Credit Card Application

Morgan Hamilton asked:




Before you complete your credit card application form there are a few important details that we would like to impart. To make the application process go as smoothly as possible and to give yourself the very best chance of getting approved is important to keep the following information in mind.

Because extending credit is based on trust it doesn’t mean that it is blind trust. It is more of a trust but verify situation, to paraphrase President Reagan. With that in mind you must understand why the banks and financial institutions require so much personal and financial information from their applicants.

The following information is what you’ll need to include on your application before submitting it for approval:
Your name Where you live Do you own or rent Current employment situation What your household income is A full listing of your debts If you have applied for credit recently Have you ever declared bankruptcy

That is of course a partial list of what is required and not conclusive by any means. All credit card issuers have different requirements, although many of them are similar. This may seem obvious but there is a reason why I have listed these requirements. Absolutely Imperative

Now here’s the important part so please pay attention – In order to give yourself the best chance you possibly can to have your credit card application form approved you must be absolutely 100% honest with the information that you declare on your application.

Getting credit card approval was a whole lot easier just a few short years ago. Because of the recession and record high defaults issuers are now becoming quite stringent in their requirements. Not only has credit gotten tighter but they are also much more aggressive in checking the information that is submitted to them.

If you are not honest with them, or omit any information whether intentionally or not, you will not be approved. It’s just that simple. Banks and financial institutions have been burned badly by people that default on their payments and file for bankruptcy. They can ill afford to take on too many more deadbeat clients.

By keeping this in mind you will improve your chances for getting your credit card application form approved a great deal. The fact of the matter is that more than a few people will fudge a little bit on their applications because frankly in years past they got away with it and it would help in getting approval. Now it is a guaranteed path to rejection.

Carolyn

creditrally asked:

creditrally.blogspot.com Credit Card Blog. What to do if your credit card application is denied? Why was your credit card denied? Need to rebuild a bad credit history? repairing bad credit history after bankruptcy? watch me, follow me, and score big at the fico game!

Ricardo

Joey L asked:


I want to know why is it that as soon as high school graduates go into college or go for a higher education that credit card companies mail them applications to obtain credits cards. I do not know how credit cards fully work I only saw how devastating it can be if not managed properly. Due to my father’s history, I’m hesitant to apply for credit cards when the time comes.

The reason why I’m curious is because there are things that can only be purchased online. In example Gundam models and etc or things on ebay. I admit the main reason why is because I have gotten a spark of interest to buy and collect Gundam models again, but the only area I can buy them now is online.

I know that gift cards can work in the same way as credit cards when online shopping, but I fear that my father might be worried that I will end up going down the same path he did and in the future I would have to declare bankruptcy.

I just want the know things about Credit cards and how to best manage your expenses when having a credit card.

STEWART

Zachary asked:


I filed bankruptcy in April of 2006 and it was discharged that August– My score has gone from the low 400s to the high 500s, and will flirt with the low 600s. I’ve been trying to reestablish my credit with about 5 credit card, but they all have LOW limits, which is hurting me (although having the multiple cards open is what has increased my score). I can’t get my score any higher because my limits are so low, which is showing that creditors aren’t willing to trust me. I have paid EVERY account I have on-time for more than a year and half (although for some reason my credit report still says I’m deliquent, and I can’t figure out why it says that). I need to get a card with a decent limit so that I can close these accounts that charge $150-175 for annual fees, not to mention show that I can be trusted with credit. Where or WHO can I go to to issue me a card with a decent limit– OR how long will it take before regular creditors will finally look at my applications & approve it?

FEDERICO