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

Ellen Stevens asked:




While we always have to be cautious concerning the debt load we carry, at the same time, most of us need at least one credit card to cover ourselves in case of emergencies.

So even though it’s wise not to build up debt and the high interest rates that accompany credit cards, at the same time it can be just as unwise to not have a backup up credit card in case something unexpected happens.

Just remember to pay off those credit card bills before the interest rates kick in, and you’ll do ok.

With that in mind, here are some tips to ensure you get quick approval for a credit card application.

The credit card application itself

While it may seem to be a no-brainer, surprisingly, many people don’t properly complete a credit card application, elongating the process and unnecessarily prolonging the approval of the application.

So we can think something on a credit card application is not that important and so don’t pay the attention to it we must, all that does is ensure a rejection and need to correct it and send it back.

This usually applies to personal information, which is so common to ourselves that we tend to go over it too quickly. So read the application while you’re filling it out, and read it again at least one more time to make sure all the required information is in it.

Reading the credit card application at least a couple of times also helps you to understand exactly what you’re signing. So many people just want their card and have no idea of the terms involved in the agreement. So go over it a minimum of two times for understanding and checking to see that all your personal information is included.

Getting help with your application

If you’ve never have filled out a credit card application before, or you’re having trouble with a new card you’re applying for, see if any of your family, friends or neighbors have the card and ask them about specifics for filling it out if you’re unsure about anything.

After that, if you’re still unsure, call the company and get the answers you need before signing. Never want it so bad that you sign up with absolutely no knowledge of what you signed.

Check your credit report

Before signing up have your credit score and report handy, along with any balances to your existing credit cards you have if that’s applicable.

That way you can take care of any things that may need to be cleaned up before proceeding. If there’s something not accurate in your report or that has been taken care of, it’s necessary to clear that up and out of your report, or your credit card application will probably be turned down.

If you have existing creditors

One important thing many consumers aren’t aware of is the way credit card companies report payments to the credit bureau. In some cases they can be a month or two behind, making it look like you’re behind.

If that’s the case, call them up and ask them to update their report to reflect your actual payments and not the timing of when they enter them.

Realistic Credit Expectations

I know a lot of people that try to get the highest amount of credit they can without regard to their income. This is a sure way to get rejected, as there are strict formulas in place by companies, and it makes no sense to get credit which you are unable to pay back if anything unexpected happens; which it always does.

Overall Household Income

Sometimes when credit is applied for, the consumer forgets their overall household income and only includes a single income. It’s best to report all your household income for the best at getting your credit card application approved. Finance companies love to see extra leeway and room to wiggle if something happens.

What if you’re rejected?

Many times a credit card application is rejected for a number of the reasons mentioned above, so don’t just accept the rejection, but call to find out what the reasoning behind the rejection was, if it’s not made clear to you.

Assuming you’re a legitimate credit risk, most of the time it’s forgetting to input information that results in your rejection, which slows down the process.

When and if that happens, just find the information and get it quickly to the credit card company and you’ll get your application approved.

Elsie

retrodragonfly asked:


I’m having a problem with getting a credit card in my name. Since I’ve graduated from high school I’ve had a credit card but its in mine and my dad’s name. We both assumed that it would build up my credit but it turned out to not. I pay a bills in full and on time but I do not have any credit score obtained. No credit card companies will accept my application because I have no credit. They don’t care that I have a full time job and a checking and savings account. Please I really can use some sound advice because I really hope to someday buy a home and it will be impossible without any credit obtained.
I’ve tried to get a store credit card and failed and I’ve also tried to get a card from my bank. The lady said she would see what she can do since she knows me well but I haven’t gotten any luck yet.

Ana