Is Your Credit Card Application DECLINED? (10 Reasons Why)
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- Опубліковано 29 чер 2024
- Got denied for a credit card? Here are the TOP 10 reasons why most people get denied and what YOU can do to increase your chances of approval! Click “Show More” to see Ad Disclosure, links, and additional information below.
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Reason 1 - Wrong Card…Wrong Time: There are beginner credit cards meant for building credit (like student credit cards and secured credit cards), rebuilder credit cards meant to help you rebuild credit after a previous mishap, and rewards credit cards that are designed for people who’ve established a healthy credit track record (examples include airline credit cards, hotel credit cards, and more general travel options like the Amex Gold Card, Amex Platinum Card, Chase Sapphire Preferred credit card, and others).
Reason 2 - Short Credit History: Generally, the longer your credit history, the better your credit score.
Reason 3 - Not Knowing Bank Rules: The Chase 5/24 Rule, Amex Lifetime Rule, Citi 48 Month Rule, and Bank of American 2/3/4 Rule are examples of rules you’ll want to be aware of prior to submitting an application.
🎬 VIDEO - How to Get Approved for Chase Credit Cards (Chase Application Rules):
• How to get APPROVED fo...
🎬 VIDEO - How to Get Approved for Amex Credit Cards (Amex Application Rules):
• How to get APPROVED fo...
Reason 4 - High Debt or Utilization: Keeping your reported credit utilization on the lower side is helpful when applying for more credit. Generally, under 30% is good and under 10% is great.
Reason 5 - Derogatory Marks: Keep your credit report free from late payments, foreclosures, charge offs, bankruptcies, etc.
Reason 6 - Too Many Recent Inquiries: Recent inquiries look like you may be a riskier borrower, so limit these prior to applying for a new card.
Reason 7 - Too Many Newly Opened Accounts: New accounts being opened on your credit report also looks like a higher-risk behavior. Consider waiting for some time between credit card applications.
Reason 8 - Credit Score Too Low: Although minimum credit score requirements aren’t published, you’ll want to focus on increasing your score over time.
Reason 9 - Income Too Low: Although minimum income requirements aren’t published, a lender may also look at your debt-to-income ratio (DTI ratio) to make sure you have enough capital to repay debts.
Reason 10 - Too Much Credit Already Given: Consider a credit line reallocation, if allowed.
TIPS: HOW TO GET APPROVED FOR CREDIT CARDS!
1. Pay down your existing debts as much as you can.
2. Report low utilization on existing credit cards.
3. Get your credit score up.
4. Wait for inquiries to fall off and new accounts to age.
5. Learn the credit card application rules for different banks.
6. Increase your income.
7. Put financial responsibility above the credit card game.
8. Apply for the right credit card(s) based on your credit profile.
9. If denied, call the reconsideration line.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #creditcardapply #creditcard - Навчання та стиль
📲 MAXREWARDS - Manage credit cards & rewards!
Get Gold level for free with PROMO CODE = markr
markscreditcards.com/maxrewards
💳👉 VIEW CREDIT CARD OFFERS!
markscreditcards.com/offers
🛍 RAKUTEN - Earn Cash Back!
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For the people who are obsessed with the credit card game (like myself) too many recent hard inquiries or new accounts are generally the reason I see people getting denied. Luckily I haven't been denied for a card yet, but I'm sure it's coming soon lol. Great video as always Mark!
I was once in your shoes. Now I am free.
Common indeed 😁
@@berryzedzero 😂
Oh your day is coming Spencer! lol.
@@PatrickDKing I know it!! 😂
Great video Mark alot of information for the beginner and the seasoned person. Thanks for sharing, keep that content coming
Absolutely!
Thanks for the excellent info.
You bet!
Awesome information Mark!!!! Great video!!!
Thanks Amex Boss! 👊
Thank you Mark!
Of course!
If ya play hard enough - reasons #6 & #7 get ya every now and then in this CC game. Thanks for the info + video!
They sure can 😬
Buenos videos mi hermano eres uno de los mejores
Gracias djcrissz18!
Ya it comes with the territory. Eventually everyone gets a denial if you keep applying for credit products or loans. However, its no biggie. Just garden, lower your utilization, make regular payments, & let your accounts age. As they say, “time heals all wounds” or our case “all inquiries” 😁
Remember Doc says, “a new account yesterday is an aged account tomorrow!” 😎
Hahaha well said 😂👊
Good info
💯👊
This was a great video Mark for those starting out in the credit game.😊
Thanks Kristophe!
Thanks!
Hugely appreciated, thank YOU! 🥇
Hey Mark. Great vid. Question about the Income section. Namely, I don't know what to put as my income when applying. I'm a recent grad so what constitutes my "income" is a bit fuzzy since student loans are a thing and proper employment sometimes is not. (Note I've got a score in the 730s courtesy of being someone's authorised user). Is the income section of a credit card application dependent on being employed or is it dependent on demonstrating all income that you have access to? The income bit has always been so confusing to me.
