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After you have applied for it, the credit card provider will look at your credit history, income, and the documents that you have provided in your credit card application to determine whether you are a high or low-risk applicant.
You know, why?
Essentially, they look for factors that demonstrate that you are a low-risk applicant and you can easily repay the money you borrow.
While making sure you meet the eligibility criteria pre-decided by the credit card issuer, there are some other effective ways that increase the chances of getting your credit card application approved. Check out these 7 useful tips to ensure you get the credit card you want in your wallet.
A credit score is the most important thing that will determine whether your credit card application is approved or rejected. The better your credit score, the higher are the chances of getting approved of your credit card application. The easiest way to achieve an excellent credit score is to consolidate all of your debt and always pay your bills on time.
Every time you apply for credit card, it affects your credit score. And if you apply for too many credit cards at one time, it does not look good to credit card issuer. So, don’t just grab every credit card application you come across and sent them in as it will lower your credit card approval odds. Rather, take your time to find the right credit card to apply for than to apply for too many cards at once. This will definitely reduce the chances of getting your credit card application rejected.
You must have as little debt as possible on your credit history when applying for a credit card to increases the chances of your credit card application getting approved. It is essential to clear all the long term debt that you can. Well, you can also reduce your short-term debt by paying off your balance before the statement closes.
Whether it’s a student loan, rent, utility bills or credit card payments, make sure you pay all of your bills on time. Not only it helps you to maintain a good credit score but also it shows that you are a responsible borrower. So, don’t miss your credit card repayments or any of your bills as it affects your credit score negatively.
If you have an average credit score and you are applying for a credit card that is best for people with excellent credit score, then your credit card application will get rejected for sure. That is why it’s better to apply for credit card that fits your current credit score to improve the chances of getting your credit card application approved.
Most of the credit card issuer asks for annual net income on a credit card application. Well, annual net income is as important as a credit score when applying for a credit card. The income requirement is a very essential thing to the credit card provider as it depicts your ability to make credit card repayments on right time.
You don’t have to just show your net salary. If you have another source of income, you can also include them such as investment income, royalty income, and any other income source you might get to show that you can easily pay off your debt on time.
There is a wide range of credit cards are available in the market that suits different types of cardholder’s need. Before you apply for credit card, take some time to know what exactly you want, need, and can afford with your next credit card. For instance, if you are a student and you are working a part-time job and going to college, you might not able to get approved for a travel credit card. In such cases, apply for a low-income credit card to ensure you meet the eligibility requirements. If you are a frequent flyer then a travel credit card might reward you for spending.
Go through all the credit card application material and make sure your CIBIL score matches their eligibility requirements along with the income level. The more your profile matches the credit card requirements, the higher are the chances of approving your credit card application.
If your credit score is not excellent, you might have very limited options of credit cards to choose from. But that does not mean that you can’t apply for credit card. By following the aforementioned tips, you will have a high chance of getting approved for the best credit card that you qualify for irrespective of your credit situation.