4 Steps If You've Been Denied For A Credit Card

Don't just assume that the minute you apply for a credit card, you'll get approved - it does not work that way, many people get denied.

There are many reasons as to why your application for a card gets turned down. Don't be disheartened and take a fresh look on how to go about things.

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. If you got denied because of information that was given by a credit bureau, the law requires that the creditor give you the name, address and more information of the bureau that was used to supply the information.

Contact the agency right away and ask for your credit report. The law says that you are entitled to a free copy if you get turned down because of their report. You need to immediately check for accuracy of the report, it's estimated that over 40% of reports have errors. As soon as you find the error, be sure to contact the agency with proof of the error - they are required by law to fix it.

4. If it was the errors that led you to getting rejected, ask the bureau to send the corrected copy back to the place you got rejected from. The lender should then reconsider your application.

Article Source: http://freelegalinformation.info

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