Denied a Credit Card in 2023? Here’s How to Get a ‘Yes’ in 2024

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Don’t assume you can’t get a credit card in 2024 because you were told no last year. Read on for ways to turn those rejections into approvals. 

Some people learn the hard way that applying for credit does not automatically mean getting approved. In October 2023, 18.7% of credit card applicants were rejected, according to data from the Federal Reserve Bank of New York. So if you were denied a credit card last year, you’re not alone.

Now, there are several different reasons for a credit card application to get denied. First, perhaps you didn’t meet the issuer’s income- or credit score-related requirements. It could also be that there’s a red flag on your credit report, like too many late payments, that made a given credit card issuer say no.

But either way, you don’t want to fall into the same trap of applying for credit in 2024 only to be denied. So if you were told no in 2023, these simple moves could result in a yes this year.

1. Work on boosting your credit score

Your credit score tells lenders how risky a borrower you are. The higher your score, the more likely you are to pay your bills on time. That’s something credit card issuers want to see. If you can raise your credit score this year, you might have more success when you apply for credit.

You can boost your credit in a few ways, but some moves you may want to focus on include:

Paying all incoming bills on timePaying off existing credit card balances to some degree to lower your credit utilizationChecking your credit report carefully and correcting errors that may be working against you

Once your score improves, though, don’t automatically assume that any credit card you want is a go. Rather, look at the credit score requirements for the card before you apply so you don’t spend the time only to get rejected. (Plus, you don’t want the hard inquiry on your credit report that comes with a credit card application for no good reason, since a hard inquiry can lower your score by a handful of points.)

2. Boost your income

Some credit cards have income-related requirements you may not currently be in a position to meet. Boosting your income could put you in a better position to get approved. So to that end, you have options. You could work toward a promotion at your current job, or you could join the gig economy and earn more money working a second job.

Of course, a boosted income will also make it easier to pay your credit card bills on time. So that’s another perk.

3. Space out your credit card applications

In some cases, you may be told no by a credit card company simply because you’ve recently applied for a few other cards. And in that situation, it may not matter how strong your credit score is or how much money you earn. It may even be that your credit card utilization is low — meaning, you don’t have very large balances outstanding relative to your total credit limit.

Sometimes, lenders get suspicious when consumers ask for too much credit from too many different sources in short order. So if you were denied a credit card in 2023 but applied for two others that same year, try waiting six months from now before applying for a new card and see if it helps.

A credit card denial can be a disappointing and frustrating experience. Take these steps so you don’t have to repeat it this year.

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