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- The 5 dangers of applying for credit cards
- Does Applying For Credit Cards Ruin Your Credit Score?
- Does Cancelling a Credit Card Hurt Your Credit Score?
- Why Everyone Should Have a No-Annual Fee Credit Card
- Why Some Business Cards Impact Your Credit Score Less Than Personal Cards
- Does Getting Denied for a Credit Card Impact my Score?
Readers sometimes ask if getting denied for a credit card will impact their credit score.
Getting denied for a credit card will not impact your score because your credit report does not keep tabs on if you were approved or not for a loan.
How Is Your Credit Score Calculated?
According to the FICO website, your credit score is determined by:
- 35% Payment History — (Do you pay on time?)
- 30% Amounts Owed – (Do you use a lot or little credit?)
- 15% Length of Credit History — (How long have you had credit?)
- 10% New Credit — (Have you applied for credit recently?)
- 10% Types of Credit — (Do you have different credit types?)
You can see that getting approved or denied for a credit card is NOT used to calculate your credit score.
But remember that applying for a credit card generates a credit inquiry which reduces your score.
The act of being denied for a credit card doesn’t by itself reduce your score, but your score likely decreased when you applied for the card.
The somewhat good news about being denied for credit is that you will receive a letter with your official FICO score on it for free.
Being denied or approved for a credit card won’t impact your score by itself because it is not used to calculate your credit score.
But don’t forget that your score likely decreased when you applied for the credit card.