Getting a credit card at the very first opportunity is on the wish list of many young adults. Having a credit card can make you feel like a real adult who has the financial freedom to purchase groceries, home equipment, and other products whenever you want.
So it’s understandable if you’re bummed out about your credit card being denied. Wondering how your credit card rejection would affect your credit report?
Continue reading this blog to find out.
How Does A Credit Card Application Affect Your Credit Score?
When you apply for a credit card, the card issuer will conduct a hard inquiry on your credit report. The inquiry can slightly decrease your score. If the bank rejects your credit card application, it might damage your score. This is why you must assess why your application was rejected.
Reasons Why Your Credit Card Application Was Denied
Wondering why your credit card application was rejected? You won’t get a credit card if you’re in debt, have a history of late payments, or limited credit history. If you have any of these factors working against you, getting approval for a credit card may be challenging. However, there are steps you can take to improve your chances of success in the future.
How To Improve Your Chances Of Getting A Credit Card
You should always ensure you understand why your application was rejected. If it was due to a low credit score, take steps to improve your score before reapplying. You can also try applying for multiple credit cards, such as one with better terms or from a different card issuer.
If you’re unsure why your application was rejected, you can always ask the issuer for more information. In some cases, they may be willing to reconsider your application if you provide additional information or meet certain conditions.
Get Our Cash Back Credit Cards For Online Shopping
Want to get a credit card but don’t know how? Consider connecting with the team at Great Canadian Rebates. We’ve created an online platform where you can apply for a credit card and avail several monetary benefits. You can find credit cards from various companies, including American Express, Scotiabank, and many more to avail cashback, travel rewards, and loyalty points.
You can get in touch with our representatives for more details about our credit cards.