10 Apr Why Is Your Credit Card Application Denied?
Do you prefer to use the so-called plastic money and you’re trying to get a credit card? As you already know that you must pass the approval process of creditors to get it. And even though it’s easy to file your request, there are certain criteria that you should meet in order to get the approved stamp! Have you been applying for a while now but without any positive feedback? Then you’re reading the right article. Baby Boomers Financial, rounded up few of the most common reasons why your credit card application is not getting approved. Check them out!
Read our relevant blog post: “Secured Credit Card: Who, What and Why.”
Why Is your Credit Card Application Denied?
Where Is Your Credit?
If you don’t have previous credit, then this might be a reason for a denied application. During your hunting for your first credit card, you should look out for creditors and types of credit cards, suitable for people who lack credit records.
Is Your Credit Score Short?
Even if you managed to get your first credit card, that doesn’t mean that credit fairies are expecting you on the way. Your credit card application could still be stamped as denied, if you have a short credit history to show. Creditors prefer debtors with a solid and quite long history of credit, to determine whether they can trust you or not.
How Old Are You?
If you’re too young, and especially under the age of 21, then you should try even harder to prove yourself as capable to repay your credit card balance. But if you have a reliable monthly income, which you can prove, then things are much easier.
What About Your Late Payments?
The number one proof for creditors to forward your credit card application, is of course a good credit score that showcases how responsible debtor you are. If you have quite few late payments listed, then this might be the reason of the big no. Double negative points if they are recent.
How High Is Your Balance?
Does credit report shows that you already owe a big amount of money to either loans or credit cards? Then the dream of getting your credit card application accepted, fades even more.
Read our relevant blog post: “Benefits of Having a Good Credit Score.”
How Many Applications Did You Submit?
If you recently filed several applications for a credit card, this is translated as a desperate need of money and a financial trouble. Something that creditors do not like for their debtors.
You need professional help to settle or repair your credit? Then Baby Boomers Financial can surely do the work for you! Then just give us a call, and let’s discuss about it!