I got denied for my first credit card — now what?

Core Insights - The article discusses the challenges faced by first-time credit card applicants, particularly the disappointment of being denied a credit card and the steps to take afterward to improve approval chances [1][2]. Group 1: Reasons for Denial - Limited credit history is a primary reason for credit card denials, especially for first-time applicants, as issuers may view them as higher risk [2][3]. - Other reasons for denial include past late payments, multiple inquiries in a short period, limited income, application errors, age restrictions, and inaccuracies on credit reports [7][9]. Group 2: Steps to Take After Denial - Applicants are encouraged to request a free copy of their credit report from the three major credit bureaus to identify potential issues leading to denial [4]. - If inaccuracies are found in the credit report, applicants should dispute them with the respective credit bureaus [5][8]. - Understanding the reason for denial is crucial, as applicants have the right to request this information under the Fair Credit Reporting Act [9]. Group 3: Alternative Options - If traditional credit cards are not an option, secured credit cards are recommended as they require a security deposit that serves as the credit limit, helping to build credit over time [10][11]. - Other alternatives include becoming an authorized user on a trusted person's credit card or considering credit-builder loans, which report monthly payments to credit bureaus [13][14]. Group 4: Examples of Secured Credit Cards - The article provides examples of secured credit cards, such as the Capital One Platinum Secured Credit Card, which requires a minimum security deposit of $49, $99, or $200 for a $200 credit limit [15]. - The Capital One Quicksilver Secured Cash Rewards Credit Card offers 1.5% cash back on purchases with a minimum $200 security deposit [15]. - The opensky® Secured Visa® Credit Card does not require a credit check but has a $35 annual fee and a minimum security deposit of $200 [15].