Credit Card Applications: How To Get Approved
Every now and then you may take a look through the credit cards in your wallet and think ab 00004000 out the option of applying for a new card with a better offer. You may have received offers in the post or browsing offers online. Before you jump in and start applying you need to think about maximising your odds of approval and avoiding rejections which may damage your credit score. You will have to complete the credit card application in such a way that your chances of approval will be higher and you can get favorable interest rates. Many people are denied credit because they are not careful in providing personal details on the credit card application form. Here are some things you can do. Avoid applying for multiple credit cards simultaneously Your credit score will suffer a lot if multiple lenders request for your credit report all at once. This could lead to at least one credit card application getting denied, and this will lower your credit score even more. Prepare your documentation: Credit card applications ask for a lot of information. You should create a single credit folder which will contain all your vital information. Having all these in one place will allow you to respond to questions completely and consistently. Since this folder is loaded with sensitive information on your identity and other details, make sure to keep it in a safe place. Fill out the credit card application at home: Credit card offers come with all sorts of enticements for you to send back the application immediately. Resist the credit card offers of instant credit or instant savings. One of the main reasons is that your files with your vital information are at home. More than that, it is crucial not to be rushed or feel intimidated into completing the credit card application on the spot. Doing the job at home allows you to fill it out with care. Answer every question: Do not leave any blanks on the credit card application, otherwise the card issuer may interpret it as an attempt to hide something and categorize you as high risk. If the application form includes questions that are not relevant to your situation then don't leave the space black but insert N/A or 'not applicable' in the space. This shows you have read and responded to the question. Use clear print (not joined up) and be extra careful of numbers. If you have gone through a bankruptcy, there is one question you should leave blank. This is the question that inquires, "Have you ever filed bankruptcy?" Do not put "no" for that would be a lie; but do not say "yes" or tick the box. Answering the question immediately might trigger an automatic rejection by the card company's computerized processing system. It is always possible to explain the reasons to the issuers later in person, if they ask. If the form does not ask then there is no need to provide the information. Look out for red flags: Some items cause the lender to classify the applicant as a credit risk, such as: * Tax liens (settled, released, not released) * Previous bankruptcy(ies) * High ratio of debt to income * Too many revolving credit cards but only modest income * Outstanding collection accounts * Credit counseling reports * Mailing address is a post office box * Frequent employment changes * Lack of verifiable income, especially if self-employed * Employer's telephone numbers cannot be verified * Your telephone number cannot be verified in directory assistance * No savings or checking account Be aware of these items and make sure your credit card application addresses such issues.
Credit Card Applications: How To Get Approved
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I’m a college student. How do I fill out a credit card application?
Please take some time to read about my situation before jumping in to babble about the Credit Card policy changes made in 2009.
I have no financially gainful employment because I am a full-time student. HOWEVER, I receive a monthly stipend from my parents, which would be the primary source of the money I”d be using to pay my bills. I get about $200 per month. My dad and mom together EASILY make well more than enough to repay any shenanigans that I could possibly get myself into. I’m not a compulsive spender. The thing is, I was rejected from a generic credit card last year because I do not have pay stubs of my own.
So I’m filling out an app for a student Visa credit card, and I have some questions.
1. They have a question asking about our household income. I have no idea exactly how much our household income is and it’s too late at this time of night to ask. If I say 100,000 dollars and it ends up being any higher, or slightly lower, am I gonna get in trouble? Should I just wait until the morning?
2. They only give me a drop-down menu to answer about my employment on the online application. My options are “Self-employed,” “retired,” “Full-time employmene,” “Part-time employee,” “Unemployed,” and “Homemaker.” Do I just put Unemployed?
3. Should I add Dad as an “Authorized User” since the money I use to pay the credit card company would be entirely or mostly derived from his income? No cosigner is required for the specific application I’m filling out.
Thanks, your help is appreciated!
is the 8G ipod touch mid-2009 model useful for anything besides music if you don’t have a credit card?
i only got mine in the mail with my new mac computer a few days ago, but so far it seems like more of a nuisance and waste of time than a device that can be helpful, useful, and fun.
