Pre-Approved Credit Card

  Pre-Approved Credit Card  - What to do if your online credit card application has been refused?  - Jul 6, 2007  

Applying online for credit cards is one of the major advantages internet has offered us in recent times. All major credit card providers give the facility of online application and it is increasingly catching up with the credit card aspirants. If you have applied for a credit card online and have been refused, don't worry you are a part of large group who face rejection for one reason or another. There is no point on getting depressed on the matter, instead one should check out what went wrong, correct it, apply again and get approved online.

The first reason for the rejection of most of online credit card applications is the mismatch in credit ratings and income levels. While applying online for credit cards, if the credit card company asks for your social security number, and credit scores, they are trying to gauge your financial credibility. If you are applying for a gold credit card and your credit score doesn't measure up, chances are fair that your online credit card application will be rejected and you can't do anything about it.

In such a case if the credit card company finds that there is another offer which suits your credit ratings and income criteria they will send it along with the denial email. If they don't give any such offer, its for you to check out whether you meet their credit rating requirements or not, and if you don't it will be good to find another credit card and apply online for it.

If a credit card company rejects your application for insufficient credit score or credit ratings, it will send you information about it. This information will help you track down the credit rating agency and negative remark that caused the decline in your credit scores. If you find it incorrect you can dispute the credit report, get that negative remark removed and apply online for that very credit card again. Hopefully, if everything goes right you will get approved online.

If you faced the denial for any other reason, which you find difficult to understand, you can ask the credit card company about it. The fastest way is to contact the credit card customer care and tell them about your problem. Secondly, if you don't like calling you can send them a polite email and request a clarification.

Applying online for a credit card and getting approved is a great feeling. By taking simple steps and precautions, one can easily avoid the bad experience of facing a denial.

  Pre-Approved Credit Card  - 3 important things to look out if you are having a bad credit history and want a debit card  - Jun 6, 2007  

Finding a credit card with bad credit history is not that easy. However, prepaid or debit cards can be acquired relatively easily. But as the credit card helps re-builds credit history, what are the things to look in a prepaid or debit card so that it suits best for a person with bad credit history? Here are 3 important points.

1. Should have guaranteed approval

There is no use of having a debit card that repeats the routine procedure of employment verification, credit checks, limited or restricted approvals. Get a debit card with minimum hassles, it is normally written on the debit card offers, whether it does credit verification and other procedures or not. If not explicitly mentioned simply avoid the debit card altogether and find another one that suits your needs.

2. Does it report to credit bureaus

You are taking a debit card because no other credit card company approved you, or if they approved the rates were so high that you couldn't afford it. But you still want to improve your credit history. This can only be done if the debit card you want reports to the major credit bureau, because that's the only way one can have his spending habits and debit card use benefit his credit history. If the debit card doesn't do it, it can be good for regular debit card uses but won't help you much in rebuilding our credit history. Be very particular about it.

3. No unreasonable fees

Your credit card bill was inflated because of numerous fees and penalties, if this thing continue with your debit card, it's time to think over it. Many debit card companies charge various fees like the Annual Fees , Monthly fees, Customer Service fees, Activation Fees, Fees per purchase, ATM Cash withdrawal fees and Inactivity fees etc. These fees increase the cost of debit card ownership. Excessive fees is what every bad credit person should avoid and if the prepaid card makes a big hole in your pocket with its fees, it's better to find another one.

Debit or prepaid cards are good instruments to promote financial discipline and keep a control over finances. Though easy to get they can be a great tool for bad credit people.

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