What happens to your application?
Credit card companies undertake rigorous checks when assessing your application for a credit card. They do not want to lend you money if you can’t repay it. On average, about a third of credit card applications are turned down as a result of these checks.
You should always provide accurate and honest information. You should be aware that if a credit card company subsequently discovers you have knowingly misled them you could be prosecuted and your credit rating could be affected.
When making an application for a credit card:
- be accurate and honest
- be aware that a credit card company will initially provide you with a credit limit that it assesses you will be able to manage. They may increase this over time if you demonstrate good management of your account.
You may also wish to check your credit record before you apply for a credit card. You can do this by contacting one or all of the credit reference agencies, currently Experian, Equifax and CallCredit. These credit reference agencies can and do hold different data. It will currently cost you £2.00 for each check. It is sensible to check that your credit information is correct but it is also a good way of checking you haven’t been a victim of fraud, such as identity theft.
