Reasons For Being Denied a Credit Card - ProTeacher Community




Home Join Now Search My Favorites
Help


      Teachers' Lounge


Reasons For Being Denied a Credit Card

>

Reply
 
Thread Tools
spunky7 spunky7 is offline
 
Joined: Aug 2016
Posts: 146
Full Member

spunky7
 
Joined: Aug 2016
Posts: 146
Full Member
Reasons For Being Denied a Credit Card
Old 09-21-2019, 07:24 AM
  #1

Does anyone know reasons you would be denied a credit card? I was applying for one to transfer a balance and just got turned down twice. My credit is in the mid 700s. I have never been denied before this. I recently got 2 new cards to transfer other small balances. Could this be why? My income is also pretty low right now. I guess Iím just confused because itís never happened before! Thanks for any help!


spunky7 is offline   Reply With Quote

2teach2's Avatar
2teach2 2teach2 is offline
 
Joined: Aug 2008
Posts: 5,073
Senior Member

2teach2
 
2teach2's Avatar
 
Joined: Aug 2008
Posts: 5,073
Senior Member

Old 09-21-2019, 07:36 AM
  #2

Sometimes the company will send you a letter explaining why you were denied. We recently had this happen for the first time ever! I think sometimes if you have too high balances or usage on your cards that affects their decision. Also, we were told that our payments had not been high enough.....we were just paying the minimum payment.
2teach2 is offline   Reply With Quote
anna's Avatar
anna anna is offline
 
Joined: Oct 2005
Posts: 12,453
Senior Member

anna
 
anna's Avatar
 
Joined: Oct 2005
Posts: 12,453
Senior Member

Old 09-21-2019, 07:55 AM
  #3

It may be because your available credit is too high compared to your income right now. Any open credit line is considered in these situations.
anna is offline   Reply With Quote
Beach Glass's Avatar
Beach Glass Beach Glass is offline
 
Joined: Apr 2012
Posts: 2,378
Senior Member

Beach Glass
 
Beach Glass's Avatar
 
Joined: Apr 2012
Posts: 2,378
Senior Member
Credit card denied
Old 09-21-2019, 08:19 AM
  #4

When we were building our present house 15 years ago, we were at Home Depot purchasing a couple thousand dollarsí worth of electrical - wire, fixtures, etc. The cashier suggested opening up an account as it would give us 10% off that dayís purchase.

We were denied. Customer service could not/ would not explain why.

We had NEVER been denied a credit card, loan, or mortgage.

We received a letter a couple weeks later with the reason: We didnít have enough debt! The house we were in was paid off, we were building the new one debt-free, our vehicles were paid for, and we kept our existing credit cards paid off.

It was the last time we ever went to Home Depot, too.
Beach Glass is offline   Reply With Quote
all41's Avatar
all41 all41 is offline
 
Joined: Jul 2011
Posts: 1,435
Senior Member

all41
 
all41's Avatar
 
Joined: Jul 2011
Posts: 1,435
Senior Member

Old 09-21-2019, 09:25 AM
  #5

If you recently opened 2 new card accounts that could be why. An unusual increase in credit use is a warning that your info may have been compromised and someone is opening new accts in your name.


all41 is offline   Reply With Quote
Gogogo Gogogo is offline
 
Joined: Apr 2015
Posts: 523
Senior Member

Gogogo
 
Joined: Apr 2015
Posts: 523
Senior Member

Old 09-21-2019, 10:22 AM
  #6

Yes, opening too many accounts In a short time could be a factor. Credit companies are concerned that you are trying to run up debt and then default ó thatís why you donít want credit inquiries popping up when you are applying for a mortgage.
Gogogo is offline   Reply With Quote
Haley23 Haley23 is offline
 
Joined: Jul 2012
Posts: 6,464
Senior Member

Haley23
 
Joined: Jul 2012
Posts: 6,464
Senior Member

Old 09-21-2019, 12:17 PM
  #7

I would guess it's due to the number of accounts you've opened, but I would ask the company and see if they'll give you the reason.
Haley23 is offline   Reply With Quote

Join the conversation! Post as a guest or become a member today. New members welcome!

Reply

 

>
Teachers' Lounge
Thread Tools




Sign Up Now

Sign Up FREE | ProTeacher Help | BusyBoard

All times are GMT -8. The time now is 01:08 PM.

Copyright © 2019 ProTeacher®
For individual use only. Do not copy, reproduce or transmit.
source: www.proteacher.net
6