Getting rejected sucks, but at least in the future you will know why, which means you can work to fix the problem.
For example, if you were rejected because you have too much credit available to you, you could reduce the credit limits on your credit cards.
In addition to doing the basics—making payments on time and keeping your debt at a reasonable level—you can also repair the damage from a bankruptcy or missed payments. Your FICO score places greater weight on recent activity. So if you missed payments a year or two ago, but have been paying regularly since then, you are probably in good shape.
A good credit score means a FICO score of 700 or greater. Anything less, and John Ulzheimer of Credit.com says, “you’re in the frying pan, but you’re not in the fire.” Yet.