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If Your Application Is Denied

It is a real blow to be denied credit, especially if the request was for something that was important to you. If you are turned down for a loan or credit card however there may be a reason that will be easy to remedy. Perhaps you just have not been at your current residence or job long enough. Maybe your income does not meet their minimum requirements. Each financial institution sets its own criteria, so it is wise to inquire as to exactly why you were turned down. If several companies have denied you, it may mean that you are just not judged ready for a credit card or loan at this point. 

No matter why you were turned down, if it was based in whole or in part on a credit report you are entitled to a copy of that report. If you ask why you were denied, the company is required to tell you which bureau they received information from and you are entitled to a free copy of the report that was issued by that company about you. You must request the report within 60 days of the denial. This will allow you to make sure that the information supplied was correct. 

If you receive a copy of your credit report and find errors you are entitled to have those instances investigated and, if proved erroneous, removed from your report without charge. If the negative information is accurate, you will have to restore your credit worthiness over time.

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