Credit Card Application

Lynette Hill asked:




Most of the time, when credit applications are declined, there is no clear answer explaining the reason for being turned down. Many credit companies do try to avoid explaining the specific reasons why because they want their lending criteria to remain a secret. For the most part, credit card companies do not want to lose money on people who cannot afford to pay back their debt. This is the reason why they take their time assessing a person’s qualification before approving their credit card application.

Card companies seek the following qualifications for people who send applications:

• Sufficient income
• Excellent credit history
• Stable employment
• Stable living arrangements

Not meeting or exceeding these requirements is the most common reason why some card applications are declined.

Sufficient Income

The obvious reason for this requirement is that card institutions want to ensure that the cardholder has the funds to pay off their credit debt. Note that some card companies also take into consideration any types of debts such as other cards or loans.

Excellent Credit History

All card companies will assess each applicant’s credit file before approving the application. Credit history will include the following details:

• Any previous loans for the last five years
• Previous credit card applications and current card files
• Defaults or overdue accounts
• Previous and current employers

Ideally, an applicant should keep his applications down to a minimum within a short period of time otherwise card companies can track each one and translate this as being desperate for a card.

Stable Employment

People with stable employments are often perceived as those that can afford to pay off their credit debt. If you are the type who changes jobs frequently or is still in probationary period, there is a big chance of being declined for a card.

Stable Living Arrangements

There are some companies who consider living arrangements when assess applications. If an applicant moves around so much, he is likely to be declined.

Louis

Morgan Hamilton asked:




A joint application credit card is simply a credit card that allows two people to use it. It typically works as follows: An individual completes a credit card application and then requests an additional card. The other card or cards will have that second persons name on it, but will have the same account number assigned to it. Probably the most common example of this is a husband and wife.

In many cases married people have joint financial accounts for such things as savings, checking and investment portfolios. It greatly simplifies the management of finances. Another common reason for filling out a joint application credit card is a parent wanting to assist their child in establishing credit.

In a way it is similar to them cosigning an auto loan. This is often done when the child goes away to college. The advantage here is that the parent can keep an eye on all the activity generated by the student. Now here are some important points that you must understand before applying for a joint credit card.

The debt acquired by one of the cardholders is also the responsibility of the other cardholder. In other words, if your husband runs up a $3000 debt on the card and you should happen to become separated, simply stating that it is his debt and you are not liable for it isn’t going to relieve you of that debt.

As long as your name is still on the card, you will be held responsible for any and all debts accrued. The way to stop this is to pay off the debt in full and cancel the card so there can be no further purchases made with it. Canceling a joint credit card can be done by a single party, as long as the account is free of outstanding debt.

The information I have given here is only a cursory look at the joint application credit card. Be sure to read the terms of service and conditions of the credit card issuer carefully and do not hesitate to directly contact the credit card company with any specific questions that you may have.

Lillie

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