 TITLE: Can I Get an Unsecured Credit Card With a 500 Credit Score? CONTENT: What to Do if You're Denied a Credit Card\n-----------------------------------------\nIf you're denied a credit card, the issuer is required to give you an explanation as to why you were rejected. This is called an adverse action letter and must include your credit score, the reasons for the denial and other information. This letter will also explain that you're entitled to a free copy of your credit report from the bureau that provided the credit report the lender used to make their decision.\nGetting declined can be frustrating, but understanding the reasons why can help you build a plan of action that could make getting approved more likely the next time you apply. If you were denied based on your credit, familiarize yourself with the different factors that shape your credit scores. After all, you can be more effective in improving your credit scores if you know what's holding them back.\n*   **Payment history**: This is the most important factor in your credit scores. One missed payment could stay on your credit report for up to seven years. Make sure you understand when your bill payments are due as well as the minimum payment that's required. If you're past due on any accounts, get caught up ASAP.\n*   **Credit utilization**: Your credit utilization ratio refers to the percentage of your available credit that you're actually using. Exceeding 30% usually reflects negatively on your credit scores. In terms of its impact on your credit scores, lower your utilization, the better.\n*   **Credit length**: The age of your credit accounts matters too. A short credit history could be holding your scores back. Unfortunately, there's not much you can do to quickly address this factor, other than be patient.\n*   **Credit mix**: Lenders like to see a good mix of diversity in your credit profile. This can include credit cards, student loans, and other kinds of accounts.\n*   **New credit**: Scoring models also consider how many accounts you've opened recently, as well as how many credit applications you've submitted. Applications for new credit usually result in hard inquiries, which appear on your credit reports and factor into your scores.\nBut your FICO® Score and credit report information aren't the only things credit card issuers consider when you apply for a new account. For instance, those who cannot demonstrate steady income may find it difficult to get approved for an unsecured credit card.\nIn some cases, bringing on a cosigner could make the difference between getting approved and getting declined. This is someone who's willing to add their name to your account. You'll still be the primary cardholder—and the credit activity will reflect on your credit report as well as the co-signer's—but the cosigner is agreeing to step in and take responsibility should you fail to make your payments. END