Credit Card Applications: Affected by False / Missing Information
Throughout life we all complete a
variety of different applications whether it is a job application, mortgage
application or credit card application.
Each of these proves essential to
access suitability and therefore I cannot stress the importance of
completing applications fully and most importantly, correctly.
When lenders come to access your credit card application, it is based on a scoring system and
depending on whether or not you meet the minimum requirements, any missing
or false information provided in the application can result in one being
refused where perhaps they may have normally been accepted.
It will completely depend on the
individual lenders as to what their in house credit scoring system is but
many potential applicants are unaware that by completing information that is
perhaps out of date or false (however slight) then this can greatly effect
any credit card application.
It is frequently stated in the terms
and conditions of any application to ensure that all information is
completed as fully as possible as this may affect the overall outcome so by
taking the time initially, this will save time later.
What could lead to an application
This is the part that can cause
confusion when a credit card application is submitted, but
what results in many applications being turned down?
It is not one particular part of an
application which results in a credit refusal but a number of things so by
ensuring that you complete an application as fully as possible, it will not
lower your score on the in house system implemented.
- Middle name/s. If you have a
middle name/s then include it/them because whilst this won’t affect your credit card application tremendously, it could be the
difference between a yes or no
- Addresses. Slight differences
with house numbers / names could result in discrepancies arising or it
could purely be down to a written error. Ensure that all applications
are correct before being submitted. The biggest issue with addresses is
with new houses that may not show up on lender’s systems. In a case such
as this, to support your application, send proof of address as this will
alleviate any queries that could come to light.
If you want a higher chance of being
accepted when your credit card application has been submitted
then it would be almost essential that you are included on the voter’s role.
This in itself will prove your address of residency and will confirm that
you are who you say you are.
In most cases, if a potential
customer has an excellent credit rating then this will not make much of a
difference overall but it will work in your favour that you are enlisted on
the voters role.
By ensuring the above, it will make
the entire transition a whole lot easier and acceptance is a higher
possibility if you just take the time to check all the details are accurate
and that it is completed as much as possible.