NEW YORK – December 10, 2021 – (Newswire.com)
iQuanti: While the credit card application process is meant to be straightforward, sometimes this isn’t the case. There are several obstacles that can halt your application and prevent you from receiving approval from a credit card issuer. Although some of these problems could be related to your credit score and history, there are other factors beyond your control that can halt a credit card application. Here are some reasons why it might be hard for you to get approved for a credit card.
Why can’t I get approved for a credit card?
Poor/inadequate credit
Every credit card company will consider your credit score when weighing an application for a card. If your score is too low, the company will have a tough time believing you will pay off any potential balance and interest. This can lead to your application being rejected.
Income issues
Difficulties with your financial income can affect your debt payments and, subsequently, your ability to take out credit cards. It can also affect your application to credit card companies that require proof of income.
If your income is too low, consider ways you could make budget adjustments that will allow you to improve your credit in the future. These changes can make applying for a credit card more feasible going forward.
Age limitations
A general rule of thumb is that you have to be at least 18 years old to get a credit card. And if you are under 21, you may have to show proof of employment or get a co-signer in order to get approval.
This age limit can prove a serious obstacle if you are trying to take out your first credit card, so always make sure you pass the minimum age requirement and can provide solid proof of income or have a co-signer before applying.
Is there a way I can still get approved for a credit card?
If you run into these problems during your credit card application, there are some strategies you can try to still obtain approval from an issuer.
Consolidate your debt
While this solution takes a longer amount of time and effort, consolidating your debt can raise your credit score enough to qualify for approval on your application.
As long as you transfer your debt to a lower interest loan and have the ability to pay it off, this strategy will help you find a credit card. However, it might be worth looking at more short-term options first.
Look into secured cards
Secured cards are low-risk credit cards that can be taken out by applicants with poor credit scores. These cards will often come with no annual fee and no credit check, so they’re an ideal choice for anyone who’s facing these obstacles during their credit card application.
It’s easy to fill out a credit card application for a secured card, and with a small security deposit required, applicants with lower incomes or higher amounts of debt may be approved much more easily.
The credit card application process can be challenging
There are several walls you can run into when applying for a credit card. But if you assess your strengths and weaknesses in the process and pick a strategy that works with your situation, you may be able to find and apply for a credit card that meets your financial needs.
Work with your bank or credit union to meet your goals, and soon you’ll enjoy the added flexibility and efficiency of a new credit card.
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Newswire.com
Original Source:
Why It Might Be Hard to Be Approved for a Credit Card Right Now
