Reckless card applicants risk “fouled” credit record
Consumers should carefully check credit providers’ criteria before applying for a credit card or risk finding their “ credit records fouled with a litany of failed attempts to secure credit,” a price comparison site warned this week.
With a number of providers, including MBNA, Barclaycard, and RBS, now openly publishing their eligibility criteria, potential applicants have little excuse for not making the effort to investigate whether they’re eligible for a particular credit card.
“Reckless” applicants who have their credit applications rejected will find themselves “[pushed] further down the food chain in terms of the products they will be accepted for,” moneysupermaket.com said.
Criteria for a Barclaycard Platinum Credit Card is:
A good credit rating
No history of bankruptcy
No County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years
A history of managing credit commitments well, including existing credit and at least 4 years of experience managing credit cards, loans, overdraft or mortgage
No missed payments
Not already have a Barclaycard
A permanent UK address for 3 months or more
A regular income of more than £20,000 pa
Excluding a mortgage, no more debt on credit cards or store cards than 10% of your income
Age 21 or over
Credit card providers should follow Barclaycard’s lead, moneysupermarket.com said, and give “a better idea as to how suitability for products is judged.”
Visited 2402 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.