When it comes to getting your next rewards credit card, sometimes “no” just means “not yet.”
As you likely imagine, when you apply for a new credit card, it’s a computerized system that makes the initial decision to approve or deny you for the card based on credit score, total number of open accounts, your total available credit and a host of other factors.
But most credit card issuers still have human underwriters available in a reconsideration department that can take a second look at the initial application denial the computer may have provided … if you call in and ask.
While some denials won’t be overturned, some can be. For example, the computer may have mistakenly thought you already had the card you applied for because you were an authorized user. Or they may be willing to give you that new credit account if you reduce your available credit on another card issued by that bank so they aren’t extending a larger credit line to you than they feel comfortable with.
Typically you only have 30 days to make this call, and it helps to have received the reason you were denied in the mail so you can address that concern head-on when you call.
Here’s what you need to know about improving the odds you get approved:
So, if you recently applied for a card and the first answer was no, it might not be too late to make a call and see if you can flip it to yes.
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