What if I am rejected for a card that Dream Wallet recommended to me?Updated a month ago

Dream Wallet recommendations are based on your credit score and profile information, but the final approval decision always comes from the card issuer. Issuers consider factors beyond what's visible in your credit report and what we can see at Kudos, including:

• Your income and employment stability
• Debt-to-income ratio
• Existing relationship with their institution
• Internal approval standards and scoring models
• Maximum account limits per customer
• Recent credit activity not yet reflected in your report

Understanding the Impact of Applications

When you apply for a credit card:

• The issuer performs a hard inquiry on your credit
• This typically causes a temporary 5-10 point drop in your score
• Hard inquiries remain on your report for up to two years

Here are steps you can take if you're denied approval:

1. Request the reason for denial: Card issuers are legally required to provide a reason for your rejection. This information can help you address specific issues.
2. Review your credit reports: Check for errors that might be affecting your approval odds. You're entitled to free reports from all three major bureaus annually.
3. Wait before applying again: Multiple applications in a short time can further lower your score. Consider waiting 3-6 months before your next application.
4. Look into pre-qualification: Many issuers offer pre-qualification tools that perform soft inquiries (which don't affect your credit score) to give you a better idea of approval chances.

Remember that rejection isn't permanent. By understanding the reasons it happened and taking steps to address them, you can and will improve your chances of approval in the future. Focus on maintaining good credit habits, and you'll be in a stronger position for your next application.