Credit Card Application Process

Making an application for a new credit card might seem a daunting process but you can make the application easy by applying online. Not only is the application simple and straightforward, you will also be saving time and helping the environment.

Information That Credit Card Providers Will Require

The information that is required by credit card providers is relatively common and varies little from each financial organisation. Credit card providers will be looking for the following information from you:

Proof Of Identity

The increase of identity fraud has meant that your credit card provider will need to verify your personal details. You will need to provide information about your place and date of birth, name changes, and addresses for the last three or more years. This will need to be verified in the form of utility bills and current bank statements, etc.

Your Employment Details

Credit card providers will want to have evidence of your full time employment and details of your employment history. If you are unable to provide this information your credit card application is unlikely to be successful.

Your Income And Outgoings

Credit card providers will need to satisfy themselves that you will be able to pay off the debt that you create using their credit card. To do to make this judgment, they will want to examine your monthly income and compare that to your monthly outgoings.

Most credit cards and financial organisations have sophisticated algorithms that enable them to make their judgments objectively and without prejudice.

Credit Rating

This is not something you will be able to provide but you must be aware that a potential credit card provider will check your credit rating to decide if you constitute a good or bad risk to them. Your credit rating is determined by a complicated scoring process which is calculated by examining your credit history. Credit card providers will be looking for a good credit rating.

If your application for a new credit card is not successful, this information will be passed on to a credit reference agency who will add it to your credit rating.

Once you have filled in your application for a new credit card, you will be anxious to know how long will take before you know you have been successful.

Credit Card Application Processing Time

The amount of time it takes to process your credit card application varies according to providers, and the amount of detail that they require. Not only will the credit card provider want to satisfy themselves that the details you have provided are correct, they will also need to access your credit history from various credit rating agencies.

Average Credit Card Application Processing Time

The average time is that you are likely to wait for your application for a new credit card to be processed is four to 12 working days. However, decisions about the success of your application are likely to be given very quickly if you apply for your credit card online.

Before you proceed with your credit card application, make sure you have all the above information to hand. You must be honest and truthful with all the information you provide. By doing this, you will increase the chances of being successful with your new credit card application and it not be too long before you can go out and start spending!