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If your application for a credit card has been denied because of a low credit rating, or if you have other reasons to be concerned about your credit history, there are several things you can do. Below are some steps you can take to improve your credit rating and increase your chances of getting approved for a credit card or loan in the future.
Get a Copy of Your Credit Report
First, obtain a recent copy of your credit report. Your credit report contains vital information about your credit history, and you need to make sure that the information in it is current and accurate. To learn more about what your credit report is and the factors that influence your credit score, click here.
You are entitled to obtain a free copy of your credit report once a year from each of the major credit reporting companies: Equifax, Experian, and Transunion. For more information and to get a free copy of your credit report, click here.
If you have been denied credit based on information in your credit report, then by law you are entitled to know the name of the credit reporting company from which the report was obtained, and to request a free credit report within 60 days. This information should be included on the letter you receive in response to your application.
