Most common reasons of being rejected when applying for a credit card

When applying for a credit card the false assumption that they are very easy to acquire and anyone can get one is still very much alive. Although it is much easier to obtain a credit card than in the past, that is no guarantee of acceptance. Thousands of people are rejected each year for reasons that are easily remedied. The most common reason for being rejected is having no credit history. Unbelievably hundreds of perfectly stable people with good jobs, no debt and a clean credit rating will have a very hard time getting a credit card because they have failed to build up a revolving credit history. Ideally college students should apply for their first card before graduation so that they can start building a credit history that will help them get regular bank credit cards after graduation. The catch is that most college students do not have the discipline to build a good credit history without abusing the power that credit gives them. Many end up with massive debt loads and no way of meeting the minimum monthly payments. There is a fine line to be walked in this situation. The other most common reason for being rejected for a credit card is having a bad credit history. By defaulting on a loan, missing payments or declaring bankruptcy many people put themselves in a position where they will more likely than not be rejected when they apply for a credit card. With new secured credit cards there is a way for people who have been rejected for a credit card to obtain one and start building or rebuilding their credit history so that they can eventually apply for a regular one. With most of our society working on credit, it is important to build your credit history and make sure that your rating remains clean, otherwise you may face many more rejections when it comes to loans – especially for the big ticket items such as car loans or mortgages.