Facing a credit denial can be disheartening, but it’s essential to take strategic steps to understand the reasons behind the denial and work towards improving your creditworthiness. Here’s a guide on what to do every time you are denied credit:

1. Call to Have the Application Reviewed:
   • Contact the lender or creditor who denied your application. Politely inquire about the reasons for the denial and ask if there’s an opportunity for a manual review of your application. Sometimes, human intervention can provide additional insights.
2. Request a Copy of Your Free Credit Report:
   • Obtain a free copy of the credit report that the lender used to assess your application. Under the Fair Credit Reporting Act (FCRA), you are entitled to a free copy of your credit report if you’ve been denied credit. Analyze the report for any inaccuracies, errors, or areas that need improvement.
3. Check to See When You Can Apply Again:
   • Understand the waiting period before you can reapply for credit. Applying for credit too frequently can have a negative impact on your credit score. Give yourself time to address any issues identified in your credit report before submitting a new application.

By taking these steps, you gain valuable insights into the specific reasons for the credit denial and can formulate a plan to address any underlying issues. Whether it’s correcting inaccuracies on your credit report or improving aspects of your financial profile, a proactive approach can increase your chances of approval in the future. Remember that each credit denial is an opportunity to learn and strengthen your financial standing.