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Qualifying For A Credit Card
Each company establishes its own requirements for being granted credit, but all companies require the basics to qualify you for an account.
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Be at least 18 years of age
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Have a regular source of income
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Have a good credit report
These minimum standards establish that you might be a good credit risk, and help the credit issuer to determine just how much credit to extend. How do they determine credit worthiness? They look at your history of handling financial obligations. If you have purchased a car or anything else under a finance plan it will be on your credit report. Even your timeliness of paying utility bills can be recorded on a credit report. Your credit report is a big part of the information about you. It is used to determine not only how much credit to extend, but can also be used to evaluate you as a potential job candidate, tenant, or insurance subscriber. That is why it is so important to know what your credit report says about you.
The federal government recently passed legislation that gives you the right to request one credit report every year from each reporting company and there are three major one any or all of which collects public information about you and releases it to authorized persons. The big three are:
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Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
www.equifax.com
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Experian (formerly TRW)
P.O. Box 949
Allen, TX 75013-0949
1-888-EXPERIAN (397-3742)
www.experian.com
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Trans Union
P.O. Box 390
Springfield, PA 19064-03090
1-800-916-8800
www.tuc.com
In addition to the one free credit report, you are also entitled to a copy of any credit report used to deny you credit or that has released information that adversely affected the outcome of a transaction; for example renting an apartment or buying a house.
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