1. Top Reasons for a Credit Card Denial Here are some of the top reasons for a credit card denial:

2. Your Current Loan Balances are Too High Are you serious about paying down your loan balances, or have these been lingering for quite some time? Credit card companies are more likely to deny your application if your loan balances are too high, as they have reason to believe you may not pay your balance when it comes due.

3. Your Income is Too Low This doesn’t come into play with every credit card offer, but it could hold you back from receiving an approval. Depending on the credit card, there may be an income minimum in place.

4. You Already Have Too Many Credit Cards If you don’t have any credit cards in your name, it can increase the odds of an approval. Conversely, if you already have a handful of credit cards, it could lead to a denial. There is no “set” number that applies, but a credit card issuer may not feel comfortable approving your application if you’re already carrying several cards.

5. You Have a Collection Record on Your Credit Report At some point in your life, an account may have been sent to collections. Not only can this hurt your credit score, but it can also harm your ability to receive a credit card approval. In addition to the type of delinquency, the issuer will also consider when this occurred and the current state of your account.

6. You Have No Credit History It may not be fair, but a lack of credit history can harm your ability to obtain a credit card. This isn’t something you’ve done wrong, but instead a way for credit card companies to protect themselves. The best thing you can do is apply for an offer designed for first-time credit card applicants.