Can you be denied a credit card even with a good credit score? You may pay your bills on time, fully pay your credit cards balance regularly and work hard to build and strengthen your credit score. But, not even a great score can guarantee that you'll qualify for the loan or credit card you want.
Can you be denied a credit card even with a good credit score?
Having a high credit score will grant you plenty of benefits, from getting the car loan you need to achieve lower insurance rates. However, you should also know that a good credit score doesn't guarantee you will qualify for any time of loan or credit card you want.
So, instead of assuming your credit score is perfect, make sure you understand the other reasons why your loan or credit card petition may be denied.
1. Don't have an income
One of the requirements card issuers have to check is the applicant's income and capability of repaying. It makes sense that if you don't have money coming in, you will probably struggle to pay back. So, you probably won't qualify.
However, if you don't have an income but someone in your family does, you may qualify. You will need to complete the "household income" information on the credit card application.
2. Had trouble with credit in the past
You may have a great credit score now, but has it always been this way? If you've faced financial issues with a card issuer or lender in the past, you may not qualify for a future credit card or loan. Remember, this data appears on the records!
3. Too good credit
As weird as it sounds, if your credit is too good you may not get that credit card or loan you want. This is mainly because people with extremely high credit scores may be seen as unprofitable.
4. Too many hard inquiries
If you have filled many credit card applications in a short period of time you definitely won't qualify for a card or a loan. Even if you have an excellent score, it's seen as a bad thing! Lenders and issuers will think that you are trying to get more credit than what you can use or that you are seeking to apply for rewards cards to get more cashback or bonuses.