MusicKid asked:


Credit History: 2 Months
Number of cards: 3
Balance: 0
Credit limit: a little over $1500 in total
past applications I made : a little over 3, nearly a month ago.
I pay my bills each month in FULL, and after checking my credit report, everything is in good standing with no late penalties or anything

Taking that info into consideration… If I apply for a credit card now, what are the odds I’ll be declined? accepted?

Thanks!!

Brad

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.

Tanya

michelle asked:


im a college student, i dont have any credit history, i just applied a citi mtvu credit card which is designed for collge student, but when i submit the application, it says application received, and ask me to wait for 7 days for the decision, this is my first time applying credit card, is it normal?

Alicia

Josh Riverside asked:




A bank credit card is an extremely incredible and convenient piece of plastic with which one can purchase goods and services. An average American now holds up to eight bank credit cards. In order to qualify for a bank credit card, the applicant must be eighteen years of age and should have a good credit history.

U.S. banks offer various types of bank credit cards. After choosing the appropriate bank credit card, the consumer needs to submit a duly completed bank credit card application. An application and processing fee must also be paid along with the application. An individual can apply for a bank credit card online or through the phone. U.S. banks usually send bank credit card applications by ordinary mail, since the consumer is required to sign the applications upon receiving them. When bank credit card applications are transmitted online, there are more chances for fraud.

Most bank credit card applications include personal information about the consumer such as name, age, date of birth, marital status, applicant’s current and previous addresses (only when the current address is less than two years), e-mail address, driver’s license number, and social security number. To enter the employment details of the applicant, fields such as occupation, employer, position, household income, and source of other income are available. Bank account information is also included in the bank credit card applications. Moreover, the applicant needs to specify whether he is a citizen or a permanent resident of the U.S. If necessary, the details of the co-applicant/spouse are also required to be entered in bank credit card applications.

If the applicant is a student, in addition to the basic personal information, bank credit card applications have fields for entering student status, school name, graduation year, major, and campus telephone.

Once the bank credit card applications are completed and submitted, the bank will verify the details by contacting the consumer in person or through the given telephone numbers. The bank issues bank credit cards only when the consumer proves to hold a good credit record.

Annette

Crystal Tears asked:


I was denied a credit card from the bank because I didn’t have enough credit history. Now I’m getting credit card offers from Capitol One and American Express almost every week. Does this mean I might be able to obtain a credit card from a different company? Just the bank wasn’t okay with the amount of history but other credit card providers don’t have an issue with this? My credit score is good, the amount is time though is only a year with one credit card.

Ron

Ahmad asked:


I’m a graduate student with no credit history till now, and I just applied for a Discover Student Credit Card last week. They called me up and told me today that they’re sending out a form which I would have to fill along with a ‘co-applicant’. What exactly is a role of a ‘co-applicant’ here ? Will I actually have the account to myself or will they be sharing it too ?

Edward

Paul Sarwana asked:




A credit card application can feel like a shot in the dark, what enables a consumer to get approved for a credit card? There are several factors that will prevent a person from getting a plastic money. Remember that companies want to approve you, after all, you’d be their customer. Don’t give them any reasons you don’t have to turn you away.

The first thing that some people overlook is age. To get a card you must be at least 18 years old and either a full time student or have a source of steady income. When a credit card company invests in you they’re doing so with the belief that you have the maturity to operate a card and not abuse it.

But what is maturity? To a lender, maturity is stability and proof that you pay your bills on time. Paying bills on time, even for a few months, can dramatically improve your credit history and your chances of getting a card. Not doing so can be fatal to any credit card application. Holding down the same job and residence is another important factor. Stability is also seen as maturity and reinforces your image to the company that your income will be secure.

Depending on how well you do paying your bills on time and your income level, some cards maybe out of your reach. But there are cards that are within your reach and establishing your ability to use those plastic money responsibly.

Using only 50% of the line of credit dramatically improves your credit score and thus your ability to get ones that offer more options and rewards. However, having a large number of credit cards that are constantly at their credit limit is counter productive as it will lower your credit rating. Remember that the key word here is responsibly.

In applying for a card you have to assume that every question they ask will be verified. The issuer is giving you the opportunity to run up a debt as high as your credit limit. They want to make sure that you’re a sound investment. All the questions need to be answered truthfully and completely. Leave nothing blank. At the very least you own it to the lender that’s going to run the checks on your financial background.

