What do credit card issuers look at?
Credit card issuers analyse and conclude about the creditworthiness of an individual using three different parameters, referred to as the 3 Cs of credit. These are character, capacity and collateral. Character is signified by past events that are amply demonstrated by your payment history or credit record. Capacity is signified by the duration of your employment, your income and the existing debt. Collateral involves assets like home ownership which becomes significant if you have to secure the debt. Credit card issuers also select candidates based on the products they are applying for.
Are pre-approved card offers risk-free?
You need to understand a lot more about pre-approved credit cards. A lot of water has gone under the bridge and with things changing drastically you need to read more about what modern day pre-approved cards involve.
How do I check my own creditworthiness?
Your credit reports from the 3 credit bureaus will offer a good idea of your current creditworthiness. Each of the bureaus maintains their own credit file for every individual who has applied for credit anywhere. The files have your financial history, past payments, loans and applications and copies of these can be provided to those who request for your credit history. Card issuers with whom you have applied for credit, look at these reports to determine your creditworthiness. Your credit score which is a measure of your creditworthiness on a generic scale will also tell you at one glance, if your credit history is poor, fair, good or excellent. You have to ensure, therefore, that the information in the credit reports is accurate, whether it is about your payments, missed payments, debts, mortgage foreclosures, bankruptcy or any other defining aspects. That is especially important when you are finding it hard to get approval for credit cards or loans from lenders.
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