10 Things Not To Do When Applying For A Credit Card
Do one of these things and Wham! you hurt yourself; we tell you how badly
As with any loan, applying for a credit card involves preparation, especially if your credit history is less than sparkling. But a few activities — some of them not obvious — can hurt your chances of getting approved for that new plastic.
If you’re looking for a card, the best thing you can do to increase your chances is to pull your credit report, review it for accuracy and analyze the data to make sure you’re in the best possible financial standing.he worst moves you can make to spoil your chances of getting a credit card? Lenders and financial counselors offered these top 10.
To further illustrate the impact, we’ve included Whammies, which show — on a scale of 0 to 4 — just how much each mistake will hurt you. The most Whammies, the more it hurts.
1. Letting Your Credit Score Slip
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Why It Hurts You: Credit card companies look at your score to make their ultimate decision on whether you get a card.
With increasing legal constraints on the lending industry and a surge in consumers with money woes, many credit card companies no longer offer credit to low-score applicants. You may be denied a credit card based on your score.
Lenders differ widely on their cutoff points. How can people find out the credit score requirements of a company prior to applying for a credit card?
