What to Do if You’re Declined for Credit

Being declined for credit is no fun. It can be demoralizing, whether you are being turned down for a credit card, a car loan, or a mortgage. Here is what to do if you have been turned down for credit:

Find Out Why You Were Turned Down

When you are denied credit, the creditor has to explain why you were turned down. You will receive an adverse action letter soon after you are turned down. This letter will tell you why you were turned down, and include information on the credit reporting agency t...