- Re-appeal to the card company
More information provided to the card issuer may increase your chances of approval. It’s possible, for instance, that you forgot to count retirement funds, alimony, child support, and government benefits among your taxable income. Furthermore, non-working spouses might count the earnings of their working partners. It is possible to transfer some of your existing credit line to your new credit card account if you already have an account with the credit card provider.
- Learn how to read your credit reports
Examine your credit reports to see what the card issuer considers. This can help you identify areas for improvement. Reduce high-interest debt; paying off debts lowers credit utilization. If your DTI ratio is too high, you may choose to pay off smaller loans and credit cards.
- Hold off on reapplying
Too many hard inquiries too quickly can get you turned down for a loan, so it may be best to wait before applying again. There is a 24-month window in which an inquiry will show up on your credit report, but beyond that period, it will have less of an impact. Late payments, foreclosures, bankruptcies, and other negative things on your credit report can have the same effect, although it may take longer.
- Replace the current card with a better one
If your credit score isn’t high enough, you may need fair- or poor-credit credit cards. Your credit history may prevent you from getting the card you want. You can become an authorized user on a parent’s or relative’s credit card. When this happens, credit reports include account history. For maximum rewards, the primary cardholder should use the card responsibly.
- Correct any errors on your credit report
You should be on the lookout for erroneous tradelines and information when you peruse your credit reports. By disputing these items with the credit reporting agencies, you can have them deleted from your credit reports.