All about Japanese credit cardRakuten Group
| Credit card in Japan | |
| Intro. | There are many kinds of credit card screening method of Japan, card company have their own method of screening. So, it is difficult to say which way is harder or easier to pass. However, you can also get the trend in the summary. Below are the description of that trend. |
| Type of card | 1. Independent profit type card It is a card of company with settlement function such as Amex,JCB,DINERS,VISA,MASTER. JCB, DINERS, AMEX still have their own card but for VISA and MASTER, they lend their brand to their partner to issue a card. So, most forms of credit card is being lent to these company and being issued as international credit card. Of course the screening of card issuance are being performed by this company itself.  2. Bank type Card Each bank issued their own card, cases such as tie up to other and their own brand. Mitsui Sumitomo, UFJ card, Rison Card, there are many kinds of cards of each bank in a whole country in addition to this.  3. Credit (circulating-type) card For this one, a lot are offering memberships with no annual fees for shops/stores, hence, members are increasing. Various shopping cards have been issued, including SAISON, AEON, TAKASHIMAYA, ISETAN, among others. Others include Visa, as well as Master card, JCB, etc. that are made to be used to pay internationally. Screening is often performed by the financial sector of the credit card company, they also acquire information from applicants.  4. Consumer financing (loan) card This type is issued by consumer finance companies, like Promise, Acom Co., Ltd. and Life Corp., in partnership with international financial organisations.Because the cashing company is the consumer financier itself, a credit card that happens to have cashing functionality is most likely. More often, the card (activity) investigation is performed by a consumer finance company but the information seems to be acquired by the finance company (lender)  .5. "Maker" (manufacturer) card This is a card that is used by major industrial companies that uses "brand strengths". Sony card, Toyota card, among others, are credit cards that have become very well known in Japan. The screening of card issuance seems to be done by the financial sectors of each of the various companies above and does not depend on the decision of a financing companies (lender).  |
| Screening | Screening(Examination) Method Now, what are the kinds of examination methods Japanese credit card companies use? In regard to this, each company is unique so therefore we cannot define this. However, it is natural for what is mentioned in the application to generally become the object of inspection so it therefore seems that marks are assigned in accordance with this factor, and they produce an standard score. -Bankrupt Individuals - When in the past 6 months they have made an application elsewhere that was rejected. - When their salary does not meet the standard. - When they are not employed (or cannot prove their income). - When there are multiple records of them defaulting on a different card. - When there are falsehoods in the contents of the application form. etc.. Generally, credit information are being kept for 6 month so it is difficult to apply again in case that the declined application of credit card in Japan was done within 6 months. In this case, it is necessary to counteract the information such as improvement of job or increasing the income. Also, in the case of Japan, there is a tendency that people who work in a company are easy to approve than those self-employed. For the self-employed, it will also be questioned if the business is how long. Most of card company declined the application if the business has not reach at least 3 years or 5 years above if possible. For the residence, First of all the problem is if they are living in the address written on application form. Also, if how many years of stay, if the home owner is renting a house, if the person is living with the family, living alone are also used as reference. In here, it is being judged if there is a possibility that the cardholder would suddenly disappear rather than the judgment of income. This is why I say that the risk of lending goes up compare to the people who live with their family in their own house than living alone in a rented house. For the annual income, there is no need to give a certification so I think it is being screened by declared amount in application documents. However things like company size number of years in service, achievements, loan conditions and living conditions are thought to differ, in this case there is the posibilty of someone coming in for additional inspection. In credit organizations, depending on the particular case there are three departments ; one for banks, one for credit companies, and one specifically for consumer finance. Specifically, each department centers on the financial institutions belonging to JBA affiliates: the national bank's individual credit centers, the CICs (Credit Information Office) in the field of sales credit, and finally, consumer finance companies that have established credit centers in various places and acceed their information.  *CRIN(Credit information Network) These are the 3 JICC conglomerates that have merged with the CCB. Rakuten top page |
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