Morgan Hamilton asked:




Being an applicant, you should first determine your needs and have your credit history evaluated. If your credit history has a good rating, choose a card issuer. Then, go to the office of the issuer, or visit the card issuer’s website, fill out a form, read the credit terms, and sign on the dotted line. The approval of your credit card will depend on the type of credit card you are applying for and your credit rating. If you have a good credit rating, the card application will be approved quickly.

The usual place where we apply for credit cards is the bank. The security offered by banks makes applicants choose these over other issuers, especially if they apply for a credit card online. Different banks offer more or less similar credit terms and benefits, and charge similar fees and interest rates. Determining the bank or card issuer with the credit terms that will best suit you will be much easier if you keep these things in mind:

1) Check your credit history and report. Credit bureaus will give you a free copy of your credit report if you were denied of any credit 60 days before the day of your application. If not, you’ll have to pay $9 per report. Clear anything up and have errors corrected before applying for a card.

2) It is not necessary to have any account in a bank to apply for a credit card. Some people think that an applicant needs to have an existing savings or checking account in a bank before they could apply for a credit card. Doing so would cost you more than what you are really applying for. However, having an existing account in the issuing bank may garner you a low limit card for easy payment schemes.

3) Be honest in filling out the forms. Giving inaccurate or wrong information to the bank will spell trouble for an applicant, especially regarding your paying capabilities and personal information. If the bank, or any credit card company, finds out that the information you gave them is false, your application would be immediately denied.

4) Understand the credit terms of your credit card account. Make sure you know how much interest will be charged to your purchases. Know how long the bank will wait for you to pay the monthly due before they charge the interest rate. Be aware of the penalties that you could incur if you pay up late.

5) Try to build a good credit history if your card is not issued immediately. Having short-term loans with a bank, or making credit purchases with a local department store or gas station, usually over a six-month period, are the easiest ways to do this. Just make sure that your payments are reported to and recorded by the credit bureaus.

6) First time cardholders should take their first credit card, even if it has a relatively high interest rate. Experts say that an applicant should just be prompt in making your monthly payments. Doing so would allow you to renegotiate your card’s rate six months after first using it.

7) Don’t apply for many credit cards simultaneously. Credit investigators see this as a sign that you are not capable of paying your debts. They assume the worst– that you will use the credit limit of each card — and sometimes use these cards to apply payments to each other in a round robin mode. That’s not good to the investigators.

A rejected card application hurts your chances for a future application. Many people receive these “pre-approved mail cards”, and think that they have an instant credit card upon application. These mail cards only allow you to apply for a card with little or no questions asked. Yet, you could still be rejected.

Mario

Mario Churchill asked:


Even with bad credit, you can still have a chance of obtaining a credit card of your choice just as long as you make the right noises and of course create the right impression.

How to Impress When Applying for a Credit Card

Creating a favorable impression depends on the type of application process you’ll be undergoing. Online credit card applications are usually no-nonsense processes that only accept verifiable facts and figures and make no consideration at all for the individual’s personality or situation.

Personal credit card applications, on the other hand, can be divided into two classifications. If you were approached by a credit card representative, you must make sure that you display just the right amount of interest in his offer, never mind if you’re truly eager to own a credit card. You must successfully convince the other person that although you’ll be happy about owning a credit card, you won’t be terribly affected if you don’t get one in the end.

If you’re the one who initiated the credit card application process, your interest is automatically obvious so hiding it would be a moot point. The next step then is convincing your interviewer that there’s no reason for them to reject your application.

Step 1 – Obtain a Copy of Your Credit Report

Don’t rely on the more affordable yet less accurate services of little-known credit bureaus. Go directly to the Big Three – Equifax, TransUnion, and Experian. It will cost you a bit of money but the price’s worth it considering that you’ll be able to use the information on it for various purposes.

Upon receiving your credit card report, check if there are any errors, inconsistencies, or invalid data you should report. If there’s none and you still have bad credit, you have two choices: firstly, you can repair your credit either by yourself or with the help of a credit repair company and wait for your credit to improve before applying for a credit card; or secondly, you can apply right away and look for a credit card company that’s willing to overlook your past transgressions.

Step 1 – Prepare All the Necessary Documents

Time is precious for everyone, and your credit card interviewer will appreciate it if you attend your meeting prepared with all the necessary documents. This includes but is not limited to proof of income and employment such as pay slips and income tax reports, business license papers if you own a business, bank account statements and any other financial document in your keeping.

Step 3 – How to Handle the Interview

Dress well. You don’t need to dress too seriously or ostentatiously, but you do need to make a more than presentable appearance, one that will convince your interviewer that you’re a dependable and responsible individual, one who’s mature enough to handle the responsibilities of owning a credit card.

Be on time. When we say on time, it doesn’t mean beating the clock by a second. Instead, be at the appointed place fifteen to twenty-minutes prior to your scheduled meeting.

Be honest about your situation. If you have bad credit, provide a clear and truthful explanation as to why you ended up that way.

Lastly, don’t be too shy or boastful about your assets, financial or otherwise. You need to be practical about your assets and use them to your advantage. If you’re diligent and willing to promise that you’ll always on time, don’t be shy to state the reasons why your interviewer should trust your word.



Ella