Credit Card Application Process
The credit card application process start when you click the apply button on the credit card issuers website. You will then be presented with a series of forms to gather information about yourself and your income.
The credit card firms use a wide range of information to assess your application. This includes the information that you provide on the application form and also data from credit reference agencies. This checking process is referred to as credit scoring.
Credit reference agencies, which are licensed through the Office of Fair Trading, supply factual information to banks and credit card companies, to assist with financial applications, confirm address details and to help guard against fraud.
Each credit card company will have different criteria that they will apply to the credit scoring process, so it is perfectly possible to be accepted by one company and turned down by another.
Generally, having lived at the same address for several years, being on the electoral role and in full time employment will give you a better credit score and be more likely to be accepted by more credit card companies.
Once you have completed the online application form, then dependant on the credit card company you applied to, you will either receive an online decision there and then or be told that you will hear the status of your application in several days.
You will then receive a copy of the credit agreement by post to sign and return, although some issuers are now also doing this online, and once this is received back by the credit card company, you will receive your new credit card.
