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What to do if You Don’t Qualify for a Credit Card

There’s no worse feeling than applying for a credit card, just to receive a denial. When this happens, it’s easy to feel stuck. It’s easy to feel like there’s no way out.

As frustrated as you may be, it’s no time to get down on yourself. Instead, it’s time to realize that you have options and to take the steps necessary to get what you want.

Here are some of the basic steps you can take:

1. Find Out Why

The first thing you want to do is find out why your application was denied. This goes a long way in helping you decide what to do next.

For instance, you may learn that you don’t have a long enough credit history. In this case, you can search for credit card offers that are designed for people in your shoes.

If you don’t know why your credit card application was denied, you won’t know how to make things right the next time around.

2. Try Again

Just because one credit card company turns you down doesn’t mean the next one will do the same. There’s always a chance that the next issuer will have an offer that better suits your situation.

You don’t want to try too many times, but don’t stop after one denial. Instead, take into consideration the reason for the initial denial and then find an issuer and credit card that more closely aligns with your financial circumstances.

3. Opt for a Secured Credit Card

If you’ve tried everything you can to obtain an unsecured credit card and continue to come up short, it’s time to change your approach. And that often means applying for a secured credit card.

With this, you’re required to make a security deposit that serves as both your credit limit and collateral.

As long as you’re responsible with your secured credit card, it’ll help you build your credit history and score. And as that happens, you’ll find yourself in position to eventually move to an unsecured credit card.

4. Wait While You Improve Your Credit

There’s no point in pushing forward when you know that you won’t get anywhere.

If you’re continually denied when applying for unsecured credit cards, take a step back to assess your situation.

Are you best off taking a few months to boost your credit score? Are there specific steps you can take to make yourself more appealing to credit card companies?

Final Thoughts

Don’t give up if your credit card application is denied. Instead, take the steps necessary to eventually secure the card that you’re chasing after.

Have you ever been denied for a credit card? What was the reason? What steps did you take to eventually reach your goal?

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