Here's Why You May Be Denied a Credit Card -- Even With a Credit Score Above 800

Image source: Getty Images

Consumer credit scores typically range from a low of 300 to a high of 850. Most people don't have perfect credit, but getting your credit score above 800 is doable. According to Experian, one of the three major credit reporting bureaus, that would put you in the category of having exceptional credit.

But while a credit score above 800 is often enough to get you approved for a new credit card , that's not a given. Here are a couple of reasons why you may be denied, despite having a truly outstanding credit score.

1. Your income isn't high enough

When you're signing a large loan, like a mortgage , your lender will need to verify that you earn enough money to keep up with your monthly payments. With a credit card, you don't have preset monthly payments like you do with a mortgage. Rather, your payments will vary based on the amount of spending you do.

But still, credit card companies may have income requirements for certain cards and offers. And if your income doesn't cut it, then a strong credit score may not be enough to bail you out.

2. You have too many recently opened credit cards in your name

Opening too many credit cards in short order can be a red flag. A credit card issuer might hesitate to approve your application if it thinks you're suddenly borrowing a lot and are likely to end up overextended.

Of course, a super-strong credit score should be enough to convince a credit card issuer otherwise. But struggling to manage your payments isn't the only issue with having too many recently opened credit cards. You may be denied a new card based on not needing to use it much.

Credit card issuers like to approve borrowers who are apt to use their cards. If you have eight other cards in your name, a company you apply with might assume that it won't get much of your business and therefore refuse to issue you a card.

Also, it's not a secret that savvy consumers have a practice of chasing credit card sign-up bonuses and canceling their accounts once they've earned their cash back or miles. If you've recently opened a bunch of credit cards, a new issuer might assume you'll snag your bonus and leave. So that's another reason it might say no.

What to do if your credit card application gets denied

Having a credit card application rejected might come as a shock if your score is above 800. But if that happens, your best bet is to call the issuer in question and ask what happened. If it tells you that you were denied because you recently opened too many other accounts, you may be able to apply again in three or six months.

Otherwise, you can always try your luck with another issuer if you have a specific reason for wanting to add another credit card to your wallet. But if you've already been denied due to having too many credit cards, you may want to consider it a sign that you're better off waiting to get another one.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy .