Mpids

Credit Card Apply Process: Online vs Offline

It can be quite a hassle when trying to apply for a credit card in person. It is a good thing that you can go online and submit a credit card application. The convenience of going to a secure website to apply is second to none. You’ll be surprised at how fast you can be approved when you apply for a credit card online. Sometimes issuers can approve you within minutes as opposed to sending applications in the mail which could take days or weeks.

Now you know how quick and hassle free getting a credit card online can be but getting approved takes a little extra effort on your part

Make sure to check your credit score with the 3 credit scoring agencies: Experian, Equifax, Transunion to get a good idea of where your credit stands before actually applying for a credit card. Is there a strong reason for checking your credit report? Each credit card issuer may use one or all three credit reporting agencies to assess your credit before approving your application. Looking at your credit report will tell you what delinquencies, if any, have been recorded. If you feel that the report shows anything in error make sure you have it removed instantly. By disputing the inaccurate records with the credit bureaus and they cannot verify it, the record will then be removed. Taking this extra step will ensure a better chance of approval when applying for the a credit card.

Isn’t it bizarre that something that’s so crucial to our financial credibility can be kept from us? The most important information that exists about your financial worthiness, your ability to obtain loans, mortgages or credit cards, even to get a job, is never disclosed to you.

Have you ever asked yourself why? We sometimes hear banks and credit card companies mutter this phrase ‘the credit score’, (as distinct from credit report or credit history) but if you ask them for more information on how it’s calculated, there’s much finger wagging, teeth sucking and head shaking.

In reality, it’s very easy to get a copy of your free statutory credit report online these days, but the more critical process of deciding how each company views your history and your current financial responsibility is strictly hush-hush. What’s also not clear is what other information credit reference agencies hold on us.

The ‘credit score’ is a points system where a lender will go through your most personal statistics, including your credit history and mark each of them with a score. In practice this is obviously computerised. If you own your home, and you’re registered on the voters roll, these will give you positive points, being young, self-employed and living with your parents less so, or so we think.

Financial transactions using cash will be a part of museum one day. Use of checkbooks for the same purpose is already on the wane. Debit cards and credit cards have elbowed them out. With the rise in online transactions credit card has taken the center stage gradually and steadily. On the other hand, there are people in the financial markets who have stained their history of credit. People with record of bad credit do not usually get their application for credit card approved. It is, however, possible for a person with stained credit record to secure an authorized credit card bad credit.

People with poor credit scores are not untouchable to the financial companies. There are companies which set pricing as per the Risk they take. They fix different rates of interest on respective offers made on the basis of credit scores of the consumers. They will not refuse the application of a person who has bad credit record. Application of the particular person will be approved if he is ready to get credit card bad credit at higher rates.

There are people who have worst type of credit score. Some others do not have any credit record at all. Companies have made provision of ‘starter cards’ for these people. The ‘starter cards’ are available with high rate of interest, lower credit limit and great amount of fees.