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. Be thoughtful about submitting applications and create a plan to establish or build your credit.

Recommended Articles

How do you know if life insurance is a good choice?

“How do you know which life insurance is good for you?” Submitted by Migdalia C. Life (and other) insurance policies are a way to protect your assets. If you think about your decision this way, you’ll have the information you need to make the best decision for you. What are your needs? Consider these questions:… Read more

Buying a house seems unattainable for me. What can I do?

“Thanks you for your blog and articles to educate oneself. I hear a lots about affordable housing, which concerns me because the prices on these houses are still not attainable for people like me. I want to buy a home with the Habitat for Humanity program. Can you give insight on what it takes to… Read more

Create a Spending and Saving Plan: The 80/20 Strategy

It takes guts to take charge of your money situation and we know you can do it. Let’s get to work. How many of us have a budget? Check this out: we ALL have a budget. Yup, it’s true. We all HAVE a budget; we might not know what it is, but we have one.… Read more