Be sure to read the application as different banks may have different requirements. As an example, the Chase Sapphire Preferred application says the following:
_"This is what you earn or reasonably expect to earn in a year. If you're 21 or older and regularly use income from others to pay your bills, you can include that too. Alimony, child support or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation. If you include nontaxable income (income that you or your tax advisor has determined isn't subject to income tax), increase that amount by 25%."_
Then, clicking on the "i" icon for more info, it says:
_"The total annual income includes full-time, part-time, internships or seasonal jobs, self-employment, interests or dividends, investments, retirement, Social Security benefits and public assistance. It can include money that someone else deposits regularly into your account and income that you or your tax advisor have decided isn't subject to income tax. (Typical examples of nontaxable income include money received from disability, worker's compensation, child support, housing allowance, Social Security or public assistance."_
If you’re going to do some more videos about approval rates with other Credit Issuers, I would like to see one on Barclays
💯👍
Hey Mark
Yo Kazi!
Capital One is one of the few that list the minimum income: "My monthly income (my disclosed total annual income divided by 12) doesn't exceed my monthly rent/mortgage payment by at least $425. Or, Capital One otherwise determines that I am unable to make my monthly payments."
Awesome that they do that. Income / score requirements would be really nice to know for more banks.
It's not personal Mark :D
It’s just credit, personal credit… wait…
True 😁
So with coming out of 5/24 looking to get the csr with no cc debt and 2 cards with chase totalling 16k limit and 160k plus household how worries should I be with the 10k limit for the csr
I don't have a way to determine approval odds, however, your situation looks favorable 👍
Hey Mark!
I have 5 hard inquiries and have 4 credit cards that I have received. The last one was last month ago. I have a 700+ credit score, credit utilization of
Hey - I don't have a way to predict approval odds. All I can say is if I were in that situation, I would not wait for all inquiries to fall off (that seems unnecessary). 6 months or so should be fine.
@@MarkReese thanks for advice! You are a Godsend 🙏
Hi, Mark. How long do you think I should wait before re applying after a credit card denial?
The reasons
Too many inquiries or applications for credit in the last 14 days.
Low use of available credit on your bank cards. Low use of available credit on your bank or retail credit card or non-home equity credit line.
so tried again after the 14 days, this time the only reason for denial is that records show I recently applied for WF credit card:(
Maybe just need to leave this one alone, although really want this card..
Which bank?
@@MarkReese Wells Fargo.
@@DB6904. - Hmm not aware of a required wait time with Wells Fargo. However, I'd personally wait 3+ months before trying again. In the meantime, I'd also use my existing WF card regularly & would avoid applying for any new cards.
@@MarkReese Mark, thanks for getting back to me.
Maybe something became mixed up during the application I don't have a Wells Fargo card I never have.
I called for reconsideration for the first time ever and maybe that confused things further.
This one is a mystery to me my friend.
what to put for rent/mortgage if you don't rent and your mortgage is paid off ?
I would put $0.
Lucky only problems with credit cards is never spend, cause our bank company warns with overpricing.
What do you mean?
@@MarkReese It means, only problems by not overspend on card with expensive.
@@Willchannel90 - Yes, it's wise to never overspend on credit cards 👍
I know that but u upload video how can fix it this problem??
There is not a way to 'guarantee' an approval. Once you learn the reasons for a denial, you then know what you need to improve on next time. You can also call the bank's reconsideration phone number & ask if they can overturn the decision.
If i got declined on an application 2-3 months ago. Should i call reconsideration line or just apply for a new card?
You can try recon (there's no 'harm' in doing so), but you'll very likely need to apply again.
I believe it’s that I have too low of income? Is 24K too low?
There isn't a way for me to know. Ask the bank directly for the reason(s) for denial.
Denied Reason: “Credit Bureau Mismatch?”
Any thoughts?
Hmm not sure what that means. Were you provided with any info beyond that?
@@MarkReese Thank you for responding😍Nope, that is literally what it says in my email. Now I think it’s a scam. I found 1 video on UA-cam which is a “short” of a guy using the “mismatch” language and he said check if my personal information is all the same on all bureaus. I checked and there are little issues but nothing glaring and I got approved for two other cards within the past two months with no issue…
Mark, Just got the Amex gold. When do I pay the annual fee it hasn't come up for me to pay for it.
usually within the first 60 days
@@MH_6160 Thank you
Congrats! It'll likely appear on your 1st or 2nd statement to be paid along with your other charges.
@@MarkReese Thank you I believe i got the $200 statement so its really $50
👍🏻
🌟
I'm STILL out of the game.
Get back in!
@@chrisbrown8748 i wont go back to the old me
😔😔
The greatest discovery of all time is that a person can change his future by merely changing his attitude.
@@TheyMostlyComeAtNight that’s crazy
Another great video! 👏🏽👏🏽👏🏽
I just pulled the trigger two days ago and was approved simultaneously with $10,100 for FordPass Rewards Visa and $8,000 for Discover Cash Back. I’m gardening my credit for the next year or so with a total credit line of $101,800; average FICO 782; CU approximately 1%; DTI 23%; salary $156K+👩🏽🌾💳🌿💳🌺💳🌱💳🌼💳
Impressive! Congrats & well done 🌟
@@MarkReese yours is MUCH MORE impressive. Keep producing these great videos. I wouldn’t be where I am today in my credit journey if it weren’t for you. Thanks so much!