4 Steps You Can Take If Your Online Credit Card Application Has Been Refused

Help! I’ve Been Turned DownYou 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 bureau2. 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.

7 Surefire Ways To Repair Bad Credit

Do you have a poor credit rating? If so, you are one of tens of thousands of Americans with the same problem. In fact, it seems that this has become a national ‘disease.’ And just what do people need that have a disease? They need a cure. Here are some sure-fire solutions to ‘ repair … Continue reading

5 Surefire Ways To Eliminate Credit Card Debt

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The Easy Way To Gain Access To Your Free Online Credit Report

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Top 5 Credit Misconceptions

We have all heard the rumors?from neighbors, relatives or friends. There are a wide variety of myths floating around about what you should and shouldn’t do to improve your credit reports and credit scores. The buck stops here! Phelps Creek Financial Coaching has exposed these urban legends to provide you with the truth about credit… … Continue reading

Good Credit is King, When Qualifying for Mortgage Programs

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14 Common Credit Mistakes

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10 Step Credit Repair Guide

The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. You can get the credit reporting agencies to help you instead of hindering your excellent … Continue reading

New Credit Advice: Dont Pay off Those Credit Cards!

Credit needed for real estate mortgage financing differs from credit needed for consumer loans. If you need help getting a home mortgage, these credit tips will help you. Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, don’t … Continue reading

How to Get Credit Reporting Agencies to Help You

The process of clearing credit can be laborious and frustrating. Understanding your rights empowers you and saves you time and effort. By employing the following tips, you can enlist the help of credit reporting agencies (CRAs) as you work to improve your credit rating. A negative credit report hinders your quest for financing a house. … Continue reading