What to Do if Your Credit Card Application is Denied

8598996_sYou received an offer to apply for what seems to be a great credit card. After submitting the application, you receive word that it is denied. Confused, you are not sure what to do next. If you’ve had a credit card application denied, here are your next steps:

Ask Why the Application Was Denied

Most credit card companies will supply at least some of the reasons why they chose to not accept the application. In fact, you may see them listed in the email or snail mail notification containing the rejection.

The problem may be that you forgot to include some piece of information that the card issue considers essential. Maybe you already have card limits on other accounts that make your potential debt to income ratio a little uncomfortable for the issuer. You may be carrying balances on other cards that leave the issuer wondering if you have enough income to manage the new card responsibly.

Those Dreaded Negative Comments

Perhaps the reason you had a credit card application denied had to do with negative comments on your credit reports. Your next step is to order copies of those reports from each of the major agencies. Errors do happen, and there could be something on one or more reports that is outdated or just plain wrong.

If you do find comments on your reports that are in error, challenge them and provide proof they do not apply to you. While it will take a little while, getting those unfortunate comments removed and maybe boosting your credit score by a few points.

When the comments are connected with an account you have or had in the past, contact that creditor directly. If the comment is an error, keep up the communication until they submit updates to the credit bureaus.

Should you find comments related to accounts you never opened, there is the chance of fraud going on. Report those to the bureaus and the card issuers at once. In the best case scenario, they will remove the items from your reports and the creditors will open investigations that put an end to the fraud.

Having a credit card application denied is not the end of the world, but it is a call to action. Find out what went wrong, then fix it. The next time you apply for a card, your odds of being approved are much higher.

Credit card debt was projected to total $900 billion by the end of 2015, with the average US household owing...
An impulse buy is a last minute purchase of an unnecessary item, usually made without thought or major consideration. Impulse...
Family money management is important. Teaching your kids how to manage money is the first step in getting everyone involved...
Too often, it feels as if you cannot possibly have a baby and still save money at the same time....
The Better Choices For Your Money You may think that winning the lottery or a receiving a mysterious inheritance are...
The last thing you need is to be the victim of a robbery while on vacation or a business trip....
Navigation
Google+ Twitter Facebook


Northcash is an economic arm of the Fort Belknap Indian Community, a federally-recognized Indian tribe located in Hays, Montana. The Tribe and its businesses have governmental sovereign immunity and have not and are not waiving that immunity for any purpose associated with the consumer lending business of Northcash and therefore Northcash is not subject to suit by you or any third-party for any reason. CAUTION: IF YOU ARE NOT COMFORTABLE DOING BUSINESS WITH A SOVEREIGN INDIAN TRIBE THAT IS NOT SUBJECT TO SUIT, YOU SHOULD IMMEDIATELY DISCONTINUE USING AND ACCESSING THIS SITE. We may from time to time in our sole discretion and without notice to you modify the terms of this Agreement and/or change the rules that govern your use of our Site.

Who is providing this notice?

North Star Finance, LLC d/b/a Northcash, an economic arm of the Fort Belknap Indian Community.

This is an expensive form of borrowing, and it is not intended to be a long-term financial solution. Northcash loans are designed to assist you in meeting your emergency borrowing needs. The Annual Percentage Rate (APR) applied to your loan will vary depending on the pay period with the maximum APR on any Northcash loan being 795%. This is a term installment loan with approximate equal payments, but you have the right to prepay at any time. Any instances of late or non-payment may be subject to additional fees, such as NSF and late fees, as well as collection activities Before borrowing, we ask that you assess your ability to repay the amount you borrow.

You acknowledge that by submitting and completing the loan application that you are applying for a loan. We verify loan applicant information through credit reporting agencies such as Clarity, Factor Trust, and DataX. We may obtain your credit information in order to determine your eligibility and ability to repay.

Northcash does not lend to residents of Arkansas, California, Georgia, Maryland, Minnesota, Montana, New York, Pennsylvania, Virginia and West Virginia, or to members of the military or their dependents.

The availability of online installment loans are subject to change at any time at the sole discretion of Northcash.


OLA Badge