Have you wondered how credit card eligibility is determined?
Curious whether you’re eligible for a credit card?
It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.
Credit Reports and Credit Scores
When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.
Among the things that go into your credit history are:
- How many credit cards you have
- How much you owe on each one
- How many loans you’ve taken out
- How much you still owe on them
- Any payments that you’ve made late
- Any payments that you’ve missed
- If you’ve ever defaulted on a loan
- If you’ve ever filed for bankruptcy
- If you own a house
- If there has ever been a judgment against you for unpaid debts
Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.
Some of the things that you lose points on your credit score for are:
- Having too many credit cards
- Carrying too much debt on your credit cards
- Carrying too many loans
- Making late payments or missing payments
- Defaulting on a loan
- Applying for a lot of credit cards in a short time
The credit card and credit score give a ‘snapshot’ of your credit history.
Getting a Credit Card
When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score. Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with. The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.
The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate. If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.
If you’re turned down for a credit card..
The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from. There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.
You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free. The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it. Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.
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Max Keiser talks to Stacy Herbert about China’s gold reverves and the dollar being dumped recorded on April 25th 2009 China has ‘canceled US credit card’: lawmaker news.yahoo.com Thu Apr 30, 6:11 pm ET WASHINGTON (AFP) China, wary of the troubled US economy, has already “canceled America’s credit card” by cutting down purchases of debt, a US congressman said Thursday. China has the world’s largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country. But Treasury Department data shows that investors in China have sharply curtailed their purchases of bonds in January and February. Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had “very legitimate” concerns about its investments. “It would appear, quietly and with deference and politeness, that China has canceled America’s credit card,” Kirk told the Committee of 100, a Chinese-American group. “I’m not sure too many people on Capitol Hill realize that this is now happening,” he said. The Republican lawmaker said that China was justified in concerns about returns from finance giants Fannie Mae and Freddie Mac, which were bailed out by the US government due to the financial crisis. Kirk said he was the first member of Congress to tour the Bureau of Public Debt, which trades bonds, and was alarmed at how much debt was being bought by <b>…</b>
Help answer the question about credit card
How long does it take a credit card company to process a credit card application?I just submitted an application for a secured credit card about a week ago and the credit card company debited the $200 from my checking account that I would need for a security deposit and I still haven't received my credit card yet. When do you expect that I should receive my credit card?
Eligibility Criteria; If the number of employees is less than hundred or the revenues are not more than $10,000,000, you are eligible for getting these credit cards. As individual banks also provide these cards, it will be useful to do some research and get the best possible deal with minimum interest rates and no annual fee at all.
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You have to be old enough to have some sort of a credit history established. That would help determine your credit score.
Otherwise, I believe you have to be 18 years old (no longer a minor and financially responsible for your own debt), unless perhaps your parents co-sign for you if you are a minor. I know that can work with a purchase of a car on credit, but I don't know if it would work for a credit card.
Is it just me or is Ricky also the dude that plays the gay guy on this show? the one that’s always calling Martin almond brown? haha
I Liked The Intros When He Would Talk In The Radio Station, He Stopped After Season 1 Tho.
you don’t need hands to kick a football XD LMAO
It shouldn't but it was…..Lots of marketers are hoping to lure in the hispanic (growing) market and make special ammendments for them….
ricky thompson looks like gucci mane lmao
ms.jackson if you nasty hillarious
Use a debit card (with a visa or mastercard logo). You can open a free checking account just about anywhere now days, either a personal or business checking acct. My pay-pal is verified with my bus. checking, and for cc, I used the debit card from that same checking acct. No problem.
No. and the rules are the same throughout the US.
Yes, anything you would have to pay on a regular basis. That would be considered until it is paid off. Just as a car loan would be an expense but not after it is paid off, obviously. These are listed under other or misc.
You do have to report changes though, such as when these are no longer expenses.
A grant is a gift.
A credit card is used to borrow money.
Grants do not show up in a credit report.
Credit card accounts do.
Martin is one of the best shows ever created
damn gina was odeeing goin up n down damn ide kill dat back den i wouldnt even touch her now
Yes, closing a card can lower your credit score depending on your credit limit on the card and how long you've had the account. You may want to shred the card or file it away, but keep the account open. Here's more information about why canceling a card can be detrimental for your credit score:
http://moneygirl.quickanddirtytips.com/canceling-credit-cards.aspx.
Hi Jimmy,
you go through the following link. then you will know.
https://www.online.citibank.co.in/portal/newgen/seo/cards/credit-cards.htm
they have always save crackers in the kitchen…wow
hell ya the best idk why it disnt make history better than FRIENDS thats for sure!!