Credit Card Application Is Denied – What To Do?

What to do when your application for credit card gets denied.

So you make an application for a credit card or loan and your application got denied. It can come as a rude shock to many people when their credit application gets denied. Or maybe because you are unsure of your credit rating from the very start you’re kind of expecting it. The point is that if you want to avoid being in a situation where the rejection of your credit application takes you can unpleasant surprise you should be better prepared. The preparation of making an application or credit starts before you make the application. Ideally you should have reviewed your credit history and your credit rating before making the credit application. If it is a major loan that you’re applying for such as a mortgage loan or an automobile on then you should review your credit history as much as six months in advance. Doing this will give you the fortunately to fix any negative information on your credit report such as a late account that can be brought current or a charged off accounts that can be paid. You can also view your credit report for any mistakes and errors that might be present. Removing errors from credit report is a simple matter of filing a dispute with the credit bureaus. The three credit bureaus Experian, Equifax and Transunion are compelled by the law to investigate a dispute filed by the consumer within 30 days. During this duration the credit bureaus are supposed to get in touch with the original provider of information and verify that the information on a credit report is correct. If they cannot do this than they will have a date or remove the information from your credit report.

In order to avoid being taken by surprise and not knowing whether lender will approve or disapprove a credit application you should be well aware of your own credit rating. It can help further to know what credit report and which credit score your lender is using so that you can review the same beforehand and have some idea how your credit application will look to the lender.

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