So, you've filled out the application form and are waiting to receive your new plastic. The Equal Credit Opportunity Act gives you the right to find out whether you are approved or not within 30 days after you have submitted your application. In practice, you will receive a notification within a couple of weeks. If you get a rejection letter instead of your plastic, do not rush to apply for that credit card offer again. First see why you were turned down. Working on your shortcomings is your key to qualifying for credit card deals in the future.

The Equal Credit Opportunity Act gives you the right to know why your application was turned down. You need to make a request within 60 days after you have received a rejection letter. Ask the credit card issuer to be specific, because vague and indefinite reasons for denial are illegal. For example, such ambiguous explanations as "you did not meet our minimum requirements" or "your credit score was not high enough" are considered to be unacceptable. The federal law also states that you cannot be denied due to your age, race, sex, religion, marital status or national origin.

Sometimes you cannot get approved because your credit report does not prove that you are a reliable and trustful customer. Ask the credit company to specify the data that made you a high credit risk. You should also get a copy of your credit report and verify the information. The Fair Credit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that provided the information. You can get a free credit report if your request for credit, employment or insurance or is denied based on information contained in the profile.

If you find inaccuracies or outdated information in your credit report, ask the credit bureau to correct them. If you prove that you are right, they will change the incorrect data. Otherwise, add a 100-word explanation to your file. Anyone requesting a copy of your credit report will also automatically receive your statement.

When a credit card issuer says that you were denied because you had too many credit card accounts or you were close to being overextended, you may apply again after paying off your balances or consolidating your debts on a low APR credit card. Credit bureaus consider updated information and change your score over time.

A credit denial does not mean that you are not able to qualify for credit cards from other banks. Just because one lender denied your application does not mean that their competitors will do the same. The similar plastics may have different criteria of approval. Compare offers and apply for a credit card that you feel you have the best chances to get.