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A denied credit card application is frustrating, but it’s often fixable. Explore a few simple steps you can follow to potentially get the card you want.
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If you’ve just been denied on a credit card application, you’re probably feeling disappointed right now. You spend your time picking out a card you like and filling out the application. And the card issuer comes back with “thanks, but no thanks.”
It happens. I’ve applied for a lot of credit cards, which also means I’ve gotten my fair share of denials. The good news is that a denial isn’t always the final decision. In some cases, it’s still possible to get approved. Here’s what to do in this situation.
1. Find out why your application was denied
When your credit card application is denied, the card issuer is legally required to explain why. You’ll receive a letter in the mail, called an adverse action letter, normally within a week or two. This will have the denial reason (or reasons) for your application, as well as the credit score that the card issuer obtained on you when processing your application.
You can also call the card issuer to get this information, without waiting for a letter in the mail. Here are some of the typical denial reasons:
Your credit score is too lowYour income is too lowYou don’t have enough of a credit historyYou’ve opened or applied for too many credit accounts recentlyYou have a recent bankruptcy on your credit file
Once you know why your application was declined, you can start preparing to call the card issuer. Most credit card companies will take a second look at your application if you call and ask.
Now, there are some situations where an applicant clearly isn’t a good fit for a card. For example, the best credit cards are generally aimed at people with a credit score of at least 670 to 700. If you applied for one of those cards, and you have a score of 540, you’re likely out of luck. Calling the card issuer about it would be a waste of time. But in other cases, a denial can be overturned.
2. Call the card issuer and ask for a reconsideration
Some card issuers have a reconsideration line specifically for calling about declined credit card applications. Others have an application services line, and there are also those where you need to call the standard customer service number.
Here are the numbers to use for some of the most popular card issuers:
American Express: 1-877-399-3083 (for new customers), 1-866-314-0237 (for existing customers)Capital One: 1-800-625-7866Chase: 1-888-270-2127Citi: 1-800-695-5171Discover: 1-888-676-3695Wells Fargo: 1-866-412-5956
When you call, explain that you’re reaching out about your recent card application. Ask if they could review your application and see if there’s a way to approve it. You may also want to mention why you want the card. Make sure to pick a reason that shows you plan to be a long-term cardholder. If you say “I love the sign-up bonus,” it could give the impression that you’re the type of cardholder who will earn the bonus, and then stop using the card.
Have an answer ready about the card issuer’s denial reasons, too. For example, if you were denied because you opened too many credit cards recently, you could point out that you’ve been able to manage all those cards with no issues. Or, if your credit score is a bit lower than the card issuer would like, you could mention how you’re working on it and have consistently paid on time for over a year.
With any luck, the representative will approve you for the card. If not, you can call back and try again with someone else, or call it a day.
3. Fix the issue and reapply — or pick a new card
You can’t always convince card issuers to approve you for a card (trust me, I’ve tried). Sometimes, there’s no way around a denial. For example, Chase almost always denies applicants who have already opened five or more credit cards in the last 24 months. This informal policy has become known as Chase’s 5/24 rule.
So, if the reconsideration line can’t help you, you have a couple of options. If you really want the card, you could try to fix the issue and reapply. Run afoul of Chase’s 5/24 rule? You could wait a few months, or however long it takes, until you don’t have so many newly opened credit cards.
Or, if your credit score was the issue, you can focus on raising it. Once your score is within the recommended range for that card, reapply. It’s possible to build credit fast, especially if you pay down any credit card debt you have.
The other option is to move on and apply for a different card. Look for cards that fit your current credit profile. Here are the top options for every credit score:
Best credit cards for excellent creditBest credit cards for good creditBest credit cards for fair/average creditBest credit cards for bad credit
There’s no need to stress over a denial on a credit card application. You may be able to call the card issuer and get a representative to approve you. I’ve done it multiple times, as have plenty of others. And if not, there are lots of credit cards out there, so you can always apply for another one.
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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. Citigroup is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services 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 recommends Discover Financial Services. The Motley Fool has a disclosure policy.
