Some people get bit itchy when they know that they have to pass a small inquiry about their financial status in order to get approved for getting cards.
You see, if you want to get a credit card from most of the well-known and reputable banks or financial institutions these days you have to be pre-qualified according to their special terms of qualifications. These procedures are normal in order to avoid default or delinquencies.
Banks usually contact the scoring bureaus (TransUnion, Equifax, and Experian) to inquire about the creditworthiness of applicants. Some institutions even buy list of names from these bureaus for people who meet their qualifications with enough credit score in order to target in their marketing plan.
Banks inquire also about the applicants’ basic information, payment history, and basic financial information to determine if he or she is qualified to get approved for their store cards.
You would be rejected in some certain situations like if the bank couldn’t find some of your basic information like employment, address, or date of birth, you are unemployed or don’t have regular income, or if you have low credit score with negative payment history which is below their needed qualifications.
Under qualified people or those who have bad score or even no payment history could find it hard to get their applications approved, we mean for regular credit cards, however, there are other plenty of options to get easily accepted, like for instance store cards.
So what is it exactly? It is a kind of easy card that only works in a certain or defined number of department stores. It as two main types; private-label which works in only one store, and co-branded which works in a number of stores.
Both the private ones and co-branded are easy, they are accessible for nearly everyone to get approved. They are issued by either GE Capital Retail bank, or Comenity bank.
GE Capital Retail Bank offer various kinds of such deals like Walmart card, Old Navy, Amazon card, and many other.Comenity have also offers of the same quality like Victoria’s secret’s, Sports Authority and many other products.
As we previously said, these banks offer easily approval card services, however, it’s worth noting that if you annual income is less than $10,000 to $14,000 you more likely won’t get accepted. So just try to boost your annual income a little in order to enjoy these kind of services.