Tag Archive | “no credit history”

Advantages and Disadvantages of Secured Credit Cards

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You can consider applying for a secured credit card if you have a bad credit history or no credit history and you are willing to establish your credit. It is not easy to obtain an unsecured credit card for those with their spoiled credit rating or for someone who hasn’t yet established a credit history. Lenders hesitate to take the chance on any person who has not got a flawless credit history.

credit-card-security
A secured credit card is almost similar to an unsecured credit card and usually it offers the same security and charging advantages. The only difference is that in order to obtain a secured credit card you have to pay a deposit of security to the credit card company having amounts similar to your credit line. With this the company assures that they will get their money back even if you turn out to be a bad credit risk.

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Why My Credit Card Application Was Denied

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Almost all of us get literally hundreds of credit card applications in the mail and each and every one of them says that you have been pre-approved.  It is natural for us to think that the application process is just a formal ritual and we are already approved to get a credit card. Stop right there. Read those lines again. You are thinking wrong. The offer says that your are pre-approved to Apply for Credit Card, not to actually receive one.

Credit Card Application denied

Yes, It is misleading and just another of the marketing gimmicks that credit card companies play.  In fact, actual approval of your credit card will depend on several other things. Any of which can keep you from receiving the so called Pre-Approved Card.  In this post I would like to go over some of the reasons for credit card application rejection and will try to advise you if anything can be done about them.

Why My Credit Card Application Was Rejected

In most cases the reason is your credit score.  Other things can also go wrong with a credit card application but credit score is top of the list. Among other things that can be problem are

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