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Applying for a credit card
Former Member
Posts: 1,876,323 The Mix Honorary Guru
When you apply for a credit card do they check how much money you have in your account or just that you have a full time job? I'm hopefully starting a job today and I think I have good credit rating but there's no money in my account and I've only been earning about £50 per week for the past few months. Do they check this? Also will it matter if I haven't been paid from the job yet?
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That and a lot more too.
Generally, they check if you have a job, if so how much you are earning.
They check the balance of your account, and the balance it has been at for a specified amount of time previously (i'd purely guess at around 3 years)
They then check if you've ever missed a payment on a loan, credit card or other contract, if not they will then look at how many loans and things youve had, and have successfully been keeping up to date with in the past.
They will then look at where you live, if anybody living at that address has been in financial difficulty, how you're associated with them etc...
Every case is different, missing payments are the thing to worry about from what i can make out, so if you've not missed any, then its a good start.
Personally in the past ive paid for everything in cash, so dont really have a credit rating either.
Somebody at my address had problems with a credit card company in the past so if anything i would expect to find it slightly more difficult than the average person to get accepted for credit.
But i've just applied for one with my bank, they can see that personally, whilst i haven't had any loans out to boost my credit rating, i've equally managed my account well, so they have accepted to give me one, just waiting to find out weather it'll be a classic one, or a gold one (It'll be a Classic one) and i suspect i'll have a low credit limit to start with, but that'll do me, I only need one to boost my future credit score really.
I suspect that unless you've had any real problems you'll be offered a basic one, it'll have a slightly higher interest rate, and a low credit limit, but providing you ensure you pay it off in full each month that shouldn't be a problem and will help you in the future.
If you really thing you may not be accepted for one, go in to your bank and ask them to do a erm, i forget the term, basically they can check your record without you actually applying for one, that way if they think you wouldn't get one, it won't put a "refused" black mark against your name, if you get a couple of them, it makes it harder still in the future.
Just thought, wait till 'Girl With Sharp Teeth' (or whatever her username is
My boyfriend used my credit card and was paying it off in full each month so my credit rating should be good, and even though I'm only making the minimum payments at the moment I've never missed one. Hm I'll definatly do that thing with the bank, I was worried about getting refused because it looks bad. Ta
They would however, check your credit history, which would show how you manage your balances. If you are overdrawn within an agreed overdraft then that wouldn't necessarily be a bad thing.
Yeah that sounds more accurate, with me applying for one with my bank im fully expecting them to check how i've kept my account with them so i guess i got a little side tracked with that, the way your account is kept will be looked at, but like you say, only to the level of weather or not you have been overdrawn, and if so if it was authorised or not, and if payments were met etc...
Sorry
And has you point out, debts won't be considered *bad* it's how you've acted upon them that will be judged, if you've gone overdrawn and made regular payments then you'll probably be looked upon more favourably than myself whose never dropped into my overdraft
LOL@Mr Orange - just spouting out information on a whim hey mate?
Something like that, I thought considering some of the frankly, fucking awful advice, especially in the health forums (:shocking: not the place you want shit advice thrown around!) that is given, me giving some general advice, and then later point to the right person to ask would suffice
I have a friend 'in the know' who says in most cases they don't check a lot of the information you give. Things like whether you're on the electoral register are always checked but employment history......that and one or two other things, they just take your word for it usually.
Collecting clubcard points mainly