Rejected Credit Card Applications – What Now?

Most of us know how it feels to be rejected for credit. There is hardly anyone out there who has not, at some point been rejected, and most of us still are for a good proportion of what we apply to.

It’s nothing to be ashamed of, applying for credit is just one of those things that you really have no control over. If you do not fit into the specific market segment that a credit card is aimed at, then the automated application system will just reject you as a matter of course.

Is That Computer Broken?

These days there is little or no personal review of credit applications and it is simply left to the computer to find out if the boxes you ticked on the application form are the ones they are looking for. So it is important not to become disheartened when you are rejected for credit card applications.

First Steps After Rejection

If you do need access to a credit card, as increasingly people do, then there are many steps you can take to get your hands on one, even after you’ve been rejected. The first thing to remember is that you should be patient. You should avoid sending off a number of applications all at once. These applications will show up on your credit report and will give the impression that you are desperately seeking credit.

You should apply to one credit card provider at a time and if you are rejected you should ask them what were the reasons for the rejection. If this is something you can change then do so and reapply, or move on to another provider and apply to them.

Apply For The Right Card!

You should also try and make sure that you are applying for the appropriate product. Each credit card will be aimed or targeted at a specific segment of the market and not necessarily at everyone. If you can’t get approved for the cards that you are applying for, then find out if anyone is offering credit cards aimed at you.

Getting Credit With No Income

Traditionally, it has been difficult to get a credit card if you are unemployed, have bad credit, or are a student. Now there are providers who will have cards targeted at you and you should make a point of applying to these. The terms and conditions may be a bit more onerous if you are in a high risk market but if you really do need a credit card, then these will be your best chance of getting one.

Check Your credit report with either Experian UK or Equifax UK.

Companies Still Want Your Custom

This end of the credit card market is one of the most lucrative in terms of financial gain, but many of the High St credit card providers do not like to ‘dirty their hands’ down there. This has led to an influx of credit card companies fighting for this highly profitable niche market.

There are many deals that are still available to this with a poor credit history, but you should be aware of some rip off credit card companies APR levels. Capital One’s APR for a bad credit history applicant is advertised at 29.9%. However, other companies can charge up to 70% for credit. No wonder this niche is so profitable!

If you have been refused already view our current offers on poor credit history credit cards here.