Getting #rejectED sucks, here’s what you need to know about the credit process

Do you see the need in applying for a credit card? RejectED BrandRap eCompareMo

Consistent with BSP and World Bank’s findings, Rappler respondents also said that they don’t see the need or don’t like the idea of having a credit card or an outstanding loan. eCompareMo respondents, on the other hand, are held back by their lack of knowledge in the application process.

The sad part is that, based on the survey, when respondents start seeing the value of credit cards and loans, they are already in their 40’s and 50’s, and they already find the process too hard to follow. They would rather opt to avail of less secure and more expensive options such as via loan sharks, payday loan, or other informal alternatives.Again, the first barrier is oneself. To truly make the most out of credit cards and other financial services, you have to be responsible and make an effort to understand the products you are availing, as well as the terms and agreements that come with them. This is the best way to ease apprehensions and debunk misconceptions.

When you do start applying for credit, knowing the process helps counter the widespread fear of rejection. What you can do first is to learn about your credit score. If you fear that you don’t have a credit history , then you may need to check the card you’re applying for. As mentioned earlier, cards are not “one size fits all.” There are prepaid cards, and there are also starter cards that require minimal requirements and have simple application procedures that you can avail.Application is just the first step. Maintenance is the tricky part.

There are also various tools now that can empower you to take control of your finances better. eCompareMo, for instance, provides customers with online comparison tools that help them find credit card and loan products they'll most likely get approved for.

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rapplerdotcom /  🏆 4. in PH

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