The following information is absolutely
vital if you are going to collect lots of credit cards to use
for investing purposes. About 75% of all submitted credit applications
are turned down because the applications are not completed and
correct. When you submit a credit or loan application they grade
them as if it was a written test. Each line gets a certain number
of points. The loan officer just adds them up to determine if
you pass or fail. As long as you take care of your credit accounts
in the proper manner and make payments on time you will not have
problems with the banks. But it is still a good idea to have your
application get as many points as possible. The idea is not to
blatantly lie but rather to stretch the truth as thinly as possible.
The reason for this is because the point system is way too strict.
You need to ensure your approval any way you can. Here is a list
of tactics that if employed properly will triple the points that
you can get on an application. This list assumes that you are
applying for an unsecured major credit card. However, these tricks
work well on any credit or loan situation.
1. You need to find out which credit bureau
the bank uses and get a copy of your credit report. This is something
you should have already done. Make sure to have removed as many
derogatory items as possible. Also remove all the enquiries that
did not result in the creation of credit or a credit card before
you apply.
2. Pick a bank that is promoting for business.
These banks are usually the most lenient.
3. If you have a telephone listed in your
name then great. Get an answering machine and have it on line
always. If you do not have a telephone in your home then you need
to get one in.
4. While filling out the application, match
your credit picture to the banks minimum requirements if you know
what they are.
5. If you can, type your application. Typing
gives yourapplication the appearance of perfection. This is important.
If you cannot type it be sure to print very, very neatly.
6. Make sure you have both, personal savings
and a cheque account.
7. Go for a low credit limit of say £500
to £750 and let them offer you more.
8. Never put a previous address on an application.
Have your application suggest you have been at your current address
for at least twoyears, if not more.
9. Never imply that you are self employed.
If you are then just say who you work for even if it is your company.
10. Debt to income ratio; this basicly means
how much of your income is spent each month. This can be no more
than half of what you earn. eg if you make £900 a month
then your debts can be no more than £450. This is very important,
the more income you show that you have to spend the better the
chances are for approval. You may have to do some figuring with
your budget to make this work out.
11. Never volunteer or admit to having a
job for less than one year. This one thing could ruin your approval
chances all by itself.
12. Make your income figure as high as possible
without getting too carried away.
13. Give yourself the best sounding job title
that you can think of. The more professional it sounds the better.
14. List as few dependents as possible. No
more than three.
15. List your credit references that appear
on your credit bureau file. This way they match up with the ones
on your application. Also, add any credit cards or bank loans
that are not listed and are in good standing to your credit report.
These fifteen tips will definitely help in
getting your next application approved.
