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What Can You Do if Your Credit Card Application is Turned Down?

Mar 27, 2008
You may want to apply for a credit card which is of low interest rate. As a result you will properly apply for it when you see promotions on such attractive offers. However, you may eventually find out that your application is turned down. You may be a bit sad when you know that the application is refused.

However, sadness cannot really help to solve the problem at all. You will need to do something when this happens. What you are aiming at is to get the credit but not expressing your sadness. So, what can your really do when your application is refused?

First of all, you need to find out the reason when it is turned down. You may probably get the information in the letter saying that your application is refused. This can be due to various reasons. For example, you may get refused if you are not employed long enough for your current job. Another example is that your income may not be enough to meet the minimum income requirement. As a matter of fact most credit cards will have some minimum requirement for your income.

If you cannot find the reason for disapproval, you can call the credit card company and ask for the reasons. You will really need to know the exact reasons if you would like to apply for it again. If you find that it is because you have a poor credit report, you may need to wait for half a year before you try to apply for it again.

There is also a possibility that the information from a credit bureau which makes the credit card company to deny your application. In this case you can ask for the name and contact method of the bureau. You need to check if the information they provide to the credit card company is accurate or not.

Experiences show that up to 40% of the reports or information for such bureau are not really accurate. In this case you can report to the bureau and request them to see if there is inaccuracy in the information or reports they have.

If the results are that there are errors in the information they provide to the credit card company, you can ask them to send the corrected reports to the company. Of course you should also request the credit card company to consider your application again. In such case you may be approved in this second application.
About the Author
The author has great interest in finance. You can check his blog on News Finance Forex Insurance and Loans . Be sure to check Credit Card Offer with College Credits and Learner Motorcycle Insurance .
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