Many Best credit cards today Designed for people with good or good credits – meaning you FICO Credit Score Over 670 credit card applications should be automatically accepted, right? That’s not necessarily the case. In some cases, the credit card issuer may reject the application even if he has a good or good credit score.
You may be denied because of a credit card even though you have good credit, but that happens more frequently than you think. Here’s how a credit issuer makes application decisions and what you can do if you are turned down for a credit card with a good credit score.
Issuers consider factors other than credit scores
Each credit card issuer will consider a variety of factors before deciding whether to approve or reject a credit card application. Your credit score plays a big role in the issuer’s decision, but there are other aspects that are worth considering as well.
For example, you may have a negative mark in your credit history, Previous credit error – And the mildly rog-like marks may make it more difficult for you to be approved for a new line of credit, even if you successfully rebuild your credit score. Some marks may take more than 10 years to fall from your credit report.
You may have one too High credit usage ratio. If your credit card is at its maximum, the issuer can hesitate to offer new credits, even if you always make payments on time.
Or maybe you’ve applied for too many new credits in a short period of time. Some credit card issuers will automatically reject new credit requests made before a certain amount of time has passed. Please note that credit card issuers have access to all previous credit card applications. This means that Chase can tell you whether you have recently applied for a Bank of America credit card.
Similarly, many credit card issuers have a rule that automatically rejects new applications after the cardholder has a certain number of credit cards, but they don’t always advertise the restrictions. For example, Chase will restrict cardholders to famously to five new credit cards within the last 24 months. Chase 5/24 Rules.
This limit is applicable regardless of the publisher. This means that you may be denied your tracking credit card even if the other five credit cards are issued by American Express, Citi, Wells Fargo, Bank of America, and Capital One.
Finally, you may not have recommended income related to your credit card. Some elite credit cards, such as American Express’s Platinum Card® and Chase Sapphire Reserve®, are designed for people with above average household incomes, allowing issuers to hehe before accepting cardholders who are lacking in income guidelines.
Legal barriers to getting a card
Credit Card Act 2009 The credit card issuer does not permit applicants under the age of 21 to accept applicants under the age of 21 unless there is joint or proof of sufficient income. Persons under the age of 18 cannot be approved. This is one of the reasons why many parents have teens, college or 20 year olds Credit card authorized usersallowing them to build a positive credit history before they can get their own. But even the best credit history in the world will not help you apply for a credit card if you are not yet 18 years old.
Many credit card issuers also require that they provide Social Security numbers, making it more difficult for U.S. citizens and non-legal permanent residents to access their credit. Some credit issuers like American Express and Citi will allow you Provide individual tax identification numbers – or itin – instead of a social security number, Non-citizens and undocumented immigrants Access your credits and start building a great credit score.
What should I do next?
If you have a good credit score but your credit card is denied, you may wonder what to do next. Luckily, you don’t have to wait very long to find the reason for your denied. And from there you have a choice.
Find out why you were rejected
Thanks to the fair credit reporting law and other important credit laws, credit card issuers must send you a letter explaining Why credit card application was rejected. This letter, often referred to as a “adverse action letter,” requires you to list the reasons why your application was not approved. And it could also provide insight into why you were turned down because of your credit card even if you have a good credit score.
“I have excellent credit but I’m still being denied credit cards,” says Ryan Flanigan, bank rate writer and certified credit counselor. “That’s because they’ve usually opened a lot of cards recently or have fallen outside the issuer’s application restrictions.”
Once you get a disadvantageous action letter, we recommend that you consider contacting us Customer support at credit Card Issuer. For example, if you are turned down for income, you may be able to explain why you should consider the card even in situations like lower than average household income.
If you were turned down for years due to negative marks, you may be able to argue that your recent credit history should qualify for reconsideration. If you already have one or two cards with that issuer, they may have denied you because they don’t want you to extend more credits. In that case, a call to customer service could reduce one of the credit limits and allow the issuer to move that amount to a new card to approve.
Some credit card issuers may not change their minds, but it is worth talking to customer service about why you were rejected and what is necessary to make your application more successful in the future. If you are struggling to find a representative to talk to you, don’t be afraid to call again and again.
I’ll reapply for the card
If you have successfully completed the reasons for your rejection, we recommend that you reapply for your credit card on the street. This is especially important if your income increases. This could potentially make you a more attractive applicant. Credit card debthelps to prove that you can use your credit responsibly.
Courtney Mihocik, senior editor at Bankrate, experienced denials from the publisher, but found success after reapplied.
If your credit card is denied due to issuer restrictions, such as Chase’s 5/24 rule, it is pointless to reapply until the rules no longer apply.
Still, there are some situations where reapplying for a credit card could be your best move, so remember that when you decide what to do next.
Find the right alternative card
You can also apply for another credit card – another credit card Travel credit cardsfor example, alternatives Cashback Card. You can use the following services: Bankrate card matches It helps you determine which cards are suitable.
Please note that applying for too many new credits can have a negative impact on your credit score. Wait at least 90 days between the credit card application and use what you know about why your previous card was rejected and wisely choose the card you want to apply for your next card. If necessary, call customer service to discuss your options, or if possible. Requesting a credit card PREAPROVAL Before applying.
Conclusion
If you’re sitting on a good or excellent credit score, you’ve done all the right things and you should be proud of it. It gets frustrating when your responsible habits and hard work have not yet achieved the card approval results you want. Card issuers should consider more than a credit score when making an approval decision, and remember that your denial may be just bad timing.
You will receive the information the issuer provides you with why you were rejected and make wise moves and wise decisions for your next card application. You’ll find the right card right away.
