Rejected Credit Card Application? Find Out Why Now!
Have you encountered having your credit card application rejected? Are you aware of the factors certain credit card companies consider when it comes to credit card application approval? If you are simply naïve as to the reasons why your credit card application has been denied, I suggest you learn more credit card facts below:
- Poor Credit Score
Credit card companies would instantly deny an application showing negative information on the credit report. Bad credit borrowers are high-risk profiles. They are the kind of individuals credit companies try to do away with. So if you have a poor credit rating, it is about time you work your way on improving your score because despite your efforts of moving from one credit card company to the next, you will still be rejected.
Take note: Sometimes, bureaus can mistakenly input negative information in your credit report. If you are sure that the negative marking on your report is erroneous, file for a dispute so that it would be corrected immediately. This may be the reason why you are always denied on your credit card application despite fulfilling all the requirements asked.
Tip: Bad credit borrowers who need instant cash cannot just rely on credit cards for help. There are now instant cash solutions that won’t take your poor credit score as a factor for approval. Among them are the Oshawa Bad Credit Personal Loans. These loans are readily available to people suffering from bad credit scores but they own vehicles free from any liens and registered under their names. If you badly need cash right now, I suggest you take a look at Oshawa Bad Credit Personal Loans.
- You have too many outstanding debts
Do you still have debts left unpaid? Are they piling up one after another? If so, then this could be the reason for your credit card denial. Credit card issuers see people like you as high-risk because your debt history profile shows your high chances for default. You will never own a credit card unless you pay off all your debts first.
- Unstable employment history
A good employment record is a factor credit card issuers look into when approving credit card applications. If you have not been in a company for more than 6 months yet, delay your credit card application until you reach this 6-month employment requirement. Otherwise, you will just be denied.
Do you know of other reasons for a credit card denial? Let us know in the comments below.