Have you wondered how credit card eligibility is determined?
Curious whether youre eligible for a credit card?
It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.
Credit Reports and Credit Scores
When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history how good you are at paying your bills on time.
Among the things that go into your credit history are:
1. How many credit cards you have
2. How much you owe on each one
3. How many loans youve taken out
4. How much you still owe on them
5. Any payments that youve made late
6. Any payments that youve missed
7. If youve ever defaulted on a loan
8. If youve ever filed for bankruptcy
9. If you own a house
10. If there has ever been a judgment against you for unpaid debts
Credit reporting agencies assign a weight to...
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