4 Reasons You Might Not Get Approved for a Credit Card
Before applying for a credit card it might be important to check whether you will qualify or not. Indeed this can save you time and energy if you know you are not going to receive it right away. In this article we will be providing you with 4 reasons why you might not get approved for a credit card and this can help you take some precautionary measures.
Loan balances too high
If you have a lot of loans and that you are struggling to pay it, credit card companies can deny you from having a credit card. Obviously they will be thinking that you will have trouble and paying them also. In this case it might be beneficial for you to try to pay as much as you can on your loans before applying for a credit card. This can increase your chance to get a credit card approved.
Each credit card provider have their own income requirements and may deny your application if you do not meet their conditions. Often they will not tell you beforehand and it is only after the application that you will become aware whether they have accepted or denied you. Make sure that you choose a credit card that meets your requirements and that does not demand a big income. There are several websites and forums on the internet that will provide you with some useful information to help you make your choice.
Too many inquiries in your credit report
If there are too many inquiries on your credit report within the last 12 months, chances are you will have trouble applying for a new credit card. This arises mainly because you have applied for a lot of credit card and this is hurting your rating. Make sure you limit your applications in the short period preceding your application for a new credit card. This may increase your chance of getting your credit card approved.
Delinquency on your account
Delinquency refers to payment that was late on your account and having too many late payments can result in your application for credit card being denied. One thing to remember here is that a recent delinquency will carry more weight than one that you obtained 6 years ago. This is why it is important that you pay your bills on time in order to avoid similar problems.