Top Reasons for a Credit Card Denial (2)

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Top Reasons for a Credit Card Denial
Here are some of the top reasons for a credit
card denial
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Your Current Loan Balances are Too High
Are you serious about paying down your loan
balances, or have these been lingering for quite
some time? Credit card companies are more likely
to deny your application if your loan balances
are too high, as they have reason to believe you
may not pay your balance when it comes due.
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Your Income is Too Low
This doesnt come into play with every credit
card offer, but it could hold you back from
receiving an approval. Depending on the credit
card, there may be an income minimum in place.
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You Already Have Too Many Credit Cards
If you dont have any credit cards in your name,
it can increase the odds of an approval.
Conversely, if you already have a handful of
credit cards, it could lead to a denial. There is
no set number that applies, but a credit card
issuer may not feel comfortable approving your
application if youre already carrying several
cards.
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You Have a Collection Record on Your Credit Report
At some point in your life, an account may have
been sent to collections. Not only can this hurt
your credit score, but it can also harm your
ability to receive a credit card approval. In
addition to the type of delinquency, the issuer
will also consider when this occurred and the
current state of your account.
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You Have No Credit History
It may not be fair, but a lack of credit history
can harm your ability to obtain a credit card.
This isnt something youve done wrong, but
instead a way for credit card companies to
protect themselves. The best thing you can do is
apply for an offer designed for first-time credit
card applicants.
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