Credit Card Application

Tom Tessin asked:




If you’ve never looked a credit application before, it’s best that you know exactly what’s on that application and how you can apply properly. Whether it’s your first credit card or you’ve just simply forgotten the procedure, this article will guide you through the application process on what you can expect when you fill out your application online.

Before you apply for your first credit card as a student, you must meet the following guidelines, if you don’t meet these guidelines, you may have to apply for another credit card or if you’re under the age of 18, you will have to wait.

- You must be at least 18 years of age. There is no exception to this rule. Credit cards are intended for adults. If you’re not an adult, you can’t apply, it’s the law.

- You must be a valid US citizen with a valid social security number. Credit card companies will check your identity. If something seems fishy, they won’t distribute the card to you. Make sure that you have a valid social security number and that you’re a valid United States citizen.

- You must be in college. The purpose of a student credit card is that it’s designed for college students. If you’re not a student, then you’re not going to get approved. As long as you’re going to college, you’re going to get accepted most likely unless your credit is bad.

If you meet the above requirements, you’re probably ready to start applying for your credit card. Most applications are very similar and ask the same exact question. Overall, there are not that many credit card companies. In fact, there are only four major companies. Below, you can find what to expect on your credit card application.

- Your full name, date of birth, your current residency, and as mentioned above, you will need to supply your social security number.

- Your telephone number along with a valid e-mail address and your current and previous address. If you don’t have a previous address, you can simply leave this blank.

- The college you’re attending, what class you currently fall under (freshman, etc), and the location of the college as well.

- Your job details, how much you make, where the job is located, the company name.

The only difference you’ll see with a student credit card is that they will ask for school information. If you find yourself applying for another type of credit card that isn’t college student related, you will find that they won’t ask for this information. When filling out your credit card application, make sure that you’re completely honest. If the company finds that you’re lying or trying to manipulate their system you may find them sending you a rejection letter and/or they might contact the local authorities, if you find yourself having to lie to get a credit card, simply don’t do it. When you finally receive your credit card, remember to be responsible and safe.

Floyd

Nataliya Yakushev asked:




Yes and no – it depends in good part on your timing.

Yes, it hurts your credit score if you’ve submitted other applications in the recent past. To Equifax, Experian and TransUnion – the three main credit bureaus in the U.S. – as well as potential lenders, applying for lots of credit cards in a brief period of time is viewed as desperation. Trying to open several lines of credit in the span of a few days or weeks makes them think that you’ve been turned down and you’re scrambling to find another source.

No, a merchant credit card application really won’t hurt your score if it’s been weeks or months since the last time you applied for credit. If you wisely wait a few weeks or months between submitting applications, your score might take a very small hit. However, if your score is already good or better, the hit you take will be very minor and nothing to worry about.

It’s helpful to remember that lenders are for-profit enterprises, and if your score is good, they’ll still extend credit to you – reluctantly – in the hopes of making money from your account. However, they avoid risk like it’s an infectious disease, and when someone applies for a store credit card, car loan, cellphone account, or any other line of credit in a short period, it often means one of two things to them:

You’re desperate to get anyone to extend credit to you; or You’re the victim of identity theft, and the thief is trying to open as many credit lines as possible to defraud the lender and put you in heaps of trouble.

It’s also helpful to remember that new credit applications comprise 10 percent of your total score. That’s not a big chunk, but when it comes to your credit score, every little bit helps. Within that 10 percent, the following credit items are taken into consideration:

How long it’s been since the last credit inquiry on your name The time since recent openings of new credit accounts by type The number of recent credit inquiries (like your store credit card) The number of recently opened lines of credit, proportion of new accounts to total number of accounts, and type of credit account

Therefore, a store card application can hurt your credit score either a tiny bit or more substantially. It depends on your current score, your credit management, and your timing. If you have a very good credit score and you happen to open two new lines of credit in a short period of time, don’t sweat it. Your credit score can handle a slight dip. Nevertheless, if your score could use some polish, it may take a bigger hit in the same circumstances. At the same time, these new lines of credit could eventually help your score if you pay your bills on time and keep your balances low. It’s all about how well you handle your credit behavior, including your store credit cards.

Susan

Jason Deines asked:




When applying for a loan or other form of borrowing the application process can be extensive and require a lot of information. However, when it comes to applying for a credit card the application process is simple and easy. When determining whether or not to grant you credit, credit card issuers tend to put a lot of emphasis on a person’s credit history and whether or not they have made their payments in a timely manner. For credit card issuers to make an informed decision on whether or not to grant credit to an individual they need some basic information.

When applying for a credit card you will have to fill out a credit application whether it is online or one you received in the mail. Generally, there are ten bits of information required to get the approval process going.

1. First and last name

2. Physical mailing address

3. Home phone number

4. Work phone number

5. Date of birth

6. Social security number

7. Employer name

8. Annual household income

9. Signature

10. Date the application was completed

As you can see the process of filling out a credit application requires only a few personal details but combined these details give the credit card issuer the ability to find out additional information about you. Because this information is sensitive you may choose to provide the information by calling the card issuer directly via their 1-800 number or over the Internet on a secure server.

Once your application has been submitted it can take several weeks before you find out whether you have been approved for credit or not. You may need to provide additional information to complete the process. If for some reason you are not approved the card issuer is required to send you a letter stating why or you can call them directly and find out what the reason is. Remember, just because you received a credit card offer in the mail does not automatically mean you will be approved.

Tom

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