I understand your hesitation. No one likes rejection, but there are different ways of looking at this. I'm with cathyvv who asked if you would be any worse off. Even if you are rejected, isn't the possibility of being accepted worth it? Further, no one becomes a famous designer without getting a few rejections. It reminds me of the time I submitted my first poem for publication (my first and last because I wasn't serious about writing poetry). Of course, it was rejected, but on a whim I wrote back to the publication and thanked them. I said, "Wow! My first rejection! Now I feel like a REAL poet!"
Don't let your fear prevent you from taking advantage of an opportunity that could go either way, but in this kind of thing, I always think it's best to keep your sense of humor about it. It isn't life or death, after all.