- No Credit History: If you’re under 18 you’ll be denied credit on your own, but you could still be added as an authorized user on your parents’ card. If you are at least 18 but have no credit history it will be harder to get a traditional credit card but still possible. [INSERT TIPS ON BUILDING YOUR CREDIT FROM SCRATCH]. If you are a student there are also plenty of good options for student cards.
- Low Income: If your income falls below $10,000 or if your rent is almost as much as your income, your application may be denied.
- High Debt: If you have a high level of debt in the form of other credit card balances, loans, or mortgage, credit card issuers will be hesitant to give you even more credit.
- Multiple Recent Credit Applications: If you have a high number of hard inquiries or applications for credit on your report, you will be viewed as a riskier borrower. Hard inquiries remain on your credit report for two years, although their impact on your credit score will decline over time (older inquires have less of an effect than more recent ones).
- Negative Reports: If you have negative entries on your credit report such as late payments, collections, and adverse judgments it will be harder to get approval for a new credit card.
- No or Short Credit History: If you are just starting out and do not have an established credit history, you may be denied credit until your credit history is more established.
Chase Sapphire Preferred® Card
With a 60,000 point new cardmember bonus when you spend $4,000 in the first 3 months of having the card, plus 2x points on travel and at U.S. restaurants — all for a $95 annual fee — this card is one of the top rewards card values available. Chase points are transferable to 9 airlines and 4 hotels, giving you the option of booking directly via these loyalty programs for some massively lucrative award redemptions in first & business class or at 5-star luxury hotels & resorts.
