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Could you benefit from tips on getting approved for a credit card?
Getting a Credit Card is not that easy these days. Especially if you are like the masses who forgets to pay their dues quite often, it can be incredibly hard for you to get approved for a credit card.
However, did you know that you can easily land a good credit card if you take care of a few steps in the process?
Thus, today I will be sharing with you 5 Tips on getting approved for a credit card.
1. Keep Track Of Your Credit Scores
These credit scores are one of the most crucial factors, or we can say points that come into play while determining your eligibility in terms of landing an approved credit card.
There are literally a ton of websites & apps that allow you to check your credit score for absolutely free such as Experian and such like.
Always keep a closer look at the factors that are decreasing and increasing your credit score.
A score above 690 is considered relatively good, whereas a credit score above 720 is considered to be in the excellent mark.
Avoid applying for a credit card if your credit score is less than 690, this is one of the important tips on getting approved for a credit card.
This is because there is very little chance for your card to approve if your credit score is less than 690.
On the other hand, there is a very high chance that your credit card application will be accepted if your credit score is anything more than the 690 marks.
This is one of the tips on getting approved for a credit card that can be really beneficial for you.
2. Improve Your Credit Score
You should always try to improve your credit score because doing so will greatly increase your chances of possibly landing a credit card approval.
It is not some rocket science, but doing a few things can significantly improve your credit score.
Firstly, try and make payments that you need to make on time. Without doing this, no amount of tips on getting approved for a credit card will help you.
Secondly, keep your balances low on existing credit cards if you have them as again these tips on getting approved for a credit card will not help at all.
Also, avoid too many inquiries for new debts since a lot of them can significantly decrease your credit score.
Now let me quickly explain to you how this all works.
According to various international banks & organizations, a substantial 30% of your credit score is just determined by the amount of money you owe.
This is the reason why a high credit card balance can prove to be a disaster for your dream of getting new credit so this is definitely one of the tips on getting approved for a credit card you don’t want to overlook.
3. Don’t Apply In A Hurry
If you have a bad credit score, you may not be able to get your application approved for a credit card that has a large sign-up bonus and lucrative rewards.
Each credit card application (rejected or approved) can drastically affect your limit to get further credit.
It is always suggested for most that you use some powerful pre-qualifying tool.
You can also call the card issuer beforehand and ask about the eligibility requirements for the card.
If you desperately need a credit card and have a bad credit score, you can consider applying for some credit cards that are eligible for people with bad credit scores, another one of the awesome tips on getting approved for a credit card.
Besides this, you can also consider applying for a secured credit card, which uses a cash deposit you make upon approval to completely “secure” your own line of credit.
Since these cards are often easy to get, you stand a way better chance of getting approved for these.
Further more, some of the better secured cards offer cash rewards, flexible deposit amounts and lucrative rewards to their users too!
4. Include All Income
While issuers generally do consider your credit scores an indicator of your worthiness, these scores just aren’t everything they look at so heed all the tips on getting approved for a credit card.
Card issuers use your mentioned income to calculate your debt-to-income ratio, which helps them basically determine whether you are worthy of keeping their credit card or not.
This ratio also helps them determine whether or not you are capable of making payments for their cards.
If you earn money through some side hustles separate from your daily 9-5 full-time job, do not forget to mention that in your application as well!
This is because higher incomes can significantly improve your chances of getting a credit card into your hands.
This is one of the most crucial tips on getting approved for a credit card these days.
As long as you are at least 21 years or older, you can even include your household income in the application.
This helps improve your reputation in front of the credit card company and thereby increases your chances of landing a good credit card.
Note: Do not get carried away in the temptation to overstate your income at any cost.
This is because doing so has a greater amount of risk than the possible reward.
For instance, if you submit your income to be higher than what you actually earn and the issuer company finds it, they can charge you with possible fraud against their company.
This means that you could even be convicted and charged of credit card fraud. This is why you should never consider even trying this at all.
5. Don’t Give Up
If you strongly feel that you did everything right the way it should have been and you followed these tips on getting approved for a credit card and your application is still denied or rejected, you can call the issuing company directly and ask for further recommendations.
Also, do not just call the issuer company without knowing anything.
Have a plan drafted before you call.
Always know that you have the right to ask the issuer why you were denied, and you can even check your credit score report later to find out if this denial decreased your credit score or not.
While calling, formulate a convincing argument that explains in brief why you want to own a credit card.
Also, do not forget to explain in the argument how you are fiscally responsible and can manage the expenses of the credit card.
Always be polite and humble in the tone, and you will notice that the customer service agents will respond politely and nicely if you have a pleasant demeanor.
Conclusion Of These Tips On Getting Approved For a Credit Card
I know that being denied for credit cards hurts, period.
It is embarrassing as well as frustrating for you to know that your application for your dream credit card was rejected so easily.
This is the reason why you must check your exact credit situations before actually applying for one.
Also, providing accurate information during the application process can be a plus point in your court.
Even if you are all good on your end, you must still have a plan B for yourself ready at all times.
Good luck and we hope these tips on getting approved for a credit card help you on your journey.
