Reasons Credit Card Applications Are Denied
Having a poor credit score is one major reason why some credit card companies reject your application, but other factors are also involved in this decision. If you've been denied a credit card, you may want to review your credit reports and see what may affect your credit applications.
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Too Many Inquiries
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If you've applied for dozens of cards at different retailers or credit card companies, this decreases your credit score and cause some credit card companies to reject you. In addition, these inquiries can remain on your credit report for seven years.
Unstable Work History
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If you've bounced from one job to the next rather than remaining with the same company for a few years, or if you have had periods of unemployment between jobs, credit card companies may turn you down. Lenders want to see that you have a steady income and stable job history which will enable you make the payments.
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Too Many Credit Cards
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You also may have been denied because you have a lot of open accounts with high balances. Credit card lenders want to see that you're able to make timely payments without too many other financial commitments. In addition, they may view a large number of open accounts as a lack of financial discipline on your part.
Too Young
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You have to be at least 18 years old to get a card in your own name, but you may still be able to get a card if your parents get one for you in their name.
Solutions
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You can build a better credit history by not applying for an excessive number of cards, paying down the debts you have in a timely manner, and establishing a steady work history.
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