Now, I don’t have a credit card, and even for free applications, such as Skype, you need to register for an ITunes Store Account….. which you can only get with a valid credit card.
There is a way to access the ITunes Store without a credit card, but it looks to me as if it can only be done with an older version of ITunes (8.01 or something).
This is too big of a hassle for me as I have ITunes 9 already intalled with lots of music and podcasts on there.
Honestly, considering the prices of Apple devices, you’d think it would be easier to get accounts with them, and use applications that are worth having.
The device costs over 200 bucks, and I don’t think it should be used to listen to Akon and play some crappy games on a crappy 3-inch screen with mickey mouse gameplay and worse controls.
It’s also really hard to type on it. Really. So easy to make typos, and you can really only use two index fingers or two thumbs.
To me, it looks like a really bad joke.
Not fun at all.
You want apps without a credit card?
JAILBREAK It, just google it, get free apps.
My application reached CIO, Sydney on 10th November, 2009. I am still waiting for the reply. My credit card ha?
s still not been charged. Can anyone tell how mch time do they take to process the application.
How long should I wait in-between denied credit card applications to apply for a new one?
I am a 22 year old with no credit history what so ever. Yes, i have checked this with the creditors. I have never had any open lines of credit and no bills in my name.
With that said, I am planning to buy a house within the next couple of years and I am trying to build credit so I will not have any problems getting a mortgage. Since August 2009, I have applied to 2 credit cards. Both were denied for the same reason(s) as follows: “current account has not been used enough”, “credit limits are too low”, “available credit on account is too low” and “insufficient amount of credit is reported on credit bureau report”.
I have been told that the only way to begin to build my credit is by applying for department store credit cards or store only credit card without the Visa/MC connection. A department store credit card will do me no good as I refuse to shop at the GAP 5 days a week. So, i have decided that my next best option is a WALMART store only credit card and/or a gas station only credit card as these two i know i will use on a weekly basis.
However, what is the average amount of time i should be waiting in between each of these credit applications? My second (last) denial letter I received on October 29th 2009. Some people have told me I can apply for store only credit right away, some have said 45 days, 60 days 90 days and even 6 months!
Please help! I need to build credittttt!!!!
Any money from your parents is not classified as income. It is a gift that could theoretically cease at anytime. The granting of credit is based on risk. However unlikely it might seem now, there is always the risk that a huge argument with your parents sometime in the future might cut off your funds. The credit provider cannot take that risk
Need more details to answer your question.
You should not go around applying for credit in too short a period of time, not matter if it is 30 or 60 or 90 days, no matter what, those credit applications affect ones credit scores.
Your best bet is to forget a card for now, you would do better to open a secured credit card with a credit union. You simply deposit funds into an account that they hold to cover your credit purchases. If you deposit $500 then your credit line would be $500. Use the card and pay it every month and pay more then the minimum. After about a year, you will have enough of a history to help you obtain credit cards.
When it comes to getting a mortgage, they (the lenders) want to see a history of how you make payments and how you handle your credit. They look at more then just your income. They also want to see the types of credit you have (revolving accounts, loans, and auto financing.
You could start to build your credit if you were to shop around for an auto (nothing too expensive, even a used one real cheap will help you build a credit history). Shopping for things such as auto loans, loans, student loans and mortgages done so within a short period of time will not affect your score, FICO recognizes you are “rate shopping”. FICO states within 15 days for older scoring methods. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
You can go to the source area I have referenced to learn more on how to build ones credit, this is free info from FICO.
Hope this helps answer your question.
Applied for a Credit card, the company ran the credit check and never notified me of denial or approval….?
Can a creditor legally take a credit card application, run the credit check and then NOT notify you whether you are approved or not? I applied for a Walmart Card through GEMB in Nov 2009 and they gave me a confirmation number and said they would send me something in the mail within 7-10 days. But nothing ever came, I even wrote them a letter 30 days 12/2009 later telling them that I didn’t appreciate that they reported the credit check on my credit report but couldn’t contact me to let me know whether it was an approval or denial. They still never wrote back. Can they legally do that? I thought the consumer or applicant MUST be notified either way….is that right?