How long to wait to apply for credit card after being denied
For anyone who has ever been denied a credit card, this can be a frustrating experience. When this happens, people often want to know their next move. Applying and being denied puts a hard inquiry on credit so it may not be ideal to apply for another credit card immediately. You can use services like Nowloan who can compare the market to see if you will be approved Before reapplying, most people will need to either improve the health of their credit or make other changes in order to increase their chances of being approved.
How Long to Wait?
While there is no one set amount of time recommended, the typical recommendation is to wait six months between credit card applications. The amount of time will ultimately vary depending on what else is in your credit. For example, if you were rejected due to having too many inquiries, then a six-month wait is highly recommended. However, if your credit is too low to get the card desired, you may only need to take some time to improve your credit.
The key to getting the credit that you want though is by improving your credit score and financial situation. For example, take note of why your card application was declined. You can use this information to make changes before re-applying. If the application was denied due to poor financial health, then you’ll want to take steps to manage your money and credit profile. Take note of your credit and you’ll be able to track when it improves. The best way to improve your score is to pay your bills on time. This will have the largest and fastest impact on credit scores.
Another way to improve credit scores is to resolve any past problems or errors on your credit reports. You may be able to resolve late payments or challenge errors on your credit rating. Take note of what caused your credit rating to below as it may be an error. Additionally, if you have loans or credit card debt, then you should make a plan to pay down these debts. Each person’s path to improving their financial health will likely be slightly different but it’s a good idea to get your finances in the best shape before moving forward.
What to Do In the Meantime
When applying for a credit card, most people find that they’re doing this in order to have more flexibility when it comes to finances. When this happens, there are other options available. Consider taking out a loan with services such as NowLoan. This site allows potential borrowers to search for loans and find lenders who are willing to lend them a specific amount. It’s a simple search that can be completed in about 10-15 minutes. This is a great option when needing fast money.