Being denied for a new credit card is not a good feeling to say the least. More than likely if you’re like the rest of us, you’ll probably be looking for somewhere to lay the blame for that nasty feeling of rejection. You’re first reaction may be to blame your credit score, but not so fast! Banks and lenders definitely weigh a credit score heavily in their decision as to whether or not to grant a credit line but the scrutiny doesn’t stop there.

In recent years it has become fairly difficult to become approved for a credit card especially cards with reasonable terms. If you already know that you may not have the best credit history and have your fingers crossed during the application process it’s important to remember that lenders are being particularly picky these days. Rather than take it too personally take the opportunity to turn your credit history around and proactively make some changes so that down the road you’ll be the consumer banks drool over.

The recent economic downturn has everyone finger pointing to establish blame in hopes of correcting the circumstances that created this spiraling situation. One of the most widely accepted culprits named have been the far too lenient standards for lending on real estate loans, which has led to millions of foreclosures and short sales across the country. The Dodd-Frank Wall Street Reform and Consumer Protection Act, dubbed the Dodd-Frank Act for abbreviations sake, was signed into law in 2010 to among many other things, begin the process of cleaning up the lending industry.

Since the enacting of the Dodd-Frank Act under a provision known as the “Risk-Based Pricing Rule”, consumers have been empowered with the ability to access their credit information without fee or penalty if declined or extended less than favorable terms. As of July 21^st, 2011 consumers who were never declined for a loan or those who have received even the most favorable terms have the right to request their own credit reports as well. Essentially any consumer applying for credit under any terms has the right to see their credit reports and without a fee.