samaxius asked:
I applied for a credit card, but my application was declined with no reason given. I assume they have searched a credit agency. What will this have done to my credit file and will it affect any future applications?
http://1mortgagecalculator.info
I applied for a credit card, but my application was declined with no reason given. I assume they have searched a credit agency. What will this have done to my credit file and will it affect any future applications?
http://1mortgagecalculator.info
It doesn’t hurt you. Having many creditors accept you can help you but denials do not hurt you.
If you have 50+ requests (whehter they are denied or accepted) it may knock you dont a few points (possibly 10) but that is only if you credit is already bad, because it is just adding to your ‘history of bad usage’
Nothing will happen to your credit just because you were declined from a credit card, but because you were declined does reflect the status of your credit score. It probably means you have an outstanding balance, have problems paying bills or other existing credit cards. Get a credit check and make sure you pay those bills on time!
no, being delcined will not hurt your credit..it’s too many inquires, having too many revolving accounts, high balances etc..that will hurt you.
One declined credit application shouldn’t hurt you. Here are some things though to consider:
-are you applying for an abundance of loans?
-have you recently moved or changed your address?
-do you have prior credit?
If you have recently moved then you may be declined because the address you used when applying does not match the address on your credit report (that happened to me).
If you have other credit cards or loans are you up-to-date on your payments, or are you close to the limit on any of your cards? Both could affect your credit report.
Finally, you can always receive a free copy of your credit report, which you should do if you have never before seen it. You may have cards open that you do not know about, or you could have a situation of identity theft.
Do you have loans in banks like car loan,house loan or used your credit card on hand in shopping.When pay them,are they on time or sometimes delayed?These are some reasons why credit card refuses or declines your credibility and decline your application.Credit Cards usually review a person’s annual income and credibility,if your limit exceeds then they will decline it.I don’t think it will not affect your future application,it depends on how you pay your loans in the present,if the loans’ payment are on time then they might consider your application.
It will show up that they looked at your credit, but that’s it. And they have to give a reason. They may not say specifically what made them decline you (for example: “you have a delinquent account from Chase bank that’s 3 years old, therefore we’re denying your application”) but they will tell you in general. You can use the denial letter to get a free copy of your credit report. They should have listed the name and phone number for the credit agency they used to run your credit. You can call them and go through the automated system to request a copy.
When you apply for a credit card, the credit card company checks your credit, which is called an “inquiry”. When creditors and lenders review your credit data for the purpose of an application, a “hard inquiry” is listed on your credit report. Too many hard inquiries can harm your credit score. If a credit card company checks your credit data, it adds to the inquiries on your credit report, and will stay there for 2 years. If it was just this one credit card that you applied for, you don’t have anything to worry about, as one inquiry will not harm your credit score. Try to only apply for credit cards when you know that your credit data is in good standing.
If you would like to check your credit report, you can absolutely free at. Depending on your state, you can access your credit report from once or twice a year free of charge. I recommend looking at ONE bureau’s report now so that later you may access the others for free as well. Credit scores are not included in credit reports.
They must tell you why it was declined. Call and ask. If they refuse to reply, tell them you’ll file a complaint with the Federal Trade Commission. Their toll free # 1-877-382-4357. You can also request your free credit reports from annualcreditreport.com or just call Trans Union toll free @ 1-877-322-8228 for all 3 free reports. If there is something you’re not aware of, dispute it immediately.