Credit Card Conditions – Keep these 4 in shape


Having trouble getting your credit card? Will the application card be rejected back? Many struggle with credit card issuance in situations where their own credit information and income would otherwise appear to shine the green light on card issuance. Here are the general conditions for issuing a card, as well as other reasons for rejecting your card application.

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Prerequisites for earning a credit card

The terms and conditions for obtaining a credit card vary somewhat from one credit card provider to another, so it is a good idea to check with each credit card company or bank that offers the card. However, there is a relatively general policy as to what minimum requirements a potential applicant must meet. We will now go over these minimum requirements one by one.

Adulthood

First, a credit card applicant is generally required to be of legal age, which means 18 years. If someone close to you, such as a family member, already has a credit card, you can try to apply for a parallel card, which can also be obtained by people under 18. Any duplicate cards are always the responsibility of the original card holder. . , so you should carefully consider whether such a card is needed for your child, for example. Also, keep in mind that you can decide the credit limit for a parallel card yourself.

Regular Income or Full-time Study

Regular Income or Full-time Study

Second, most credit card issuers require regular income to issue a card. However, you do not necessarily need to be at work, as pension or investment income, for example, does the same thing as long as it is regular and reasonable. The clear exception to this rule is students who can be granted a card even if they would otherwise only be living on a study grant. In such cases, the student is often required to study full-time at the institution and to complete at least 90 credits.

Also, fixed-term jobs are not necessarily an obstacle to issuing a credit card, especially if you are working in a field where fixed-term contracts are commonplace.

Credit history okay

Credit history okay

Third, a credit card applicant must generally have good credit history in order to obtain a positive card decision. However, this does not mean that your credit history must be completely clean or complete. Indeed, a bank or financial institution will take a holistic view of an applicant’s ability to pay and may not always pay attention if, for example, it has paid a bill to a couple of times late, or made one or two overdrafts. Even a potential default payment label does not always prevent you from getting a card if you have then put your own finances in good shape. Of course, a bad debit entry usually has a significant impact on card issuance, so don’t expect too high expectations for it.

Permanent residence in Finland

The last basic requirement for credit card providers operating in Finland is often permanent residence in Finland or at least a permanent address in the country. However, if you live abroad, this is not necessarily a barrier to the issue of the card, as you can also apply for a card from the competent authority in that country. Yes, inventive means come up.

Other reasons to decline a credit card application

If you meet all of the above credit card terms and conditions and still fail to issue the card, you may want to consider other possible reasons for your application being rejected and trying to correct them.

One of the most common reasons for rejecting an application is asking for a credit line that is too high. Namely, when a bank or financial institution estimates your solvency, they also determine a realistic credit line for your card based on their predictions. So, if you have submitted a card application with a high credit line request, it is a good idea to try again with a lower credit line. In addition, you can often choose to apply for a card with a lower credit line than desired.

Online forums often complain about a card application being rejected in cases where all the general conditions for issuing a card seem to be met. Such cases are often related to applying for a credit card online, whereby the card applicant is almost invariably made by some kind of automated robot or algorithm that can make even small things a bull. For this reason, it’s also a good idea to call or visit your bank to inquire about the card issue, as bankers often provide card robots or algorithms more easily.

Although a fixed-term employment relationship is not a direct barrier to issuing a credit card, it may well be one of the possible grounds for canceling your application card, especially if there are no additional sources of income. In addition to the fixed term, the length of the employment relationship may also affect the decision on the card, as the continuation of a shorter employment relationship seems more uncertain to the bank than the longer term.

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