First of all, have you checked your eligibility? In order to get approval, you must first be eligible to get a credit card.
The common requirements for eligibility are:
- At least, you must be eighteen years old.
- You must have an income from a legitimate source.
- You must be a permanent resident of the country where you are applying for a credit card.
- You must have a good credit score or history.
Each credit card will require different information, but generally you will be asked about your personal details such as contact details and present address, details of your driver’s license if applicable, details of your income and more.
Therefore, you must be ready with all your information so that you will not miss out any information in your application form. Often, incomplete information is the cause of delay in the processing of your approval.
Did you thoroughly read the instructions for the application? When you were asked to read the Terms and Conditions, did you do it?
Following instructions is crucial in getting a credit card approval. Reading fully the Terms and Conditions are equally important because you will be required to confirm if you understood them.
What to Do if You Did Not Get a Credit Card Approval
If you are not able to get a credit card approval, don’t be discouraged. Instead of being miserable, know what you can do to know the reason for your disapproval.
Whatever was the problem, try to fix it and you will be able to get the credit card that you need.
- Read and Understand the Letter of RejectionNormally, you will receive a communication from the credit card issuer that states why you were rejected. Read it and find out why.Often, the reason is very simple. It could be an error or you missed out an item in the application form such as missing information regarding your income or you forgot to put one of your contact details.It could be that there is an issue with your job or business. Also, there could be an error in your credit report or your credit is questionable.
- Work on Solving the ProblemIf the reason for the rejection only concerns improper filling out of the form, it can be easily repaired.However, if the reason concerns your credit score or history; you have to work on it. Remember, you have six months before you can re-apply.During those six months, do whatever you must to fix your credit in order to get a credit card approval. You may start by getting copies of your credit reports from the credit bureaus. After all, you are entitled to a free copy once a year.
Analyze the report and make a plan of action on how to improve your credit. Put down in writing your plan so you can be guided accordingly.
Include in your plan paying all your bills before the due date in order to have a positive effect on your credit report. It is also better for you to lower your balances on your existing loans or credit cards.
If you were disapproved because of bad credit or you don’t have any credit at all, consider getting yourself a secured credit card. Through this card you may start to build your credit and achieve a positive credit history.
- Look for the Right Credit CardIf the reason for your rejection was due to doubtful credit or a more serious concern, it is imperative that you look for the right credit card for you before re-applying.Look for a credit card that is the most beneficial for you. Also, check to ensure that you will be approved.You can do the checking by visiting the websites of your chosen credit cards and ask what they require from an applicant in order to be accepted.
Through this process, you will find the credit card that suits you and the credit card issuer that can accept you.
There is no doubt that being rejected is disappointing, especially when you need a credit card badly.
In order to avoid this from happening and for you to get the credit card approval that you want, make the necessary preparation and plan your application.