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 You've decided to
finally take the plunge and apply for a credit card, after the fifteenth
"pre-approved" offer hits your mailbox.
The credit card
company will make their decision based on your "application score" which is
different from your FICO score. "The FICO score isn't the make-or-break
number everyone thinks it is." writes Geoff Williams on CardRatings.com.
Your application
score is based on all the data you provide in your application, so make
sure you thoroughly and honestly fill it out.
"The rule of
thumb is to not leave blank spaces," says John Ulzheimer. a nationally
recognized credit scoring expert. "If you do that, the credit card issuer
will penalize you as if you gave the least attractive answer. The best thing
you can do is answer the application's questions as honestly as you can."
If you
make an honest mistake on your application, it may not be the end of the world,
says Ulzheimer, "but don't tempt fate".
So what do they like to see?
A full time job, a checking account and a savings account are the top
things that credit card companies like to see.
"They generally
want to see that savings account so they know you have something to depend
on if you lose your job," adds Ulzheimer.
Don't bother asking
for your application score, writes Williams, they don't have to supply it,
unlike laws governing your credit score.
"And even if you somehow got a hold of your application
score, you wouldn't be able to make heads or tails out of it anyway," says
Ulzheimer. The credit card companies use a code that is only decipherable by
computers.
The whole process is
very impersonal, writes Williams, even though the application process is
very personal. So, keep in mind these
tips when filling out a credit card application and then try not to take it
personally if you are rejected....
Read the full article
at CardRatings.com.
 photo credit: The.Comedian
Posted on August 10, 2011 13:45:48 by  Scott.Shields
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