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If You're Rejected for a Credit Card

There are many companies with many different kinds of credit cards. You applied for one and get turned down, don’t give up. Different credit card companies have different standards. But if you are turned down by several companies, it may indicate that you may have to try a secured credit card. Your first step upon rejection is to exercise an important right available to you under the Truth in Lending Act.

  • Understand Why You Weren't Approved.
    The first step is finding out why you were denied. Usually the rejection letter will explain this to you. If you don’t understand the reason ask for more information.
  • Get Your Credit Report and Credit Score
    Generally, any reason they give will be related to your credit report. Because of the Fair Credit Reporting Act you will be entitled to a free copy of this report from the company who supplied information to the credit card issuer When you get the copy of your credit report go over it carefully. If you find errors or omissions contact that reporting company with detailed information disputing the issue. They will investigate and let you know what happens.
  • Try Again.
    As mentioned before different lenders have different standards for allowing credit. Try a different company. It can be more difficult if you are trying for a major credit card. If you find out that your credit needs help look for merchant cards, or gasoline cards they are easier to get and good for building or rebuilding your credit if used wisely
  • Get a secured credit card
    If your credit score is poor some times your only recourse will be a secured credit card. This type of card is generally secured by a deposit in a savings account or a C.D.. The amount on deposit is determined by the credit limit. As long as you oay your payments on time the issuer will report to the credit companies and it will benefit your credit score. If you default on the card then the issuer gets to keep your deposit money.

No matter what kind of credit card you are looking for it pays to shop around and get the one that is best for you.

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