Don’t think you can get a credit card with your poor financial history? You can – and you probably should.
To Get Credits Don’t Build Credit Card
The FICO rating plays a vital role in helping you obtain credit and depending upon this lenders tend to determine if the credit card can be issued to you or not . Few other aspects too are taking into account while deciding to give an approval to your credit card application .These factors can
• Most of the lenders look into your bank accounts as a proof of your stability. Opening an account with a bank does not expect credits and this is why you can easily get a checking account opened with any local bank. Your details are not disclosed to the credit bureau and your account also emerges as the vital point of credibility for the issuers who then decide if your loan applications can be sanctioned or not.
The minute your checking account is open the respective bank sends out the successful associated message to the lender that now you are capable of managing your money. Lender can further retrieve information and decide if you are subjected to credit risk or not. Additionally if you continue to maintain a good association with the bank the possibilities of obtaining an approval too increases. This is of great value as lenders do approach your bank to obtain details. In such case bank co-operates and offers the lenders the relevant details they are seeking, which actually works in your favor and help you build credit card.
• An untamed employment history with a company too enables lender to understand if the credit can be sanctioned to you. You can build credit card if you are able to prove the desired consistency and work stability by holding onto a job for long.
• Complete history of your residing location too is taken into account while issuing a credit card. This factor analyses the frequency of your movements and how long have you been staying at a particular location. Moreover if you are the owner of the house and own the place jointly with your wife possibilities of getting your credibility sanctioned is quite high.
• Credits cards are often used as secured cards. These secured cards can be conveniently received simply by making certain deposit with your credit bureau or a financial institution like bank and get your card with certain credit limit. The process to build credit card here is very simple like a prepaid card.
Students too can get to pick the best credit cards by following the below mentioned tips;
• College goers should not go for the cards that charge them a yearly fee for using them.
• Students can apply for the cards that offer them good incentives, rewards or bonuses along with the credit card.
• Albeit students to pay off their credit cards bills every month to avoid debt ,yet it’s wise to look out for the interest rates charged by the credit card company.