Cori<3 asked:


I applied for a credit card and the reason I got denied was

RATIO OF BALANCE TO HC FOR ALL OPEN BANK REVOLVING TRADES

What does that exactly mean?? If you don’t know please don’t answer.
I only have one other credit card and it has a 300 dollar balance on it..

Mildred

bigfoot77 asked:


I recently applied for a credit card, but was denied. The reason was the company I work for does not meet their requirement or that the company does not earn much or to that effect. Does this also mean that the company is at the verge of closing?
They told me that I passed the salary requirement. Except for the company because it is not earning that much. Actually, this is the first time I heard of this. It is a bank in the middle east. I can’t believe I got denied because my company has a poor credit score?

Melinda

Chintamani Abhyankar asked:




Credit card companies use very similar formulas for their application process.

]]> http://credit-card-application-site.com/finance/tips-for-filling-out-a-credit-card-application/feed/ 0 http://credit-card-application-site.com/credit/credit-card-applications-the-rejection-of-credit-card-application/ http://credit-card-application-site.com/credit/credit-card-applications-the-rejection-of-credit-card-application/#comments Mon, 31 Aug 2009 03:50:08 +0000 admin http://credit-card-application-site.com/credit/credit-card-applications-the-rejection-of-credit-card-application/

Uchenna Ani-Okoye asked:


As time progresses, more and more people are joining the revolution called ‘Credit card’. Yes, it’s really a revolution. Now you don’t need to worry about how much cash you have in your pocket when you go shopping, just carrying this small piece of plastic (credit card) is enough to assure you of a good shopping ‘treat’. You can use your credit card to order things from the comfort of your home (on the internet).

So the number of credit card applications seems to be on the rise. However, not every credit card application turns into a physical credit card. Some credit card applications get rejected too. Let’s check why a credit card supplier would reject a credit card application when he has spent so much time and energy (and money) on wooing new customers.

One obvious reason for rejection of credit card application is human error i.e. the error committed by you in filling up the credit card application. These can be small mistakes like a wrong telephone number or wrong name or the postal code might be wrong. It’s normal to make mistakes, after all we are human being and no human being can be termed as perfect. Another strong reason for rejection of a credit card application could be missing mandatory information i.e. when you forgot to fill-in some mandatory information in the credit card application form.

Sometimes, the credit card application could be rejected because the credit card application form has been filled-in in a handwriting that is illegible to the people processing your credit card application. At other times, the sales representative (of the credit card supplier) could have made a mistake in either depositing the form correctly or in guiding you in the filling of the credit card application form (newly hired sales representatives can make such mistakes).

However, these human errors are just minor errors that can be corrected later on and hence the only impact would be in terms of the delay in receiving your credit card. The main and the most important cause for rejection of credit card applications is bad credit ratings i.e. a negative credit history. If you have been using other credit cards or if you have taken bank loans/mortgages in the past, you would have already build your credit rating.

If you have been making your bill/instalment payments in time (and in the correct amount), you would have already acquired a good credit rating, however, if you have been irregular or if you have been defaulting on your payment dues, you would have developed a bad credit rating. This credit rating is calculated by credit bureaus who receive feeds from various credit suppliers. All credit card applications are checked for the credit rating of the requestor and if it comes up as negative, the application is rejected out rightly.

So, these are the 2 most important reasons for rejection of credit card application and you must pay heed to them (especially the credit rating).



Amber

Mommy of two beautiful ♂ asked:


My husband and I were to apply the credit card by PNC bank from last week and now we got the mail saying they couldn’t unable to approve our application at this time for one or more of the following reason was no credit file (no credit files on both parties and insufficient number of credit references provided)… Now what do? We really want to have credit card but I don’t know where else we can apply credit card? Please help because we are trying buy a house with credit card.

Thanks

Marian

Arif R asked:


If for some reason they do not give me the loan, will that hurt my credit score? Because I know when you get declined from credit card applications it hurts your score. Also, do you need to have a real god reason to take out a loan or is “I want to improve my credit valid?

I want to take out a 500-1000 dollar loan and pay it off without using the money. I know I will be paying some extra due to interest but I want to improve my credit.

Dale

Giant Wang asked:


I went into the branch about a month ago and the teller said I had the old type of checking account and they have a newer version with no extra fees or anything and asked if I would like to convert it over. I said sure, as long as there are no strings attached and he said there weren’t. Then out of nowhere, my wife gets a Bank of America Visa card sent to her with a $7500 limit that neither her nor I ever asked or applied for. We called B of A and they said it was requested the same day we were in the branch. In other words, we were scammed. The reason we are concerned is because we are about to apply for a mortgage. Overall, my wife and I have good credit scores (around 700) but we have some high credit card balances. Without this new card, our balances are about 65% of out total limits. With the new card, our balances will be about 40% ouf our limits. Is this going to hurt our mortgage application or not? Should we cancel the card?

Evelyn