In dire cases you can turn to a guarantor for your card. In essence this means using someone else’s credit to allow you to use your own card and build up your credit history. However, there might be times when even that option is closed, and for those individuals, there are secured credit cards. Secured cards operate like normal cards except they require an upfront deposit.

Armed with this knowledge you’ll be better able to understand how the credit card application process works and better able to get a credit card approval.

Audrey

Morgan Hamilton asked:




When it comes to credit card applications there are quite a few factors to consider. To me, I immediately think of the paper applications that the credit card companies send through the mail in their solicitations. They still do it, just not nearly as much as they used to.

The preferred method now is to apply online. The Internet has security features built into it that allow for personal information to be transferred safely. It is known as encryption technology and is very, very difficult for hackers and would be identity thieves to decipher.

Once more, it allows for the application to be sent instantaneously to the issuer. Some credit card companies including Discover and American Express even offer instant approval on some of their cards. In truth it is not instant approval but rather takes about 60 seconds.

60 seconds isn’t bad though is it? What happens is that the computer crunches the information that you provide and searches through several databases. It bases its decision on whether or not to approve your application on your credit history.

If you have a strong credit rating you should have no problems being approved. You may want to take a look at your credit score prior to submitting an application. A score of 720 or better is considered to be excellent. Consumers with a high credit rating qualify for the lowest interest rates.

I personally recommend finding a reputable credit card comparison website and applying online. The fact of the matter is that the paper applications that travel through the mail are not at all secure. I mean how hard is it to rip open a paper envelope? It happens, more than we would like to think.

Another advantage when we compare offers online is that we can go right to the specific categories of the types of cards that we are interested in. For example, if it’s business credit cards then there should be a category devoted specifically to them. Likewise for low interest, rewards cards and so forth.

Always be sure to read the terms and conditions in the disclosure statement before submitting credit card applications. Too often people will get caught up with the features and benefits and ignore the important financing details that they must be aware of.

The information I speak of includes such things as the annual percentage rate, otherwise known as APR, length of billing cycle, fees including annual fees and penalty fees, grace periods and information about how interest rates are calculated.

Bernice

First Decision = Last Decision asked:


I have an account in Citibank with healthy balance and regular inflows. I have taken a few loans in recent times and did not default in payment. My credit score is around 560.

I also use my dad’s credit card (joint account) with huge credit limit and have excellent repayment history since I’ve been paying on this card for over 14 months. This would have been my own first credit card.
I’m in employment/business for last 3.5 years after completing college.

Harvey

Barbara Camie asked:




But getting it approved by the authority and the issuer is totally a dissimilar thing altogether. There are many companies of credit cards who are placing many stringent requirements to fulfill from their candidates. One among those requirements is huge credit score or a best credit rating.

The good credit status does not arrive instantly. It takes lot of hard word with persistence and determination. But hard labor normally pays off. The time person has recognized the best credit status; the approval for the credit card’s application becomes much easier. If you have a good credit history status then you will get the approval on your application very easily. This is the initial stair to meeting each credit card application necessities. But the question strikes is, where can you achieve the good credit status? There can be many suggestions that can benefit you but here are 3 main suggestions, which have been established, effective.

The first one is that, you should shell out your demand for payment on time. Before giving their consent to the customer’s credit card application the companies check their customer’s credit score always. To guard that credit achievement from taking noise dive, the bills have to be paid on the given time. Troubles occur and many times bills are salaried very late. That does not signify that you will not be able to access the credit card ever. What all you need to do is just pay your bills on the given time. After few months of continuous pay on time, your credit status will noticeably increase.

The second one is that you keep your present plastic money. The bills, which do not seem to reduce, the more bills craze to act, it appears, is to withdraw the card. This is absolutely a foolish move. The occurrence of the credit card adds to the score of credit. A card shows that there is money, which can be easily made accessible to the cardholder. The thing that is recommended to do by the card is just to stay with it without using it, while till now paying the huge bills. Once the bills are paid, credit standing comes out to be better. It becomes feasible to get accepted for some other card that will further enhance the credit status.

The third and the last thing are to avoid assimilation out the limitation of credit of the present plastic. Credit status is known to reduce if the card is being charged in the course of more than fifty percent of its restrictions. The bills will be quite manageable if the limits of the credit card are kept below. The standing of the credit rises high as well as becomes better. If the status of the credit is outstanding, it will be very easy to get together the necessities for the new credit cards.

Alvin