How Debt to Income Ratios Affect Credit Card Approval

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Posted: Thu Jan 13, 2005 3:21 pm
Post subject: How Debt to Income Ratios Affect Credit Card Approval
Jonathan
Date: 5/10/2000 2:49 pm CDT

Great website by the way...

i need to get a low fixed rate card to transfer about $15,000 from my
one revolving credit card. but am not sure who has more lenient "debt
ratio" guidelines. am concerned about getting turned down for having too
much debt, which is a vicious circle. I also don't want to just apply
with any company as the "inquiries" on my credit report will lower my
Fair Isaac score, so I need to research the companies before actually
applying.

Any idea how I can find out the approval criteria of each bank?

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Posted: Thu Jan 13, 2005 3:21 pm
Post subject: How Debt to Income Ratios Affect Credit Card Approval

Board Monitor
Date: 5/10/2000 3:26 pm CDT

Thanks for your recent inquiry! Since each bank has different methods of rating applicants, I would suggest contacting the banks that you are interested in and explaining to them your situation. Ask how debt ratios figure into their screening process. As far as I know...this is the only way to avoid "unfruitful inquiries" on your report.

You can also find an informative article regarding credit scoring by visiting the Federal Trade Commission's website at..

http://www.ftc.gov/bcp/conline/pubs/credit/scoring.htm

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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Posted: Thu Jan 13, 2005 3:22 pm
Post subject: How Debt to Income Ratios Affect Credit Card Approval

Eugene Skorodinsky
Date: 5/10/2000 11:20 pm CDT

Board Monitor wrote:
-------------------------------
> ...
> Ask how debt ratios figure into their screening process.
> ...

Well, good luck. When I asked different banks' credit departments about their certain approval criteria, I got the same answer from all of them: "Apply first, and then within ... days you will get a response from us saying if you've been approved. If the application was denied, the reasons will be explained to you in the letter". I guess in politically incorrect everyday English that means "We won't tell you because you might 'stretch' your situation to meet out requirements".

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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