Credit card issuers getting finicky?

With so many changes in the credit card industry this year – and more changes to come in the next 6 months – some people are finding it more difficult to get approved for a new credit card.

Changes bring uncertainty

The Credit Card Act of 2009 is requiring changes upon the industry, which, in turn, has led to changes in the way that issuers approve new cardholders. Some issuers have tightened their standards, leaving the door to new accounts seemingly open for only the most creditworthy applicants.

What you can do

If you are in need of a new credit card and plan to apply for a card in the near future, there are steps that you can take to make the process go more smoothly:

• Know your credit score. Be on top of your credit profile and be aware of how you will look in the eyes of a potential lender.
• Make sure to correct any mistakes or inaccuracies found in your credit report, which can reflect positively on your credit score.
• Be 100% certain that you are filling out an application correctly. Know the specifics of your financial situation (e.g. dates, balances, etc.).
• Have financial documents ready. Be prepared to provide documentation, if needed.

Recommended reading: Banks Get Picky In Doling Out Credit Cards