Finding a credit card that suits your every want and need is easier said than done. Adding to this challenge, you never know if you’ll be approved until you complete and submit an application.
While there are things you can do to position yourself for an approval, there’s no guarantee. Here are three of the most common reasons credit card applications get rejected:
- Your Credit Score is Too Low
Simply put, if your credit score isn’t in the acceptable range you’re not likely to receive an approval.
If you find this to be the problem, work on increasing your score before you begin your search once again.
- Not Enough Income
The higher your income the greater chance you have of being approved for a credit card. Conversely, if your income is low, this harms your chances.
Every issuer has its own standard in regards to what’s “high enough” and what’s “too low” for each offer.
- You don’t have a Job
This goes along with point number two. If you’re currently unemployed, regardless of the reason, you’ll find it very difficult to receive an approval.
In short, the credit card company will wonder where you’ll get the money to make your payments. If you find yourself in this position, you may want to wait until you are employed before you apply.
While these reasons are most common, there are many others that can lead to a rejection. For example, if you have little or no credit history, some banks may not approve your application.
Fortunately, with so many credit card offers to choose from, you should be able to find one that works for you. Bad credit, for instance, may disqualify you from some offers, but there are others meant for people in your position.
Have you been rejected for a credit card in the past? Why did this happen? What did you do about it?
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