Credit Card Machines

Credit Card Applications – Getting Approved After Refusal
By Joseph Kenny

It can be disheartening when you apply for a credit card and
get turned down. However, in the vast majority of cases, it
really is not anything that you need to worry about. While
there are some people out there who would be approved for
virtually everything they could think of applying for, for the
vast majority of us, applying for a credit card can take a
little time and some trial and error.

Credit card providers generally have pretty strict criteria
that they are looking for from applicants when they launch a
new credit card. They will be targeting the card at a specific
segment of the market and will have a credit score range that
they are seeking from applicants. If you do not fall within
this score range, you will not be in their target range and
will be refused the card. But this does not mean that you will
not be successful when you apply for another credit card that
is targeting your section of the market. And it is important
not to take the rejection to heart.

Determining Your Credit Score

You may feel that you are trustworthy and always pay your bills
and that you should not be turned down for credit, but remember
that credit approval is no longer a personal exercise but is by
and large automated and subject to computer credit checks and
the like. A computer will look at your credit score and give a
yes or no answer, and no individual attention will be paid
personally to your application at all. It is a necessary way of
running the system for lenders who have literally thousands of
clients and applications to manage as efficiently as possible.

The Next Step After Rejection

If you are refused for credit, then apply to a couple more
companies. You should try not to rush the process and apply for
one card at a time. You usually receive your answer within a
couple of days. The reason for this is that if you apply for
too much credit too quickly, it will show up on your credit
report and may cause lenders to turn you down. So be patient
and if possible, ask the lender why they have rejected you.

Patience is a Virtue in Credit Card Applications Too

The chances are you are simply applying for the wrong type of
card, for example, if you are a student, you will really only
be approved by companies that make a point of providing credit
cards to students and most other will reject you as a matter of
course. So by a little patience, and taking the time to make
your application to a credit card company that targets the
segment of the market that you fit into, you should be able to
get your hands on a credit card before too long.

About the Author: Joseph Kenny is the webmaster of the UK
credit card comparison site http://www.creditcards121.com/ and
also the new UK credit information site
http://www.cardguide.co.uk/, for an fresh look at card offers
in the UK.

Source: http://www.isnare.com