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How you can Stop your Credit Card Application being Rejected

May 7th, 2008

* * * * 4 Stars

Bad Credit Card Record?

If you’re afraid you have a bad credit card record, or simply can’t comprehend why your constantly getting rejected credit card applications, this article is for you to help get around these issues.
I was inspired to write this article after I received this post:

After applying for Commonwealth and Qantas Amex cards, both became rejected. I don’t really understand why, I’m earning about $63000 a year, and I have no mortgage, and strangely enough, a flawless credit history. The most irritating thing is neither firm explained why I was rejected. Do you have any suggestions?

Check your Official Credit History:

For starters, you should check to see if you really do have a perfect credit history, and if you don’t, find out why. You may suprise yourself - clerical errors are not uncommon in peoples credit card histories. If you find anything odd in your credit report, you should make further enquiries into it with the firm. Don’t be afraid to ask them why your application became rejected as well, it won’t hurt, and you may possibly find the root cause.

Constant Applications after Rejection:

Whatever the reason your first credit card application became rejected, it will be present on your credit card history. Firms don’t have the time or resources to individually check the details of each of it’s applicants prior rejections.

Therefore, if you have one rejection, a credit card issuer may simply base their rejection on that, creating a steady stream of invalid applications. Some banks also run automated rejections if you have applied for another card within being rejected of a week for another card.
It works the other way as well - if you start with an incredibly solid spending/payment record for your credit card, providers will fiercly aim for your application and approve it at the drop of a hat.

Therefore, make sure you have a relatively clean financial history especially before applying for your first credit card.

Factors you may not take into Account:

American Express along with a few other credit card firms, analyse your housing situation and employment records. So if you are moving houses frequently, have just settled into a new house, or have been rapidly in and out of jobs, alarm bells go off and your application will get a nasty rejection.

5 Tips to help your Credit Card Application Approval:

Check your credit card history - If it’s bad, wait over 6 months till your next application.
Even with a good history, if your first credit card is rejected, wait at least 2 weeks till your next application to avoid the automated denial of your application. Credit card companies don’t like people who are desperate for credit and a good sign of that is lots of applications in a short period of time.
Try to clean up your financial situation if it’s not too sharp, whether it’s mortage or any bank payments.
Ask the credit card provider who rejected you why? Best take it straight to a branch for face to face customer service, since your online query is much more likely to be a vague response or simply ignored.
Wait until you’ve settled into a new job or house.

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2 Responses

ullah Says:
May 12th, 2008 at 2:25 pm
i am overses student. i applied many time for a creadit card to commwelth bank thought i have got two account with them but i dont know why they rejected me. i think their one of their condition is have to be parmanent residence but i am an overses student. in that case should i write down that i m a parmanent resdence here or what. i have got the proof that one of my friend when he write it that he has got the parmanent residence the with 4 days he has got the card without asking any question. can u give me a solution for that. bye
CreditCardFinder Says:
May 13th, 2008 at 12:40 am
Contact the branch online or by phone and ask for specific details to why it’s being rejected.
If you say you are a permanent resident but aren’t, they will surely check up to see if that’s accurate.
If they find you lying, it’s very unlikely they’ll approve you anytime soon.
Hopefully that’s what you wanted to know, If not, don’t hesitate to ask again.
Thanks