How To Get A Visa/MasterCard With No Credit Check

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How To Get A Visa/MasterCard With No Credit Check

SHAPING YOUR APPLICATION TO FIT THE RIGHT PEOPLE

Creditors approve credit to those people who most closely match the
right profile. They arrive at those conclusions by assigning point
values to various items of information that are included either on
your credit application or in a credit report.

Credit card companies like credit scoring systems because as a
large volume creditor, they can replace trained credit personnel
with a relatively few employees who can quickly total number
columns and determine is an applicant's point values add up to the
right score.

Scoring, of course, is done for one reason. A creditor just wants
to know that the odds are high he will get his money back. Scoring
systems are fine for those people who fit right into the right
profile, but what about those who don't but could pay off their
monthly obligations just as easily and reliably as the next person?
If you are one of those people who just doesn't "fit the mold,"
you'll simply have to make a few adjustments in your application so
that you fit the scoring profile of what a creditor is looking for
in a final total.

HOW CREDITORS RATE AN APPLICATION

The first thing you should know is that every system is different.
That in itself can work to your advantage. You could be rejected by
one company's scoring system and approved by another. One
creditor's system will give you many points for a good answer, and
totally ignore a question that gives a negative answer. Another
creditor can simply reverse the process.

Keeping in mind that creditors use different scoring systems, we
will list only the most important questions and briefly review how
a response can affect your total score. The following categories
are listed from the highest to lowest awarded each response.

RESIDENCE- The longer you have lived in one place the better.
Stability is given high points.

HOME OWNERSHIP- The best possible housing situation is to own your
own house, even if it is mortgaged. The worst is: renting an
unfurnished apartment, living with your parents, living in a
trailer or motel.

GEOGRAPHIC LOCATION- Scoring systems are adjusted for differences
in geographic locations. For examples, home ownership may not score
high in an area where there is a high incidence of credit problems,
reoccurring employee/employer differences, low income, etc.

EMPLOYMENT-The longer you have been on the job the better.

OCCUPATION-Occupations can be divided into many categories with a
high to low score within each category for different occupations.
Sometimes an employer is scored, instead of the occupation of the
applicant.

AGE-Older is not considered better until you pass age 40. Under 25
to the end of the 30's receive the lowest scores. The rational is
that people under 25 haven't proven they are a good credit risk.
People in their 30's are still raising a family, buying a home, and
tied down with enormous expenses. This is also the time most people
declare bankruptcy.

INCOME- The higher your income the more points you will receive.

TELEPHONE-Having a telephone is an indication of stability. Give
yourself more points.

AGE OF AUTOMOBILE- No auto is a low score, but the newer the
vehicle the higher the score.

DEPENDENTS- One to three indicates responsibility and stability.
After three, points drop rapidly.

CITIZENSHIP STATUS- Non-citizens receive negative points.

BANK ACCOUNTS- You receive high points if you have a checking and
savings account.

CREDIT REFERENCES

IN-HOUSE RECORDS- A good payment record will earn you more points.

CREDIT CARDS- The more major credit cards you have the better.

BANK LOAN- A current bank loan will increase your score.

FINANCE COMPANY LOANS- You will receive negative points for each
finance company loan.

TWO POWERFUL STRATEGIES THAT CAN GET YOUR APPLICATION APPROVED

Credit checks are requested by banks, lenders, and other creditors
to see if there are negative items in your file. The more negative
items you have, the less your chances of credit will be. As we have
seen, creditors look for stability and reliability in an applicant.
A steady source of income will receive a high score, but even more
important than an income amount is a creditors belief and
perception that you are both willing and able to pay back a debt.

In other words, even if you fail to pass certain criteria or
formulas, your application can still be approved on another level
that will get you the credit you want no matter what a scoring
system profile says.

Extending credit to customers is the way the creditors make money.
If you convince them you are a good risk they will give you what
you want. Basically, there are two ways you can achieve that goal.

1) You can bypass the normal scoring methods that are used by
impressing the person your application that you are sincere,
reliable, stable, and have the ability to make monthly payments on
a loan or credit card account.

2) You can tailor your answers to the applications questions and in
that manner fir into the right scoring mold of what a good credit
risk is, according to the formula they are using.

That doesn't mean you should lie on your application. It simply
means you should be aware that being compatible with certain
stereotypes will work in your favor. remember, a creditor can still
verify the information you list in an application. Still, many
people the truth to put themselves in a favorable position. For
example:

1) Some applicants will list their parent's, a friend's or a
relative's address as their own residence and indicate they have
lived there for years, knowing it probably won't be checked.

2) Provided an applicant has a friend or employer who will go along
with the, he can list a position and salary they don't really
receive. Then when the creditor calls to verify employment the
friend will support what the application has claimed to be true.

