What to Do When You are Turned Down for a Loan or Credit Card

by : Lisa Nichols

If you apply for a credit card or a loan and are turned down, there are some actions you can take to get approved the next time you apply. Before you try to get approved for a loan or credit card again, take some steps to make sure that this time you won't get turned down.

Quick Ways to Get Approved for a Loan or Credit Card

When you apply for a credit card or a loan and you get turned down, talk to the company in question to find out why you weren't approved. There is always the possibility that there was an error that is easy to correct. If you were turned down because you haven't been on the job very long or you have moved multiple times in recent years but you have a reasonable explanation, the company may be able to make an exception. If you were turned down for a loan or not approved when you applied for a credit card due to your credit history, you are entitled to a free copy of your credit report. Review your credit report to make sure that there are no errors. If you find any mistakes that need to be corrected, contact the reporting company immediately to resolve the error.

Improve Your Credit Score to Get Approved for Loans and Credit Cards

You can work to improve your credit score and get approved for a credit card or a loan. If you got turned down for a loan or your application for a new credit card was denied due to credit, order your and review the information to find out what issues or problems need to be resolved. Work on paying all of your bills on time and reducing your total outstanding balances on your current lines of credit- these are two of the biggest factors that can help improve your credit score. Once you resolve the issues in your credit history, or loans again and this time, you should be able to get approved.