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Applying for a Credit Card?
Contributed by confused.com
As a nation, we are not strangers to credit card offers. But unless you have researched the many options and offers available, how can you be sure the card arriving through your door is the right choice for you?
Until now, it has been typical to reply to credit card offers through the post, or to apply by picking up an application from your local bank. But by applying for credit cards this way, it is likely that you haven’t seen everything that is on offer within a varied and diverse marketplace. In today’s online world, the most convenient way to find - and apply for - a credit card is via the internet.
Credit card applications are fairly straight-forward and probably take around ten minutes to complete. Along with your name, address, phone numbers, you will need other information to hand. This is generally your main bank account number and sort code; your previous address details if you have moved within the last three years; your employers full address; plus details of your income and expenditure. The latter is so credit card companies can be sure you will meet the monthly payment demands for the credit they make available to you.
A debt to income analysis tells the card issuer what percentage of your current monthly income is allocated toward other debts, including mortgages, personal loans, other cards, and car payments. This helps them assess your ability to make monthly payments.
There might also be the option to apply with a joint applicant. With a joint applicant, you may present less of a credit risk, assuming your joint applicant is credit worthy. A joint applicant with a good income, a low debt to income ratio, and a strong credit history is a good ally in the credit card process. Do keep in mind, however, that each borrower is responsible for the debt incurred by the card. If you agree to apply jointly with someone, be sure that you trust their ability to repay their obligation of the debt.
If your own income is high and your credit rating is good, it may be better to apply by yourself.
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