Michigan’s Expert Credit Repair Lawyers Explain What To Do After A Denied Credit Card Application
If you applied for a credit card and were denied, it could be for a number of reasons. Each credit card company has different requirements for qualifying for credit cards. If you need help finding out why your credit card application was denied, you can seek help from credit lawyers.
Why Your Credit Card Application Got Rejected
Not Enough Credit
If you have always saved up and paid with cash on everything you buy, then your credit report may not have enough information on it. You need something to show that you have a history of borrowing money and paying it back on time.
Credit Score is Too Low
Each credit card company has a credit score threshold to qualify for their card. They will not loan to someone who has proven not to pay back borrowed money.
A History of Missed Payments & Debts
If your credit report shows that you do not pay the money back, then you are not a qualified candidate for the new credit card.
Incomplete Credit Card Application
It is possible that the application was not completed correctly. Check for any mistakes that may have been made on the credit card application.
Errors On the Credit Report
It is very common to have errors on a credit report. Whether there are credit cards that do not belong to you or debts that were paid that remain on the report, the errors need to be identified and eliminated.
Debt-to-Income Ratio is Too High
If you have way too much debt for your income, then a credit card company cannot enter into an agreement with you.
How Can a Credit Repair Lawyer Help?
A credit repair lawyer specializes in reviewing credit reports. They use their expertise to spot errors on credit reports and advocate for you to get the mistakes eliminated. Often, errors will show back up on the report. A credit repair lawyer will continually offer services to help with any recurring errors.
Credit report errors are common. And once they are eliminated, it can result in a significant credit score increase. There are a variety of errors that can be present on a credit report:
Debts that belong to a person with a similar name
Debts older than 7-years that no longer affect the credit score
Bankruptcy errors that do not belong on your report
Balances from companies that are no longer in business
A credit repair lawyer will do the heavy lifting and remove all of the mistakes from your credit report so that you can proceed with a better and more accurate credit score.
For credit repair, contact our team today. We will take a look at your credit report with you and find the errors. Then we will eliminate the mistakes and make sure they do not reappear on your report. Call Michigan Consumer Credit Lawyers today and schedule your first appointment, you will receive a free review of your credit report.