Got denied for a credit card? Here are the TOP 10 reasons why most people get denied and what YOU can do to increase your chances of approval! Click “Show More” to see Ad Disclosure, links, and additional information below.
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Reason 1 – Wrong Card…Wrong Time: There are beginner credit cards meant for building credit (like student credit cards and secured credit cards), rebuilder credit cards meant to help you rebuild credit after a previous mishap, and rewards credit cards that are designed for people who’ve established a healthy credit track record (examples include airline credit cards, hotel credit cards, and more general travel options like the Amex Gold Card, Amex Platinum Card, Chase Sapphire Preferred credit card, and others).
Reason 2 – Short Credit History: Generally, the longer your credit history, the better your credit score.
Reason 3 – Not Knowing Bank Rules: The Chase 5/24 Rule, Amex Lifetime Rule, Citi 48 Month Rule, and Bank of American 2/3/4 Rule are examples of rules you’ll want to be aware of prior to submitting an application.
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Reason 4 – High Debt or Utilization: Keeping your reported credit utilization on the lower side is helpful when applying for more credit. Generally, under 30% is good and under 10% is great.
Reason 5 – Derogatory Marks: Keep your credit report free from late payments, foreclosures, charge offs, bankruptcies, etc.
Reason 6 – Too Many Recent Inquiries: Recent inquiries look like you may be a riskier borrower, so limit these prior to applying for a new card.
Reason 7 – Too Many Newly Opened Accounts: New accounts being opened on your credit report also looks like a higher-risk behavior. Consider waiting for some time between credit card applications.
Reason 8 – Credit Score Too Low: Although minimum credit score requirements aren’t published, you’ll want to focus on increasing your score over time.
Reason 9 – Income Too Low: Although minimum income requirements aren’t published, a lender may also look at your debt-to-income ratio (DTI ratio) to make sure you have enough capital to repay debts.
Reason 10 – Too Much Credit Already Given: Consider a credit line reallocation, if allowed.
TIPS: HOW TO GET APPROVED FOR CREDIT CARDS!
1. Pay down your existing debts as much as you can.
2. Report low utilization on existing credit cards.
3. Get your credit score up.
4. Wait for inquiries to fall off and new accounts to age.
5. Learn the credit card application rules for different banks.
6. Increase your income.
7. Put financial responsibility above the credit card game.
8. Apply for the right credit card(s) based on your credit profile.
9. If denied, call the reconsideration line.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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