How To Determine Why Your Credit Application Was Denied

If you apply for a student credit card and are turned down by the lender, federal law requires the creditor to provide you with the name of the lending agency used to acquire your credit history. Furthermore, if you contact the bureau within two months of receiving the denied application, you are entitled to a copy of your credit report at no charge. The goal in mind is the building your credit for the future.

Credit card experts highly recommend taking advantage of this law and requesting a credit report from the reporting bureau. Once you have the report in hand, review if for errors. Your report can tell you a lot about your credit history and provide clues as to why you were denied credit. Additionally, by reviewing your report, you can see the areas you need to work on to improve your credit history. If you find incorrect information on your credit report, you can request the bureau to conduct an investigation into the matter. Keep in mind, however, the only way to make up for negative marks on your credit report is through responsible credit management.