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4 Steps You Can Take If Your Online
Credit Card Application Has Been Refused
Help! I’ve Been Turned Down
You
received an envelope in the mail with a great offer for a low interest
credit card. You read all the details, even the boring small print and
decided that this card fit your needs to a tee. You filled out the
required forms and anticipated the day that the card would arrive – you
even got to pick which background you got. However, what came in the
mail was not an acceptance and a brand new card but a denial. What is
your first reaction? Perhaps anger. Perhaps sadness. Perhaps fear. Yet
none of these will help you get a card!
So,
what should you do?
1.
The first thing to do is read the letter carefully. Two important pieces
of information must be included in the letter you receive when you're
credit application is disapproved: The specific reasons you were denied
credit, or information on how to obtain those reasons, and, if a credit
report was used in making that decision, the name and address of the
credit reporting agency. Here are some possible reasons for denial:
Haven’t lived at your current location long enough
Haven’t been employed at your current job long enough
Your income is not sufficient to meet this particular creditor’s minimum
income requirement
Information supplied by the credit bureau
2.
If the reason for your denial is unclear to you, then call the company
for clarification. What were the exact reasons? What were the exact
standards that you did not meet? This information is important to know
and understand. If you apply for credit again and are turned down, then
this reflects poorly on your credit report. The best advice for this
situation is to wait at least 6 months if you have been denied by two
different companies in quick succession.
3.
If you've been denied credit because of information supplied by a credit
bureau, federal law requires the creditor to give you the name, address,
and telephone number of the bureau that supplied the information. You
should contact this agency for a copy of your credit report. Federal law
states that you are entitled to a free copy if you’ve been turned down.
Once you receive your report, check it for accuracy. Up to 40% of
reports have errors. If you find an error, then you need to report this
to the bureau in writing. Be sure to send along whatever proof you may
have. Getting the credit bureau to investigate an error will not cost
you anything and will save you a lot of time and frustration when it is
corrected.
4.
If mistakes on your report led to the rejection of your application, ask
the credit bureau to send a corrected copy to the lender. Then you can
ask the lender to reconsider your application. If however, you were
denied because of a poor rating, only better spending habits and time
will help you get the credit you desire.
This article is the property of
www.bestcreditcardsonline.com,
which has been offering credit cards services since 2002.
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