 TITLE: I Applied for a Credit Card: Now What? CONTENT: How to Improve Your Chances of Getting Approved\n-----------------------------------------------\nIn the event you're denied for a credit card, take the necessary steps to improve your credit rating so you are more attractive to an issuer.\n*   **Review and enhance your credit report.** Remember, what is on your report is calculated into your credit scores, so you want all the data to be positive and correct. You may obtain a report from each of the three bureaus once a year for free from AnnualCreditReport.com. You're allowed to dispute information that shouldn't be on your credit report. If late payments are showing up, start paying your accounts on time, and if your balances on other credit cards are high, reduce your debt so it's well under the credit limit. Your credit utilization ratio—the amount of debt you're using compared with your credit limit—is an important factor in your credit score. The lower the better, but experts recommend keeping it under 30% to avoid negatively affecting your score.\n*   **Secure your income.** The income you list on your application will be reviewed, so make sure it's accurate. Your income sources may be from both your and your partner's job, any money you receive as gifts, trust fund and retirement plan distributions, and Social Security income. If you are attending college and receive scholarships and grants, you may list what you bring in from those sources, but not what you receive from student loans.\n*   **Pursue the right credit card for you.** To avoid unnecessary denials (which can hurt your credit scores), only try for a credit card that matches your credit rating. There are plenty of cards from which to choose, so read the qualification criteria for each one that sounds appealing. People with high credit scores tend to go for cards with great cash back or points-based benefits. People with less-than-perfect credit have more limited options, but still can find cards that have valuable rewards and good terms. A secured credit card might be right if you're considered unscoreable or have very low scores, since the credit lines are collateralized by cash you put down in a deposit account.\nNow that you know what happens after you apply for a credit card, you can take action to make sure the process works in your favor. Checking your credit reports once a year is great, but doing so on a more regular basis is better. Pull your Experian credit report for free to see what kind of shape your credit is in. This way you'll have a better idea if you qualify for the credit card of your dreams. END