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0BalanceTransfer » FAQs » User Questions » General » Why was I denied for a credit card?
QUESTION:
Why was I denied for a credit card?
ANSWER:
May 25th, 2013

There would be three major reasons you may be denied a credit card. One is insufficient income. You need to be working or have an income stream to qualify for a credit card. Another would be a low credit score. A third reason would be no credit history. Having no credit score is bad in the credit world. The banks and issuers don’t know how you will respond to having credit available since you have no history.

A credit score can range from the 300’s to the 800’s. A low score would be somewhere in the 600 or under range. However, not having any credit can sometimes be more risky in the eyes of lender. If you have no credit or bad credit it is possible to get a credit card. Even if you have been denied from traditional lenders there are always secured credit cards. This can allow you to improve or gain a credit score and start building it up. If you apply for a secured credit card be sure that they regularly report to the credit bureaus.

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