With the lending corporations in full retreat following the ever more dismal United States market indicators and millions of over matched borrowers either fleeing their obligations or forcing advantageous credit card debt relief agreements through debt settlement negotiation, applicants seeking borrowing privileges within this current climate will face the roughest road toward approval seen in a generation.?
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While the tolls of American consumers overwhelmed by their own unsecured line of credit should reasonably urge caution, financial counselors well understand the mounting convenience of these strips of plastic (especially as more and more shopping transactions are done in front of a computer), and, even if you?ve been turned away from an account balance recently, we?ve included a few tips below that might smooth the underwriting process.
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Keep Your Day Job
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Although the increased importance of credit bureau numbers as scored by the FICO and Vantage systems have dramatically reduced the importance of such formerly key qualifying criteria as employment status ? for mortgage loans, still, prospective borrowers are expected to have been at the same job (or, at least, working within the same industry without noticeable gaps) for two solid years ? some of the commercial banks have begun tweaking their computerized approval programs to reject applications that show continual job fluctuations.? All the same, though the odds on any lender representatives ever checking out the original data seems beyond remote, you mustn?t embellish; submitting erroneous information would be considered criminal fraud.
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Don?t Go Off The Grid
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Believe it or not, there remains a strain of hard working Americans yet resistant to the lure of credit card debt, preferring to save up for big ticket items and pay for day to day goods and services with cash or checks.? While these rare souls, last of a dying breed, may indeed be honorable and worthy of our respect, they?ll find themselves out of luck if and when they finally do decide to try their hand at borrowing.? Even those shopaholics buried in bills and desperate for debt relief have at least shown the credit card companies that they understand the way twenty first century finance operates ? although, perhaps, they?ve lost track of the compensation plot ? but steadfast self reliance absolutely terrifies the existing risk pool analysis scenarios.
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Co Signs, Co Signs, Everywhere There?s Co Signs
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Many older Americans don?t even think twice before placing their entire reputation (so far as credit scores are concerned) on the line by vouching for a family member?s first credit card.? If anything, the recent federal legislation upping the age of borrowing maturity to twenty one absent an adult?s accompanying sponsorship has only exacerbated this problem.? It might seem like a harmless enough gesture to make for a favored niece on their way to college, and the resultant balances are typically so small that one would assume they could never get into any serious trouble.?
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Unfortunately, because the banks themselves often don?t bother contacting the co-signee about a few hundred dollars, the more credit rich consumers forget entirely about the potential dangers until it comes time to apply for a new account, and, if the co-ed forgot to mention she couldn?t avoid bankruptcy protection last Thanksgiving, the resultant FICO score wreckage could take years to properly fix.
My name is Cole I am a professional in the financial fields of bankruptcy and debt settlement.
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Source: http://www.credittocredit.com/personal-finance/tips-to-start-up-a-credit-card-debt-account
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