A credit card application is subject to the assessment by the bank or financial institution you are applying to. The requirements for credit cards differ from one financial institution to another. However, four important documents are a must. These are:
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1. Proof of Income
To get a credit card, you should present proof of your income. This means you need to show a pay stub, W-2 form, or a tax return. You will need to provide information about your employment status if you are employed full-time, part-time or self-employed. If you are employed full-time, you will need to provide your employer’s name and how long you have been working there. You must also provide information about how much money you make per month and how long you have been making this amount of money.
If you are self-employed, a written statement of your earnings and expenses must be provided. The proof of income serves as the basis for the bank to determine your ability to pay the money given on credit.
2. Bank Statement
Applying for a credit card online requires the applicant to show bank statements for the last two months. You must ensure that the bank has your current address to find your bank account quickly. If they cannot find it, they will not accept the application. Also, ensure that the account is open and active during this period. You may also be required to provide a recent statement from another financial institution if other accounts are active in different institutions like savings or checking accounts.
While completing the credit card application, you will be asked to provide details about any previous bankruptcy or defaulted loans that you may have had in the past. This includes any prior bankruptcy cases filed against you and any defaulted loans filed against you in the past. You will have to submit documentation of these cases, such as court orders, judgments, or payment records with dates and amounts paid off. If there is no documentation available, you will need to write down what happened in the case and how much money was paid off.
3. Proof of Residence
The credit card application requires proof of residence. You can prove your residential place using items such as utility bills or telephone bills with your name and address on them. Ensure the statements are current and have your current address on them. Alternatively, you can use a driver’s license or a passport to prove your identity and residence.
4. Identification
You will need to provide some form of identification when applying for a credit card. Examples include a driver’s license or a passport. The identification must be in your name and have your picture on it. If you do not have an official government-issued form of identification, you can use an alternative such as a social security card or birth certificate.
The credit card application process is not a difficult one. According to the experts at SoFi, “When you apply, SoFi conducts a soft credit pull that will not affect your credit score. An approved application will result in a hard credit pull, which may impact your credit score.” The most important thing is to be honest in your application and avoid any trouble in the future.