Student Credit Card Application
Credit card has become a basic need in today's life, We cannot imagine life without this plastic card.Due to the boom in the credit industry many banks and firms are providing credit cards to the customers.Out of the different types of credit cards the student credit card is the one which is best suited for high school and college going people. The student credit card is much the same as other credit cards and its usage is pretty similar.As the name says it is only for people going to school or college and it comes with some limitations and restrictions.
Normally Credit card companies issue these kinds of cards to students who has a co-signer in his/her name. Usually most of the time it will be the parents or guardian will serve as a co-signer. The co-signer has the complete responsibility for the amount which the student may incur and he will serve as back up in case of students inability to repay.
Generally the Student Credit card have relatively higher rate of interest when compared with the other credit cards which are prevailing.This method is adopted by the credit card companies to avoid the financial risk in case of failing or delayed payments.The Credit limit will be very low on the student credit cards as they are not salaried people and they are yet to start on their credit history.
One of the biggest advantage with student credit card is that they can start piling good history right from their teens and once they turn into professionals after the college they will have a excellent credit score.This credit score will be very useful for their own financial needs such buying a car or a house. The chances of getting a loan approval becomes easy as it is supported by good credit score.
Student Credit card Application can very useful and helps the cardholder to learn about the money dynamics and budget planning. Mastering the use of the student credit card will definitely improve the cardholder's money managing skills as these cards come with low credit limit.These cards will inculcate good habits and discipline which will be helpful throughout cardholder's life.
Instant Approval Online
Most of the credit card companies are providing web portals on the internet. These web portals are easiest and fastest means to get approval for the credit card. Just a few clicks you will be very near to your new Student Credit card. Usually the credit companies ask to submit some of your details along with verification procedures. Once you finish this a week or so you will have your Student credit card in your pocket.Online Approval is fast unlike traditional procedure which keeps you waiting for weeks.Another biggest advantages with online credit approval is that you can compare different credit card companies offerings and opt for the best which exactly suits your requirement.
Though there are certain limitations with the online credit card approval procedure and to mention one, The Instant Student Credit Card Applications are often targeted for people who have good credit scores. There are many different ways to apply but sometimes its the matter of luck to get one.
What if Online Credit Card Application is Rejected
The first and foremost thing to do when your credit card application gets rejected is to have a clear and detailed look of the statement. Carefully look into statement and find out the reason for denial. In most of the cases the reason could be bad credit history and some times it could be address mentioned which may be incorrect. Some of the other possible reasons could be
1) Not Residing at the current location from considerable amount of time. Usually most of the credit companies look for atleast 10 years or so..
2) Not with the current job from long time.
3) Your Income does not meet with Company's minimum requirement.
4) Feed back from credit reporting agencies.
When you are not clear about the denial of the credit card approval, call the credit card company and seek total clarification. You should be very specific and ask questions like where exactly your application failed, You have every right to know the information. If they say that you have failed to meet their requirements then ask their requirements and if possible note them down, This will help you when re-apply for the card. The Best Idea when you have 2 consecutive denails, Wait for atleast 6 months and re-apply.
Some times the reason behind the denial could be the Incorrect details supplied by the credit bureau. The Federal law requires the creditor to give full details of the credit bureau along with the telephone number. Get in touch with the bureau and if possible get a copy of the credit report. check for the accuracy of the same.If you find any mistake then ask the bureau to correct those by attaching the proofs. You can ask the bureau to send the accurate information to credit card company.