 TITLE: 6 Things You Should Do If You’ve Been Denied Credit CONTENT: 1\\. Review the Reason for the Denial\n------------------------------------\nIf a lender denies you credit because of information found in your credit file, the Fair Credit Reporting Act and Equal Credit Opportunity Act require them to tell you why.\nThis explanation will come in the form of an adverse action notice that can be provided orally, electronically or in writing. If provided via a letter, you'll receive it within seven to 10 business days of your application denial.\nThe adverse action letter will explain why you were denied and include helpful resources such as the score used to make the decision and the name of the bureau that provided the credit report used to calculate the score. Knowing this information can help you understand your credit situation and what you should do to improve your credit before you apply again.\nDepending on the situation, your letter may list up to five reasons for denial, which may include:\n*   Too much debt relative to your income\n*   Credit score is too low\n*   Late payments\n*   Credit history is too limited\n*   Too many recent credit applications\n*   High credit utilization ratio\n*   Bankruptcy, short sale or foreclosure\n*   Collection accounts or charge-offs\n*   Too much existing available credit with the lender END