Why was my credit card application denied? How to go from denial to approval


https://www.youtube.com/embed/MVYKqaVAGuI Hey, men, it'' s Kaitlyn here, the Frugal Millennial. Today I desired to talk about credit cards
and more particularly applying for charge card and why your charge card application
might have been denied. This in fact simply recently happened to
me. I got the Citi Double Cash card and
to my surprise, I was denied! It'' s my very first charge card rejection and
Very same with if you have your credit frozen. If your credit is frozen that suggests that a.
cr4edit bureau can not pull it and if they can'' t pull your credit report they '
re going. The fantastic thing is that if you get rejected.
If you used for a Citi credit card, call. They can go ahead and process it again and
. The second reason you may be denied that.
credit card is since you don'' t earn enough money.So most credit card business wear'' t list what.
their minimum incomes are that they require but if a $500 credit limit is going to put.
you in significant financial obligation, it'' s most likely you ' re not earning enough cash to be able to manage.
that charge card and you may have trouble paying back that balance and so that makes.
you a pretty big danger in the eyes of the charge card business. The best thing you can do if you get rejected.
because you put on'' t make adequate earnings is to wait, get a 2nd task or a promo or some.
extra way to earn cash and after that go ahead and use again as soon as your income is higher.The third factor your credit card application.
Since you have something unfavorable on your credit report, might have been denied was. If you'' re rejected since you have an unfavorable.
mark on your credit report, the first thing that you require to do is to go ahead and check.
your credit reports. You can really get a free report from.
each of the 3 credit bureaus: Equifax, Experian, and Transunion every single year, you'' re entitled.
to that. So to be able to get your complimentary credit report,.
go on and go onto annualcreditreport.com and request your free report. Remember, you only get one complimentary report.
every year and they wear'' t show your actual credit report on those reports. if you want to see your actual credit score.
you have to spend for that with each of the 3 bureaus.But getting your free credit report will reveal.
you what'' s on there and you aim to see if there are any negative marks on there or if.
there'' s anything that ' s incorrect on your credit report. So, if you'' re rejected due to the fact that you have something.
negative on your credit report, you can call the charge card business'' s reconsideration. line. Every major charge card business has a reconsideration.
line and you can call them up and you can attempt describing to them why that negative mark.
If perhaps they will go ahead and approve your application after, is on your report and see.
talking with you. This can work in some cases and from what I'' ve. check out online it has about a 50% opportunity of working. If you'' re denied since you have a negative.
mark on your credit report, very first take a look at your credit report so that you can see what.
that unfavorable mark is and 2nd, call the credit card business'' s reconsideration line.
to see if they'' ll reassess. The 4th factor your charge card application.
may have been rejected was since you have excessive debt. When a credit card company looks into you.
and chooses whether or not they want to extend you credit they'' ll seek to see just how much readily available. credit you have and just how much of that credit you'' re actually using.So if you have $10,000 of offered credit.
to you and you'' re using $5,000 of it, your utilization ratio is 50% which'' s an actually. high ratio for credit card business. Many credit card companies wish to see your.
utilization ratio listed below 20%. So if you'' re denied due to the fact that your utilization.
ratio is too high and you have excessive financial obligation. Wait, pay off your debts, and use once again. The 5th factor your charge card application.
might have been rejected was because your credit rating isn'' t long enough.If you'' re just beginning and you'' ve never ever.
had any credit cards or loans, cars and truck loans, student loans prior to you have no credit.
history which'' s really uneasy to these charge card business. You'' re a really high risk since they wear'' t. understand how you ' re going to behave so the finest thing you can do is try developing credit.
a different method. So if you'' re a trainee, student credit cards. are quite simple to come by which could be an excellent choice for you. These trainee charge card even provide you.
cash back sometimes and really have respectable benefits. If you'' re not a trainee and you still have.
no credit report or your credit history isn'' t long enough, try checking out a secured credit.
card. These are the top 5 factors why individuals'' s. credit card applications are frequently rejected. If you'' re applying for a credit card and.
you were denied too however you were able to use among these suggestions to fix the problem, offer.
this video a thumbs up, comment below, let me know what method worked for you and put on'' t.
forget to subscribe to my channel to remain on top of all of my economical tips.As discovered on YouTube – Creative Commons License.

Video Transcript:

If your credit is frozen that indicates that a.
cr4edit bureau can not pull it and if they can'' t pull your credit report they '
re going. The 5th reason your credit card application.
If you'' re a student, student credit cards. These are the top 5 factors why individuals'' s. credit card applications are frequently rejected. If you'' re using for a credit card and.

License: Creative Commons