Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
Re: The offical Barclaycard Ring Thread
[ Edited ]

Here is some guidence as to what they are looking for to approve the card:

 

This is from the application and counts me out :-(

 

 

Below are optional questions to help you determine if you are a good fit for the community credit card product. These questions are not designed to pre-screen you for the Barclaycard Ring MasterCard. Instead, the questions are intended to introduce you to some of the key credit granting criteria, and are designed to provide you with information about how we make our credit decisions for this particular product.

 

Do you know your current credit score?

 

Credit scores are intended to reflect how you manage your credit. We generally do not approve customers who have a credit score below 680. Although having a credit score above 680 does not guarantee approval, it does increase the likelihood. In addition to the credit score, we consider other factors, such as income and debt, in the decision process. If you would like more details about your credit score, please visit www.myfico.com 
 

Have you paid more than 30 days late on any account or filed for bankruptcy?

We do not approve applications when there is a history of late payments for more than 30 days. Consumers make late payments for many reasons, but extending credit to consumers that show a history of making late payments is not considered to be a safe and sound practice by our regulators. Bankruptcy is a process that occurs when a consumer cannot repay the debts owed to creditors. To protect the bank and the consumer, we do not approve consumers whose credit files show an adverse public record such as bankruptcy.  
 

Do you have 2 or more credit card accounts with high balances?

 

Consumers with substantial amounts of debt compared to their annual income, pose a greater risk of being unable to pay bills. As a person's debt increases, their payment amounts also increase. If a significant percentage of the income is used to pay debt (i.e. mortgage, credit card and loan balances, etc.), this indicates that the individual may not have the ability to pay any incremental debt. Again, as a way of managing the safety and soundness for consumers, credit is not granted when high debt compared to income is present.
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