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What do I do when my credit application is rejected? |
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The FCRA clearly outlines what is to occur if you are denied credit.
First, you are to be notified why you were rejected and where the credit report was obtained from. Ask the creditor if it was due to your credit score. Ask what your score was. Ask what your score needs to be to get credit.
Second, you are elligible for a free credit report. It can take two to three weeks to get it.
Third, you can dispute anything that is incorrect. The CRA has 30 days to verify the information or remove it from your report.
If you are new to credit, sometimes it is best to start with a gas card. Gas cards are easy to obtain and must be paid off monthly. By using a gas card and paying it promptly, you begin to show creditors that you are able to properly handle credit. |
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