How to get approved for a forex account
It is very difficult to get approval for
a credit card as far as a common man is
concerned. Before you set out to apply
for a credit card, you must make sure
that you have the backing of a good
credit record. One must maintain a good
credit in order to have credit history.
In this world where there exists a win
or lose situation, it is very common for
people to have a credit history which is
quite negative. One will not have a
negative history in credit cards if you
are well aware of the significance of
credit cards and the importance of
building a good reputation with regard
to the credit history.
If you are applying for credit cards,
the type of credit card for which you
apply will depend on the situation. If
the person is a student he or she can
make an application for the student
card. If the person who is applying is
not a student or he or she has a very
bad reputation with regard to credit
history, one can apply for a card which
is obtained by a co signer. In those
credit cards, the person who is making
the sign takes the full responsibility
for the debt and he is the person who
makes the guarantee. The co signer will
have to pay the entire amount if the
holder of the card does not make the
payment.
As directed by Federal Trade Commission,
the co signers will have to pay the
amount at most of the time if the debt
goes default. Moreover, the bank which
issued the credit card will try to get
the debt settled without trying to get
the money from the holder of the card.
The same collection tactics will be used
by the bank in order to gather the money
from the co signer too. If the co signer
or the card holder fails to pay back the
debt, it will result in having a bad
reputation not only for the card holder
but also for the co signer.
Even though the credit card which is co
signed do have a lot of risks, it can be
used to help any of your friends or
relatives in order to build a good
credit history. If the card holder pays
the amount on time, it adds to the good
reputation of the co signer. He or she
can obtain the card one oneself without
much difficulty. The credit cards which
are co-signed have lot of other options.
One must build for oneself a strong
credit history so that one can have a
credit card of their own in the future.
The bank will look into the credit
worthiness of the credit card holders.
This credit worthiness consists of three
things as character, capacity and
collateral. Capacity is your capability
to pay the debt depending on your income
and your existing liability. By
collateral the bank refers to any
property that you own such as home, bank
accounts and so on. Character means the
history of your payment and the length
of the job. One can confirm the credit
card history by checking it with one of
the firms that report credit. They
determine your credit history by
assessing the payments which you have
made in the previous two years. They
look into various factors such as the
way in which you pay your accounts, how
much amount you owe and the frequency in
which you have applied for the credit.
Contact
one of our helpful account
representatives to assist you in the
setup of
a
high risk merchant account or
offshore merchant account for a
high risk merchant. |