In Norway today it is almost standard that as soon as an application for a credit card comes in, a request is automatically sent to an external company to make a credit assessment of the person applying.
Order credit card with credit rating
In normal cases as soon as you have clicked on submit on the online application form to a company then the information is also forwarded for credit rating. Compare credit amounts, interest rates and benefits here:
Then the card company makes a self-assessment where they look at your dignity versus the desired amount and thus determine whether they grant you a card or not. In some cases, they may downgrade the amount if they think it is too high.
There is a jungle of credit card providers now and we have gathered many very good alternatives here which have shown over time that they are serious players in the industry that give their customers cards with low effective interest rates and many good benefits included in cards such as fuel discounts, discounts on other goods and services and benefits such as free travel insurance. When choosing a card it is important to look at an overall assessment of the card so that you get what suits your use best.
What is a credit rating?
It is an assessment of you based on your financial information that gives the company that makes the assessment of you a score, or a number on a scale that they then pass on to the company that has requested that the check be performed. The score is based on information about your business interests, previous tax settlement, information on other debt / voluntary mortgages and last but not least whether you have any payment notes registered on it.
All of this gives you a score or rating where the external company comes with their assessment of your repayment ability. For example, if you have a payment note then this will result in a low score and the card company will be told that there is already a payment note and that the credit rating is low.
What should I present?
In many cases, it is enough to only give out your social security number, if the card company is not happy with this, for example because you have incomplete information during the check then you may have to present salary slips and or annual statements.
When applying for a card or loan especially if the amount is high, this additional information may be readily available so that it can go quickly if requested.