Credit Card Approval Process #three #credit #reporting #agencies

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Preparation

When you are planning to put in an application for a credit card, you should first take some steps to support smooth approval of your credit card application. Order copies of your credit reports from Transunion, Experian, and Equifax. According to the Federal Trade commission, you are entitled to a free copy from each of the credit bureaus every year. Look carefully for incorrect negative information, and file a dispute if you find any. The credit bureaus must investigate the dispute and remove the negative information if it cannot be verified. Once the disputes are resolved, you can apply for a credit card and will have a better chance for approval.

Application

Apply for the credit card by your preferred method. Most people fill out their applications online. Make sure you are using a secured website if you do this. BTechnologies.com says you can confirm this by looking for “https” in the site address. You can also send in a written application or apply by phone if you are not comfortable providing so much personal information online.

Approval

If you apply online and are approved, you will usually get your response within minutes and the card will be mailed to you later. According to the Creditcards.com website, many online applications can be approved in as little as 60 seconds. Sometimes you will get an immediate approval over the phone. Written applications take the longest to get approved because of the time it takes for the application to go through the mail system.

Appeal

If your credit card application is not approved, the credit card issuer must give you a reason and provide you with the contact information for the credit bureau that was used to obtain your report. According to Credit Shout, if the reason given is vague, you can write a letter demanding a more detailed explanation. If you feel that your application was rejected based on incorrect information, file a dispute with the credit bureau. If it is corrected, contact the credit card company to let it know and ask it to reconsider your application, if you desire.





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