While it is never a good idea to spend more than you can afford at any given time, credit cards are an important financial tool for the savvy consumer. But getting denied for a credit card is a sign that something is wrong, and should be addressed.
Michael Pruser, writing on www.fivecentnickel.com, lists five common reasons that a person’s credit card application might be denied. At the top of that list is having too many negative accounts. The biggest risk for any credit issuer is not getting paid back. That’s what happens when you default – they lose money. So if this has happened in someone’s past, it is a good reason not to approve a new credit card application.
For the rest of the reasons, read the full article here.