Credit Card Application

Jason Deines asked:




Thinking of applying for a credit card? Not sure whether or not you will be approved? Well you are not the only one. Society today seems to revolve around the all mighty dollar and possessing a credit card not only can open doors but also it can come in handy in emergency situations.

If you are uncertain if you have what it takes to get a credit card or if you have been denied already from a financial institution and don’t know why, here are some common reasons why credit card applications are denied.

Human error – whenever information is sent from one person to another there is always the possibility of the information not being accurate or keyed into the database incorrectly. If you feel this is the case, call the customer service department and verify the information they have in their system. Insufficient job history – creditors prefer to grant credit to individuals that have a good job history with a single employer. If you are young and just starting to work you may want to wait until you have a few months on the job. Insufficient income – your credit application may be denied if the creditor feels your income does not meet their minimum requirements. Poor or non-existent credit history – if you have a bankruptcy or a history of late payments you may find it difficult to obtain a credit card. Overtime, if you pay your bills on time and improve your credit score you may be successful at being approved. If you have no credit history you will need to build one. Residential history – how long you have lived at your current and possibly previous residence can be a factor. If you have recently moved but you lived at your previous residence for a long period of time you may want to include that on the application.

If you have applied for a credit card and your application has been denied it is important to find out the reason why. By law, the credit card issuer is required to send you a letter telling you why your application was denied. If you find that the letter does not clearly state the reason then you should contact the customer service department and ask them for a specific answer. They are required to give you one. You may also be able to get additional information that will help you change your status from denied to approved.

If you are determined to get a credit card then I recommend applying for a secure credit card. These are fairly easy to obtain because you must deposit funds into a bank account and you will be issued credit accordingly. This is a great way to build and even rebuild your credit history.

Edward

Mario Churchill asked:


Thanks to the advancement of technology, particularly the internet, people now has a way to communicate cheaply, and even do some shopping. In fact, applying for credit cards is now possible through the internet. You will see that applying for a credit card online will be much faster and easier than ever before.

Online application for credit cards means no more hassles of visiting credit card issuers, such as banks. All you need to do is go to their website and fill out the application form.

Although this may sound easy, the hard part in applying for a credit card is still getting an approval. Of course, you still need to consider your credit rating in order to make sure if your application will be approved or not. If you have a good credit score or credit rating, you will have an easier time when applying for a credit card online. So, before you even think about filling a credit card application online, you first have to make sure that you have a good credit score.

You also have to consider that you need to know about the different offers of different credit card companies. Even if you do have a good credit score, you still have to know about the different features of the credit card you are trying to apply for. There are several factors you have to look for in order to make sure that you are applying for a good credit card.

The first and perhaps the most important factor thing you should ask about is the annual percentage rate or the APR of the credit card. Even if the credit card is offering low interest rates and zero annual fees, you should know that the APR is the determining factor on all the different fees that is related to the credit card, which will include cash advances, late payments and even your monthly bills.

Also, you have to remember that there are spywares circulating in the internet today and fake websites as well. Make sure that you don’t visit just any website on the internet that is suspicious-looking. Always remember that you should always visit websites that are legitimate. To make sure about a certain website, you should try and call the credit card issuer and tell them you are interested in applying for a credit card online.

You should also make sure that your computer is free from any spyware. To do this, you should get the latest and the most reliable anti-spyware software available. By doing this, you will protect yourself from identity theft or fraud.

As you can see, the risk of identity theft is also present when using the internet. So, make sure that you don’t provide any financial and personal information if you don’t have any anti-spyware software installed in your computer or you are not sure about the website.

With all the necessary security measures, you can be sure that your application for a credit card online will be fast, easy and convenient. Just make sure that you should first shop around in order to get the best credit card offers possible.

These are the things you have to remember when applying for a credit card online. Always remember that security as well as knowing what to look for is very important when applying for credit cards online.



DONNY

iceprincess236 asked:


My credit score according to freecreditreport.com is 740. I have no delinquencies or late payments and 2 years worth of credit card use. One of my two credit cards is 2 months old the other is 2 years old. My income is also over $40000/yr in a job I have had for 8 months and I have a $400/month mortgage with no late payments on that either. Discover card company rejected me for a platinum card (I am seeking future rental-car collision insurance protection from a credit card which is why I need a platinum card).

Is there any type of platinum card I would be eligible for with my statistics and/or what could I do to improve my credit rating so as to obtain a leading platinum card such as Discover?

ROB

Alain Diza asked:


This article tells you exactly what you need to do if you’re ever denied or rejected on any of your credit card applications both online and offline. It may be easier to deal with than you think…

No doubt, you’ve probably gotten literally hundreds of credit card applications in the mail and online, and each and every one of them has said that you’ve been “Pre-Approved”.

Of course it’s natural that this would lead us to believe that the application process is simply a formality. After all, you’ve been approved already so no worries, right? Wrong! Many of the offers that say you’re “pre-approved” don’t actually mean for the credit card. I know it’s misleading, but what they’re really saying is that you’ve been approved to apply for your card, not actually receive one. Your actual approval will depend on several different factors, any of which can keep you off the receiving end.

We’ll go over some of the reasons for rejection and what, if anything, can be done about them.

WHY YOU WERE REJECTED….

The most probable answer is your credit score. Although several other things may have been taken into consideration, such as your salary or time on your job, your credit score is usually the biggie. The catch here is that your credit history doesn’t even have to be bad, it can be blank and that will work against you just as much as a bad score will. Having no credit is almost as bad as having bad credit since the credit card companies have no reference point to see just how you will handle your credit account.

If you have a history of making late payments on bills and other loans, that will work against you. The credit card company wants to know that you are a worthwhile risk before they issue you a card.

As I mentioned above, other issues also come into play. If you have just started a new job, a creditor may want to wait a while to make sure that you keep it. These are other factors that will be considered if your credit history is less than perfect but not a total loss.

WHAT TO DO ABOUT IT….

Clean up your credit history ASAP! This is the single best step you can take in improving your options when it comes to credit cards and other types of loans as well.

Most creditors are required to tell you why you were rejected and what credit bureau they used to access your report. You should be entitled to a free copy of your credit report if the data contained on it was used to deny your application. Check with the credit bureau to see.

If your credit rating is poor, take action immediately. Start paying your bills on time. Look into consolidating your bills so that you can afford to pay the monthly amount. Eliminate any extra spending that isn’t necessary and use that “extra” towards your outstanding debts. Yes, this could take some time, but in the long run it will be well worth it.

Once you have cleaned up your credit a bit or established some basic credit, let some time pass. Apply for the card (or a better one) again. Once the creditor sees how hard you’ve been working to get your credit report up to par, you may just be rewarded for your efforts. Be careful, though. The last thing you want to do is go overboard with your new credit card and dig yourself into another financial hell-hole! So be wary



DON