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Frequently asked questions after getting rejected for a POKER credit card

You did all your research religiously and then made your choice of the credit card. Then, you all compared all the rates offered by the different companies offering that type of credit card and made the best choice. You went to the company and filled the application form and submitted it and went home happily thinking that you will get your credit card very soon. But, one fine day, you get a letter saying that your application is rejected. At that moment several questions come blasting to your mind. This article answers some of the frequently asked ones.

1)    What may be the reason for my application to be rejected?

There are several reasons for the bank to disapprove your application. Every company has its own guidelines and rules which vary from another company. Some common reasons for the rejection of your application are:

a)    Not enough income

Your have to apply for a card that will suit your income. Suppose your salary is $50,000 per year then apply to a company that gives cards to someone who earn that much salary.

b)    You are application has been rejected by several other companies in the recent past.

c)     The most important reason is “a poor credit history”. This is the reason why more than 50% of the applications get rejected. The credit history or report will have all the details regarding your previous credit transactions like defaulting a loan, late payments and so on. There are very few companies that will offer a credit card with a poor credit report and that to at a very high rate.

d)    No credit history. You may never have used credit before this and therefore, you will not have a history. This is also a reason why good number of credit card applications gets rejected.

e)    Your credit history report is not correct.

f)     Your credit balance is above the comfort level of the issuer.

2)    What should I do next if my application is rejected?

If a company rejects your credit card application, then it is bound by law to give you the reasons for that decision. They are also liable to tell you from where they got the information. Then, you can request for a report of your credit cards from the same agency and look over it carefully to see if there are no errors.

3)    There are errors in my credit report. What should I do to rectify the errors?

Without wasting any more time you should you should mail the agency with proof of the errors. The more proof against the errors the better and quicker will be for your credit report. Also, remember that the agency at least needs to reply to your mail.

4)    Can I apply to another credit card firm after getting rejected by one?

Yes, you can. You can also submit an application form to the same company but for a different credit card. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.