Being rejected is hard. It usually results in anger, frustration or embarrassment. And, if you were rejected for a credit card, it can also bring a lot of worries and stress. But, although this is not a pleasant experience, it still shouldn’t bring you down. Instead, you should look at being rejected for a credit card as the first step on the road to getting your new credit card.
Why does being rejected for a credit card affect us so much?
When you think about it, being rejected for a credit card should not affect us that much. Credit cards are useful financial tools, but they can also hurt your finances, especially if you’re not ready to use one or if you don’t have enough financial experience. It’s not like they come with a user’s manual that can help you figure out the best way to use them. So why does being rejected for one affect us so much?
The only answer is: because it’s personal. When you apply for a credit card, you let the credit card issuer check out your entire financial history, a big part of your entire life. A rejection signals the fact that there is something wrong with your finances. And this tends to hit us very hard, since being well off financially can provide you with a stress-free life, while also showing that you are a successful individual.
From this point on, you have two options. You either do nothing and let the rejection slowly eat at you, or you can start trying to fix what was wrong.
What to do next
Like I mentioned before, you should look at rejection as just the first step on the road to fixing what was wrong with your finances. The second step is seeing why you got rejected. You can ask your creditor for the reason. According to the Equal Credit Opportunity Act, the credit card issuer has to give you an answer if you ask for a reason within 60 days of the rejection.
There are many things that could get your rejected. Your credit score may be low. You may have too much debt, or maybe you don’t earn enough money. Once you know what the problem is, you can start to fix it.
And remember that different creditors can use different credit scores. Just because one of them rejected you, it doesn’t mean that another won’t want to do business with you. Again, knowing what went wrong can solve this problem.
Bottom line
Being rejected for a credit card shouldn’t make you lose hope. It happens quite often, but it doesn’t have to mean something bad. Sometimes there’s an error on the application. Or maybe the credit card company is looking at different credit scores. No matter what happens, you need to remain calm and tackle one problem at a time. Your credit score can be fixed, and so can your finances.
