Credit Card Application

Morgan Hamilton asked:




It can be a devastating day when you receive a denial letter in the mail when you were expecting a shiny new Citibank credit card. The first question you are likely to ask is, “Why was I denied?” There are several reasons why your Citibank credit card application would be denied including lack of income and already owning too many cards. The purpose of this article is to explain the five top reasons you may be denied for a Citibank credit card.

You’re not old enough -

It may seem strange but every year Citibank receives applications from teenagers hoping to get a credit card. While this may seem like fraud, most of these kids aren’t trying to be deceptive. They simply do not know that you have to be eighteen in order to qualify for a card. This has become more prevalent since teenagers have access to so many other things, such as email and cell phones, that once were reserved for adults.

You don’t make enough money -

This is probably the second most common reason for your Citibank credit card application getting denied. A certain amount of steady income is required in order to qualify for a Citibank credit account.

You haven’t been at your residence or your job long enough -

Citibank likes to see a person has stability. One of the ways it notes this is by the length of time at your current residence and occupation. If you’ve recently moved or switched jobs, your Citibank credit card application will be denied for this
reason.

Your credit history is too short or too bad -

This is the main reason applications are denied. If your credit score is below a certain number (which varies from card to card) you will be considered too high of a risk to issue a card. If you have none or too little credit, card companies feel this is just almost as bad as poor credit since they have no basis for trusting you.

You already have too many cards -

Citibank, like any credit card company, doesn’t like to see people opening too many accounts. It may indicate that you aren’t good with your credit (if your cards are maxed out) or that you may end up in trouble later on (if you max out the cards and then can’t pay for them), so most lenders will stop issuing you cards after a certain number.

Jesse

Rolf Joho asked:


If you happen to be concerned about carrying your money on you and you think that there should be a better way to shop then you need to consider making full use of the new ‘plastic money’ – credit cards. With a fast growing economy that is also experiencing rapid growth many more people tend to want to shop and buy the latest gadgets and fashionable clothes and a lot more in the same vein. And, given the fact that modern lifestyles have become so fast and furious people today have no choice than to demand greater convenience when shopping. The advent of the credit card has solved many problems in this regard and now everyone from professionals to business persons to bankers and students and even teenagers shop and pay for their purchases with their plastic money.

Changing Our Shopping Habits

All you need to do is first understand how to get your credit card application approved and then you too can apply for, and after the application has been approved, use your credit card to shop whenever it suits you. The plain truth is that credit card applications and credit cards have changed our shopping habits and we are now less in need of physically carrying cash on our person than at any time before. This means that most of us have decided in our minds that we would like to trade in the greenback for the ubiquitous credit card.

However, before applying for your credit card you need to take a few precautions and also perform certain countermeasures to ensure that you are protected by existing federal laws. The first thing you should understand when applying for your credit card is that the entire process will take some time because your information needs to be verified.

The U.S. Patriotic Act requires that your particulars be verified and so you need to be prepared to undergo a minor ordeal before you can get your credit card approved. Most of us do not mind the added inconvenience because owning a credit card or two has become the norm. So, if you are prepared to face the ordeal and you are sure that your nerves can take the stress then you should go ahead and apply for your credit card.

The first thing you will need to do is obtain your Credit Report as too your Credit Score. Armed with this information you can begin the entire application process with greater confidence. You should check with the major credit bureaus including Equifax and Experian and Transunion and see which one has given you the highest score and then use that score when applying.

Next, you should be well acquainted with your creditors as this knowledge will help save you a lot of time. This means that you should try and get in touch with your creditors and even the different credit card companies and ask them what the lowest and minimum acceptable credit score is. Then you can crosscheck your own Credit score and see if you are in a position to proceed further. However, be sure to understand that certain banks use more than one Credit score before approving applications though the norm is for banks to check just one credit score.

In addition, you must also ensure that all your credit balances are actually up-to-date. And, you need to also dispute any outdated balances and in fact it is also a good idea to get in touch with your creditors and get them to report the proper balances.

You should also make use of your own household income and not individual incomes as this will stand you in good stead when applying for your credit card. Last but not least, makes sure to get in touch with your creditors and get them to provide you with information to help you get your credit card application approved.



ERIC

Dave Nichols asked:


If you are about to make a prepaid credit card application it’s likely you will have a number of questions. This short article will answer your main concerns.

What are Prepaid Credit Cards?

Prepaid credit cards are not a credit card as such, as no credit is offered by the card issuer. Money is placed, or “topped-up” on the card first and you can only spend what is available on the card at any one time. But, they carry a credit card brand (Visa, MasterCard, American Express or Discover) and can be used in the same convenient way as a normal credit card.

Who Are Prepaid Credit Cards For?

The short answer is anyone can apply for and use a prepaid credit card. There are no credit checks so, they are particularly useful for young people, teenagers or students, who have not yet built up a credit rating, or people with a poor credit history. But they can also be ideal for people who simply don’t want to run the risk of running up a large outstanding credit balance. They can be used for learning budgeting skills and can even be given as gifts.

Are There Any Charges On Prepaid Credit Cards?

Yes, of course, but as you can only spend what is already available on the card you will not incur any debit interest charges. Charges are typically for: the initial issue of the card; an annual or monthly fee; transactional charges. In nearly all cases the charges are small and dependant on how you want to use the card. For example, some cards have a monthly fee but with minimum transaction charges. Other cards are ‘pay as you go’ in which case there may not be a monthly or annual fee but you will be charged per transaction. You should, therefore, carefully consider how you will be using the card and then shop around for the best deal for you. You may also be charged if you make any transactions with the card that subsequently fail for some reason.

What Can I Use Prepaid Credit Cards For?

Pretty much anything that you would with a normal credit card (provided sufficient funds are already stored on the card.) You can shop on or offline, book travel and hotels, etc. even pay certain bills on some cards. Indeed, some cards act more like bank accounts. You can have your salary / wages paid into the card account and also set-up direct debits, etc. They are very flexible but remember there will likely be a charge for such transactions dependant on the card conditions.

Are Prepaid Credit Cards Safe?

Yes, in fact, in many ways they are even safer than normal credit cards. The amount available on the card at any one time is limited to the balance stored on the card and not a (likely to be) much larger credit card limit. Also many cards allow you to store your money off the card in a related Eaccount. In this way you can ensure that the card is only charged up with what you need on a day to day basis.

So, if you on the point of making a prepaid credit application I would certainly recommend them. They are safe and convenient and a great way to manage your budget.



DARREL