What do the credit card companies look at when deciding on whether or not to approve my credit card applications?

  Credit card companies do not look at just one or two things when trying to determine if your credit card applications should be approved.  There are a number of different factors that determine whether or not they think you will be a good credit risk or not.

Length of Time at Current Residence

  If you have not lived at your current residence for at least 2 years you normally have to put down your previous address on your credit card applications.  The credit card companies are looking for someone with stable address so they will not have to worry about trying to hunt you down to get your bills paid.   If you move every couple of months it will be a negative against you.  You should also have a phone number of some sort.  Putting down a home and work phone number is most beneficial as this proves you are easy to get hold off if you are needed to be contacted.

Employment

  The longer you have been at your current job the better. Again, this shows signs of stability and that you are not at risk of losing your job or just up and quitting.  The more years you have been at  your job the better it is going to look for you in the eyes of the credit card companies.

Income

  This one is a pretty obvious one.  The more money you make the better.  Credit Companies will still look at your Income and compare it to your monthly bills but if you are making good money and you do not have a high income/debt ratio you will get extra points for your credit card applications to be approved.

Citizenship Status

  Non-citizens will receive negative points on their credit card applications.  This is simple because the credit card companies will want to make sure they are only lending money to people who are going to be in the country and able to pay them back.

Credit Score

  Your credit score will be check and if you have a proven history of paying all your bills on time every month then you should have no problem here.  This would include all bank loans, car loans, other credit cards, phone bills and pretty much any other bill you get monthly.  The better your credit score the better chances of having your credit card applications approved are.

  Read our article on choosing the right kind of card for you if you are having trouble figuring out the best type of card for you.

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