3 Reasons Your Credit Card Application Was Denied…Even With a Credit Score of 800

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A high credit score doesn’t guarantee approval for a credit card. Learn about why your application could be denied even if you have excellent credit. [[{“value”:”

A credit score of 800 or above is about as good as it gets. It’s a sign that you’ve been managing your credit very well. And it’s more than enough to meet the requirements for the lowest rates on loans and the best credit cards on the market.

So, if you get denied on a credit card application, you’ll probably wonder what happened. There are many reasons card issuers deny applications. But when you have an exceptional credit score, denials are often due to one of the following factors.

1. You’ve opened too many credit cards

This is the one I’ve experienced the most and that I’ve heard about the most among others with high credit scores. Credit card issuers consider how many credit cards you have and how many you’ve opened recently. If you frequently open new cards, that can lead to a denial.

One reason card issuers do this is to weed out churners — consumers who open a credit card, earn the sign-up bonus, and then move on to the next card. These generally aren’t profitable clients for credit card companies.

Some card issuers even have application rules related to the number of cards an applicant has opened. For example, credit card enthusiasts have long known about the Chase 5/24 rule. If you’ve opened five or more credit cards in the last 24 months, Chase will almost always deny your application for that reason. It’s not an official rule, but it seems to be accurate.

The best solution is to slow down on your credit card applications. Wait at least six months to a year between opening new credit cards. Or you could try applying for a card from another card issuer.

2. You don’t meet the income requirements

Your credit score is one of the most important factors in the credit card application process. The other key factor is your income. Just like your credit score, if your income is too low, it could lead to a denial.

There’s no set minimum required income for a credit card. It depends on the card issuer, and card issuers don’t make this information public knowledge. It also depends on the card you want. Many cards, particularly high-end travel rewards cards, have a minimum credit limit. You’ll only be approved for these if the card issuer is willing to issue at least that much credit to you.

Note that you can include more than just your personal income on a credit card application. If you’re at least 21, you’re allowed to include any income you can reasonably expect to access. So you could use your total household income if you live with a spouse or partner. Scholarships, grants, and retirement fund distributions are other examples of acceptable income.

3. Your credit is frozen

A credit freeze is a good way to protect yourself from identity theft, a crime that impacted over 1 million Americans last year, according to the FTC. Victims of identity theft often freeze their credit so no one can open an account in their name.

But unless you lift the credit freeze, you won’t be able to open any new accounts either. If you froze yours a while ago, it’s easy to forget about it by the time you decide to apply for a credit card again.

To solve this one, thaw your credit to temporarily lift the freeze or unfreeze it entirely. You can do either online with the credit bureaus, and they have an hour to fulfill your request. Once that’s done, call the credit card issuer to let it know what happened and ask it to process your application again.

Those are some of the most common reasons your credit card application could be denied, even with a high credit score. You’ll also receive a letter in the mail from the card issuer with the exact denial reasons. If you really want the card, remember that you can call the card issuer and ask for a reconsideration. It doesn’t always work, but it’s worth a shot.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

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