Credit Card Application Success, Increase Your Odds by Checking Your Eligibility
Personal_Finance / Credit Cards & Scoring Jun 12, 2009 - 01:38 AM GMTBy: MoneySupermarket
Getting a credit card on good terms has become a harder task over the last couple of years, with providers scrutinizing credit records like never before.
- moneysupermarket.com urges Brits to check they meet the criteria for any credit cards they apply for
The combination of increased risk aversion amongst credit card providers, and lack of transparency as to eligibility criteria, has left many people in the dark as to whether or not they're able to get the market leading deals.
Fortunately, some providers such as MBNA, Barclaycard and RBS now openly publish their 'eligibility criteria', so potential applicants can check whether or not they are likely to be turned down for any given product. For example, to obtain the Barclaycard Platinum Credit Card, one must:
- Have a good credit rating
- Have no history of bankruptcy
- Have not had any County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years
- Have a history of managing credit commitments well i.e. have existing credit and at least 4 years of experience managing credit cards, loans, overdraft or mortgage
- Have always made payments on time
- Not already have a Barclaycard
- Have had a permanent UK address for 3 months or more
- Have a regular income of more than £20,000 pa
- Excluding a mortgage, have no more debt on credit cards or store cards than 10% of your income
- Be aged 21 or over
Peter Harrison, credit card expert at moneysupermarket.com said: "It is imperative that people take care when applying for credit cards. Those that are too reckless in their applications may find their credit records fouled with a litany of failed attempts to secure credit. This in turn will only push them further down the food chain in terms of the products they will be accepted for. However, providers must also help us all out a bit, and give us a better idea as to how our suitability for products is judged.
"It is encouraging to see some providers making clear what is required for a successful application. At moneysupermarket.com we are always exploring ways to help people apply for the best deals they are likely to be accepted for, and with this in mind, we have a tool called SmartSearch which helps applicants sift through the many options to find the products they are most likely to be accepted for."
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