Without seeing the "Name" you entered it would be difficult to help. One suggestion is to make sure the name is 6 or more characters long and only contains alpha-numeric symbols i.e. A B C D 1 2 3 etc., and no spaces. Symbols like # & ( ) will not be accepted.
Also, make sure the "payment account" is open and current. I was once refused when my Bank decided to shut down the server to do maintenance. If iTunes can't access your bank you're out of luck.