3) Another way applicants instantly increase their salary is to set
up their own corporation. After issuing themselves private

stock
with an inflated value, they list the stock as part of their
salary.

MORE HOT TIPS ON HOW YOU CAN STACK THE ODDS IN YOUR FAVOR

1) If you don't have a telephone get one installed. The alternative
is to make arrangement with the telephone company and a friend or
relative, to have your name listed with their phone.

2) If you have more than one job, list the one that provides you
with the greatest income.

3) Add your income from all sources and place the total in your
gross income listing. Be prepared to submit a supplement to your
application if they want to verify your income with your employer.

4) Many banks will have a list of "good" and "bad" reasons for
borrowing money. Unless you are applying for a secured loan, you
don't have to spend the money for the reason specified. Good
reasons include home improvement, education, loan to establish
credit, medical treatment for you or your family, and secured loans
for a home, car, boat, and other properties.

"Bad" reasons include loans that create another obligation such as
that created when you borrow money for a down payment and then
have two payments to make; money to pay fine or penalty; money to
consolidate debts, unless you are doing it to get a lower interest
rates; an unnecessary luxury item; money to finance politics; and
money that you loan to someone else. Use a little common sense in
determining what type of loan a creditor may consider bad.

5) Banks use dependent figures to determine what your living costs
are. If you have more than two dependents you should indicate how
they earn their own way or supporting.

6) If you don't own your own home, counteract this by showing how
stable you are. For example, even though you have only rented in a
new location for a relatively short time, you lived at your last
residence for many years. You moved to improve yourself in some
way.

7) Even job changes can be counteracted if each change increased
your salary and improved your position.

8) Don't ever let a creditor guess as to whether or not you can
afford the extra obligation you are asking for. Make it obvious by
the amount of your income. If you have more income sources than
just your salary, include those amounts.

ALWAYS BE PERSISTENT AND NEVER GIVE UP!

If you complete an application and are still rejected the very
first thing you should do is be persistent and never give up. There
are many reasons why a person may be turned down for credit, but
whatever the reason, you have a legal right to ask the creditor
what their reason was.By knowing what some of the main reasons are
for denying credit you can put yourself in a position whereby you
can make necessary adjustments and avoid negative effects in
advance. If you are turned down, you can then of course concentrate
on those points when you reapply.

When you are dealing with creditors you will know who is the
cooperative sort, and who is not. If an unsecured loan does not
appear imminent, turn the conversation to a secured loan. Then all
you do is deposit an amount into savings account to serve as
collateral for the amount of credit you want to secure. In some
cases the creditor may take personal property as security. If you
go to the creditor and it's clear he has no imagination to deal, go
to another who is willing.

CONSIDER ASKING SOMEONE YOU KNOW TO CO-SIGN

A co-signer is someone who generally has better credit than the
person he is co-signing for. He is also the person a creditor will
go after first in the event you do not pay off your debt. Why?
Because they know that co-signers don't want their credit ratings
ruined and will quickly settle the obligation.

If you are trying to establish or rebuild credit, co-signers can
help you achieve that goal. Naturally you wouldn't need a co-signer
every time you apply for credit. After paying off one obligation
with a co-signer, it should be much easier to acquire more credit
on your own.Co-signers are usually friends or relatives. When you
find someone willing to help they should be offered some
compensation agreeable to both of you. Your application for credit
will be approved primarily on the strength of your co-signer's
credit.

HOW TO GET A VISA OR MASTERCARD

The tips and techniques described in this report are meant to
increase the odds for anyone who is absolutely certain they cannot
get a Visa/Mastercard through normal channels. You should make
every attempt to clean up your credit report by removing negative
items and replacing them with positive items. If you have no credit
at all, open an account at a local department store. After a few
months apply for your bankcard. If you are rejected, find out why
and correct the problem. If that doesn't work, cultivate a
relationship with your banker. Open other accounts that are easier
to obtain. Increase your income. Buy a home. Make yourself a better
credit risk on your credit report. Ask a friend or relative to
co-sign. After paying off that debt, reapply on your own. Or, the
fastest and easiest way to open a Visa or Mastercard account in
your own mane, is through a secured account.

SECURED CREDIT CARDS

Secured Visa and Mastercard bank cards are issued by savings and
loan association throughout the U.S. The lender will ask you to
open a savings account. The funds placed into the savings account
are frozen as long as there is an outstanding balance on the credit
card. The savings account acts as security against non-payment of
charges made against the credit card. Then, in the event a
cardholder doesn't pay, funds from the frozen account can be used
to pay off the debt. This method completely reduces any risk to the
lender.

Requirements are often lowered by lending institutions that have
this program. So if you couldn't obtain a card through your regular
bank, chances are you will receive one through a secured credit
card program without a credit check.