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Non-Secured Cards Basics

A lender is going to consider several key factors when you apply for credit. These may include:


Your Credit History: While having a credit score might be considered, lenders will look at all three of your credit reports to make sure you have a history of on-time payments. Depending on the card you're applying for, the issuing bank may want to see several years of on-time payments. Looking at a credit report gives the lender a more detailed picture of your financial history than a single credit score number can.


Your income: This isn't on credit reports, but credit applications always ask how much you make each year. The credit card issuer wants to make sure you have steady income before extending you a line of credit. Sometimes, the bank will ask for additional documents, like tax returns, to support the annual income you write on the application. Your income can be a big factor in the credit limit you're granted by the issuer.


Your monthly housing cost: Credit card applications often ask about your housing situation: whether you rent or own, and what your monthly housing expense seems high relative to your income, that may keep a bank from approving you for new credit or factor into the terms.

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