Credit Card Application

Joseph Kenny asked:




Lots of folks have questions about credit cards but may feel shy about asking for fear of being seen as not savvy. Here’s a list of frequently asked questions about applying for credit cards to bring you up to speed on what you need to know about the credit card application process.

Can I apply for a credit card?

In general, if you’re 18 years of age or older (the age limit may be lower in some states) and are a U.S. citizen, you have the legal right to apply for a credit card with any U.S. bank or financial institution.

Do I have to have a bank account to get a credit card?

In most cases, credit card companies won’t consider issuing credit to someone that doesn’t have at least one bank account in their own name.

Do I have to have a bank account with the bank that issues the credit card?

No – in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn’t matter where your bank account is. There is one exception. If you apply for a secured credit card, you must keep a ‘security deposit’ of a certain amount in the institution chosen by the credit card issuer (usually their own bank).

Can I apply for more than one credit card at a time?

You can apply for as many credit cards as you want, but you should be aware that multiple credit card applications can affect your credit score negatively. You should shop around to find the best rate you can on a credit card, then apply for ONE credit card.

Do rejected applications hurt my credit score?

My favorite store just offered me 20% off anything I buy today if I fill out a credit card application right now. Even when I told the girl that I had bad credit and wouldn’t get approved, she said it didn’t matter. It doesn’t hurt anything to apply – is that true?

See above. Every time you fill out an application for a credit card, you’re giving the company permission to request a credit report from one of the credit reporting agencies. Those requests are kept on file on your record for anywhere from three to five years, and the number of requests are just one of the things that determine your credit score. If you’ve applied indiscriminately for any credit card offer you see, it could lower your credit score and make it more difficult to get a loan when you really need one.

What should I look for when filling out a credit card application?

Read all the fine print on the contract. If you’re filling out an application online, make sure you click on links to read the terms and conditions. If you’re not careful, you may end up signing an agreement to pay an application fee, a processing fee and/or an annual fee – which they’ll happily charge to your new credit card and start collecting interest on immediately.

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Kristin

Morgan Hamilton asked:




There are several credit card companies offering great rewards, rebates and discounts for businesses. You can be a small business just getting started or a corporation who needs numerous cards for their employees. The process of completing a business credit card application is simple and requires general information. There are two basic areas of information on a business credit card application. These areas are the business information portion and the personal information portion. Below is a more detailed list of the required information for both sections of the credit card application.

Business Information

Business name Legal entity-corporation, non-profit, sole proprietor Business industry-professional, retail, construction Tax I.D. Annual revenue amount Business phone Years in business Business address City, state and zip code
Personal Information First, last, middle and mother’s maiden name Phone number Email address Street address Social security number Date of birth Residence information-rent or own a home Monthly payment amount Next there will be a location for selecting numerous cards for employees and the authorized users of these cards. You will also be able to select for balance transfers. A balance transfer allows the movement of an existing balance from one credit card to another. Once you have filled out the above information you will have to check an agreement box stating that your above information provided is accurate and true. You will then choose continue review the information and complete and send the finished application.

You can receive details on your application within seconds by email or in a period of days by U.S. mail. A business credit card application can be a great way to earn cash back on business purchases or to pay for items needed in between paychecks. Apply for your business credit card today and you may find that it helps to make your business an even greater success.

Valerie

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Nancy

InstantApprovalCredi asked:

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Esther

Sunil Tanna asked:




Unsolicited pre-approved credit card offers could potentially put you at risk of identity theft. A thief may steal from your mailbox, and seeing the promotional invitation to take out a pre-approved credit card, take advantage of this opportunity. If a thief intercepts such an application, completes it and sends it back in your name, the application is quite likely to be accepted. From then on there would be somebody operating a credit card in your name – without you knowing anything about it – until trouble develops.

More sophisticated identity thieves may order a redirection or change of address of your mail, perhaps through the postal service or directly with the credit card company concerned. This allows them to take control of subsequent communication, including the delivery of the new credit cards. If you come across any evidence of such activity, it could be a warning sign that identity thieves may be interested or active in stealing your identity in some way. One thing to be on look out for, is sudden drop-offs in mail volume – in that case you should check with your local postal center to find out whether a redirection order has been placed in your name without your knowledge.

Many credit card companies may send repeated offers. You can reduce your risk, if you can stop them when you get the first offer. Start by asking the company directly, but if they do not comply, there may be a direct marketing ethics body or a consumer agency in your area that can help you to get you off the company’s mailing list.

Your liability is, of course, limited if it was not you who sent back the application. However, that does not mean you would free of the consequential hassles. You may become a “suspect”, especially if your signature was forged, and be faced with having to argue against the credit card company. Meanwhile your good credit record may have been damaged, and it may take you some time, expense and effort to sort out the problems with banks, merchants and others who may have lost money when dealing with someone who presented himself as if he were you. In these cases, you may well find it necessary to engage an identity theft lawyer to help sort out all issues.

Fortunately, the credit card issuers are gradually getting better at understanding and managing these risks. Pre-approved offers are becoming less common – however they have not disappeared completely – they are such a powerful marketing tool that these companies do not wish to abandon completely. Most credit card companies have improved their procedures to reduce identity theft risks, and are working on further improvements – but that doesn’t mean that you can afford to become complacent!

These three tips can further reduce the risk of these types of fraud:-

- Lock your mailbox, or use a mail center post box

- If you throw out pre-approved credit card applications received in the mail, make sure they are well shredded before you do so

- If you move house, have your mail redirected to your new address so it does not end up being left uncollected at your old address

Steve