Low income. Income is a major factor in whether or not you’re approved for a credit card. The Credit Card Accountability Responsibility and Disclosure Act of 2009 requires credit card companies to verify that you earn enough income to afford a line of credit. plus, your income has to come from approved sources, such as your job, a spouse’s wages or retirement distributions.

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Your application will likely be rejected if your income is too low or you don’t have an income of your own, says Tayne. “However, creditors don’t publish their minimum income requirements," she says.

Short credit history. Applying for credit can be a frustrating Catch-22. Often, in order to be approved for credit, you must already have it. “Not enough history is a risk for lenders, too," Tayne says. In fact, it’s possible to have good credit but still not have enough credit history to be approved.

Recent delinquency. Missing payments on your bills is an easy way to kill your credit. Even one slip-up can have a significant impact, especially if it was recent. “Creditors not only look at whether you’ve been delinquent, but how recent your last delinquency was," says Tayne. “The more recent a late payment, the more likely you will get denied." And, of course, several missed payments that lead to default, collections or a charge-off are treated even more seriously.

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According to Best, your credit report is screened for all of these factors when you submit a credit card application, and a computer algorithm makes an instant decision to approve or decline.

“Some factors, such as delinquent payments, charge-offs, number of credit cards and high credit utilization can be automatic disqualifiers," says Best. “If you were declined for any of these reasons, you are not likely to be able to change the outcome."

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He notes that items such as delinquent payments and collections remain on your credit report for seven years. However, they carry less weight as time goes on; the more time that passes – say, after two years – the less likely it is that the negative item will get you denied.

If it’s not obvious why you were denied, you can find out with the adverse action notice.

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plus any interest and fees that you accrue

While it does amount to a significant decrease


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