn't accepted. The first step you take after your application for a credit card is rejected should be to obtain a copy of your credit report.
When your application for a credit card isn't accepted, turn it to your advantage
In every cloud there's a silver lining, right? It's hard to imagine that not having a credit card application accepted could have any silver lining at all, but there is one. When you have an application for credit rejected for any reason, under federal law you're legally entitled to obtain a FREE copy of your credit report! Not only that, but the name and address of the credit reporting agency will be listed right on the letter you receive telling you that your card wasn't accepted. You have 30 days to write to them asking for your free credit report, so don't delay.
Look over your credit report very carefully to determine the reason why your credit card application wasn't accepted
When you receive your credit report in the mail, look it over very carefully and follow the instructions for deciphering it. At first it may appear impossible to understand all the codes and abbreviations that it contains. Don't give up! Contained within the credit report is also all the information you need to understand the codes. The report will contain all of your current creditors, as well as many past creditors. There will also be information about your payment history to each creditor, and whether or not the account was satisfactorily paid off in the case of past creditors.
