Have you been having trouble getting approved for credit cards? It could be because your credit isn’t in the best place — even though some credit reporting services might say you have good credit.
If you don’t have a credit history, have more credit card debt than long-term debt, or have some negative marks on your credit report like bankruptcy, you could be denied for the best credit card offers.
By understanding how negative points are preventing you from getting more approvals, you can make changes that will improve your odds over time — allowing you to earn more rewards for your everyday spending.
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If you have “good” credit but keep getting declined for big points and miles bonuses from credit cards, or have noticed a decline in “pre-approved” offers coming to your mail, it may have everything to do with your credit report.
It is entirely possible to believe your credit is in a good place, but banks and other lenders may see it otherwise.
Getting your credit score through one of many different free services may present an optimistic view of your credit history and current situation. However, while you pay your balances on time and try to use your available balances responsibly, your reports may not be as stellar as you think. The result is often lower FICO scores and mixed reviews of your position across all three credit bureaus — resulting in rejections.
What’s holding you back from getting the credit you deserve? More importantly, how can you improve your situation and start receiving rewards for your spending? Before you put in another unsuccessful application, start by checking these three situations.
You don’t have a credit history
Before banks will trust you with a line of credit of your own, they want …read more
Source:: Business Insider