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SolveYourProblem.com
Article Series: Debt Relief & Debt Consolidation
I Want To Get
Rid Of My Debt...NOW!
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.
Click here to discover my current SolveYourProblem recommendation and choice pick for the fastest, easiest and best debt relief solution you'll find anywhere. Get it and reward yourself with more cash in your pocket.
# # # # #
Wesley Atkins
is the owner of http://www.credit-cards-advisor.com - which
aims to get you fitted with the best
credit cards to suit your situation. With numerous credit
card articles and
easy online
credit card applications you will never choose
the wrong credit card again.
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