“What’s holding me back from getting approved for a credit card?”
What’s holding me back from getting approved for a credit card?
Submitted by anonymous.
There are many reasons that credit card companies deny an application for a credit card. They review your application and your credit history to assess if you have stable income and how likely you are to pay them back (on time). You may be denied if your credit reports show limited or negative history, or if you have too many open accounts.
If you have been denied, you have the right to review the report they used to make their decision – this is a great time to review your credit report so you know exactly what potential creditors see. Keep in mind that each time you submit a credit application, you get an “inquiry” on your report. Inquiries can actually can make your credit score go DOWN, so be thoughtful about submitting applications and create a plan to establish or build your credit.
Saundra Davis is a nationally recognized financial coach and educator. Her experience in the U.S. Navy, where she made every money mistake possible, and her 20 years serving community-based organizations led her to the reality that the best way to help people find a path out of poverty is to help them become their own financial expert.