You really need a credit card especially since there are expenses you can’t immediately pay for or emergencies that are not within your allotted budget for the month. With a credit card, everything becomes easier for you.
There are times though when your credit card application will be rejected. A lot of people have suffered from this problem before and it can also happen to you. Once it does, you don’t have to despair. Just because your application was rejected does not mean you can’t have a credit card in the future. There are things you can do to understand why your application was rejected and what you can do to get one in the future.
Determine the reason why you were rejected
Banks usually furnish a copy of your credit rating. They will also give you detailed information on what has caused the rejection of your application. It could be due to your low credit score. It may also have something to do with your previous credit card record. Your employment history might also be a factor. The discretion remains on the bank, but they are obliged to give you the reason why your application was rejected.
Don’t reapply immediately
Since you are desperate to get a credit card, you might think of just gathering your composure again and apply for another credit card. You might also try a different bank this time. Though your determination is highly appreciated, you have to understand that your record of rejection will be imprinted on your documents. The bank where you will apply next will know that you have been rejected. This is why you have to take some time before applying again or else it will seem like you are too desperate or you really don’t have any other source of income to suffice for all your needs.
Appeal the rejection
Banks also give applicants the chance to appeal the results. There are instances in which banks receive the wrong information or there were details that have not been looked into deeper. They will reevaluate your documents and will let you know if your appeal has been successful or not. Don’t put your hopes up though as this could end in the same results.
Do better next time
The main reason why your application ended that way is because of your credit score. You might not be a good payer before or you have lots of penalties for late payments. Prove yourself first. Get a small and local credit card where the maximum amount you can use is just limited. Try to prove that you can repay whatever it is that you have borrowed up until your credit rating has improved. Then, you can reapply for another credit card. This time, you might be successful.
It is devastating to see your application being denied. However, you need to remain calm and collected. With the right move, you can get your desired credit card in no time.
Featured and 1st image courtesy of ddpavuma / freedigitalphotos.net
2nd image courtesy of Stuart Miles / freedigitalphotos.net