Credit card application is easy; what makes it hard is when you get denied due to bad credit history, income bracket, or documents submitted were insufficient as required. So, what makes you qualify for attractive credit card deals if you don’t get approved? This leads you to think how you can get a good chance in getting a fast approval.
Here are essential tips for you to muster:
Never rush to apply for credit card deals that you see flashing in front of your eyes while gazing at your computer. Chances are they may not be the right ones for you. How much will you pay for annual fee and are you amenable to pay yearly? Remind yourself that you are to pay for interest and other fees that’s why it is imperative that you know how each card works in taking back what it has lent you.
Choose what you need
Which card do you really need? Check on the perks and see what’s in store. There are a lot to consider when choosing the best credit card and the deals that come with each. Are you good at rewards or just a debit card? Think over and over again.
Learn to compare
Lenders have various ways in dealing with their prospective borrowers. They offer different rewards as well as interest rates. Applying for a credit card also needs you to consider some introductory bonuses. Compare and learn how many establishments you can use them at and as to how many partners are involved.
Check qualifying requirements
Of course, you are employed and you are around 18 years old at the time you want to apply for a credit card. But these are not enough. There is a minimum yearly income that starts at a yearly $15,000 to $100,000 to qualify. You must hold a particular type of visa in a country where you applied for credit as well. Another important thing is to have a good to excellent credit history to get an approval.
Organize documents and check details
Besides the traditional financial documents, you might be asked for supporting items like proof of you residential status, driver’s license, tax return, and payslips. Therefore, make them handy once you decide to go to the nearest bank to apply.
State actual income
A low income is not a welcome answer to a financial evaluator just as a bloated figure can be a complete turndown. Wisen up and state how much you actually earn. You may include other sources where you get money from on your income details to show that you are able to pay. Be reminded that fabricating income is punishable by law.
Lower credit usage ratio
Before any application is submitted, make sure you have paid your balances from other lenders. Owning a high debt utilization ratio reduces chances of being successful in your application. Owing some financial establishments big time is indicative of poor credit worthiness. Taking a look at one of your card’s summed up balances and dividing it against its total limit makes you come up with your actual usage ratio.
Improve credit rating
Improve your credit rating prior to applying for a card as everything will depend on your credit history, payment habits, and most of all, the current lines you have. This enables lenders to determine how much you can borrow and how easy it will be for you to repay the amounts you spent on the card.
Bank with your future lender
Maintaining a savings deposit account in a bank where you are most likely to get a credit card from improves your chances of a successful application. This is a no fuss application at all as the lender can see that you have a regular stream of money going through their establishment. Existing customers are always prioritized by lenders.
If you want to find out more about the best credit card deals, check out 0interestcredit.cards. Also, you can visit https://www.fdic.gov/consumers/consumer/news/cnfall15/connewsfall2015b%26w.pdf for more tips about shopping for credit cards.
Planning to apply for a credit card? Our team at 0interestcredit.cards has outlined some tips to up your chances of approval. Visit our website today!