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 will filing for bankruptcy affect my retirement?

What is your perspective about filing for bankruptcy in regards to saving for retirement? Submitted by Chris C. When it comes to any financial decision, everything affects everything. Kudos for thinking about the impact of bankruptcy on retirement planning. The decision to file bankruptcy is a big one, as it will impact your financial life… Read more

What is Lifestyle Inflation?

Have you noticed that even when your income increases, it can feel like you still don’t have more money leftover at the end of the month? That’s because often, when our income increases, our expenses do too. This is a very real phenomenon called lifestyle inflation that can sneak up on us despite our best… Read more

How to Pay Down Your Debt

“The ONE aspect of our financial lives that causes the most distress” (cue Jeopardy music) “What is DEBT?” Correct! Yup, you guessed it (or maybe you’ve lived it). Debt is the number one cause of financial stress in the U.S. The “right” way to pay off that debt is a constant source of confusion. Even… Read more