• Business and Finance
• Family
• Computers and Internet
• Auto and Trucks
• Education
• Health
• Hobbies
• Home Improvement
• Legal
• Marketing

• Home
• Arthur's Articles Home
• Browse Categories
• Browse Authors
• Submit an Article
• Search for Articles

Home » Business And Finance Articles » 4 Steps You Can Take If Your Online Credit Card Application Has Been Refused

4 Steps You Can Take If Your Online Credit Card Application Has Been Refused

Help! I've Been Turned Down

You received an envelope in the mail with a great offer for a low interest credit card. You read all the details, even the boring small print and decided that this card fit your needs to a tee. You filled out the required forms and anticipated the day that the card would arrive â€" you even got to pick which background you got. However, what came in the mail was not an acceptance and a brand new card but a denial. What is your first reaction? Perhaps anger. Perhaps sadness. Perhaps fear. Yet none of these will help you get a card!

So, what should you do?

1. The first thing to do is read the letter carefully. Two important pieces of information must be included in the letter you receive when you're credit application is disapproved: The specific reasons you were denied credit, or information on how to obtain those reasons, and, if a credit report was used in making that decision, the name and address of the credit reporting agency. Here are some possible reasons for denial:

Haven't lived at your current location long enough

Haven't been employed at your current job long enough

Your income is not sufficient to meet this particular creditor's minimum income requirement

Information supplied by the credit bureau

2. If the reason for your denial is unclear to you, then call the company for clarification. What were the exact reasons? What were the exact standards that you did not meet? This information is important to know and understand. If you apply for credit again and are turned down, then this reflects poorly on your credit report. The best advice for this situation is to wait at least 6 months if you have been denied by two different companies in quick succession.

3. If you've been denied credit because of information supplied by a credit bureau, federal law requires the creditor to give you the name, address, and telephone number of the bureau that supplied the information. You should contact this agency for a copy of your credit report. Federal law states that you are entitled to a free copy if you've been turned down. Once you receive your report, check it for accuracy. Up to 40% of reports have errors. If you find an error, then you need to report this to the bureau in writing. Be sure to send along whatever proof you may have. Getting the credit bureau to investigate an error will not cost you anything and will save you a lot of time and frustration when it is corrected.

4. If mistakes on your report led to the rejection of your application, ask the credit bureau to send a corrected copy to the lender. Then you can ask the lender to reconsider your application. If however, you were denied because of a poor rating, only better spending habits and time will help you get the credit you desire.

And here is another random article you might be interested in...

Are You A Shoulda, Coulda, Woulda?

The impetus for this article came from one of the 40 to 50 e-mails we get each week that go like this:

"Dear Chuck & Sue,

Can you recommend a business that will help me earn $10,000 to $20,000 each month. I need to start earning this type of money as quickly as possible.

Sincerely,

I want To Be A Millionaire By Next Tuesday"

We kid you not. We get e-mails like this everyday. They are the types we call shoulda, coulda, and woulda.

If you are a Shoulda, Coulda, Woulda, then this article is really going to tick you off. I hope it makes you angry, very angry.

Angry enough to change your ways or at least stop you from wasting your time and everybody else's.

Those that get angry see themselves all too well in this piece. They don't like being challenged. They are the people who will never do anything. They will never change.

You know who you are. You're the person who goes to discussion boards and asks "Does Carleton Sheets work in _____". Go ahead, fill in the blank. Name a city or state. You can, of course, fill in any other name or business in place of Carleton.

You're usually answered by those of us who have been around the block as follows, "No, Sheets doesn't work, you do".

Not liking that answer, you move to another group and ask the same question. Getting a similar response. And so on, and so on, etc.

You're the type of person who is afraid to spend a $100 - $200 to better yourself, your financial situation, your family's situation.

You're afraid to take a risk. You need a iron clad guarantee that whatever you do will make you money. Preferably by next Tuesday.

You're the type of person who gives great lip service to the concept of it takes work. But you're unwilling to put forth any effort.

You're afraid you may fail. IT, whatever your particular IT is, will not work for you.

You'd rather continue to moan and groan about your job, your life, your finances, your ______. Go ahead, fill in the blank again. I can't begin to come up with all the things you find to complain about.

Are you getting a good look at yourself in the mirror. I hope so. I hope by now your spitting nails. If you're not, then you are probably hopeless.

If you're not spitting nails, then you should skip the rest of this article.

Why?

Because I am going to let you in on some secrets that can change you from a shoulda, coulda, woulda to an I should, I could, I would and I did person.

First, let's dispel a myth. There is no legitimate get rich quick method, short of the lottery that I know about.

Getting rich takes hard work, perseverance and guts. It takes education. It takes a willingness to take calculated risks. It takes a willingness to fail before you succeed.

In short, it takes everything up to this point that you're not. But you can change.

Following is how to get started.

1. Embrace the concept that you and only you can make it happen. Why? Because the world really doesn't care about you. The world will go on, regardless of whatever you do or don't do.

So decide to make it happen. This is the most important step.

2. Educate yourself in whatever area your interested in. And no, this is not a plug for our educational material. We know ours is excellent, but that choice is up to you.

But for Pete's sake, buy somebody's. Start somewhere. If you truly can't afford to purchase, look on the web. There is some good free info out there. Go to the library. Read magazines or journals in your area. Do something to educate yourself.

3. Learn to weigh the pros and cons of different types of businesses or investment areas. Be willing to take a calculated risk. If an area looks promising, try it.

Just don't quit your day job.

There are many businesses you can start on a part-time or spare time basis. This is one of the reasons we recommend Lease Purchasing so highly to those we consult with. It is ideal for starting slowly.

4. Understand that it is not going to happen overnight. Make a firm decision to work whatever you try, long enough and hard enough, to give it a fair chance to succeed.

All true, solid, successful, long term businesses take effort and time to develop properly.

Learn to measure your progress toward your end goal.

5. Don't be afraid to fail. Much can be learned from failure. And remember, you never really fail, unless you quit and give up.

Keep trying. You'll eventually succeed.

Those of you who have read our book or spoken with us, know that we are perfect examples of not giving up.

We had four successful businesses, lost them in the economic downturn in California in the early 90's. We went through some hard times, but never lost sight of what we wanted.

We have re-built a successful business and are doing better than we ever did.

Just keep trying.

There you have it. The five secrets to our success.

Is it easy, no. But nothing worthwhile is.

Can you do it. Of course. Now get going and change your life.

Copyright 2004, DeFiore Enterprises