Simple Things That Can be Done to Improve Chances of Credit Card Approval
Here are some simple and fast credit tips on how to get approved for the credit card you want. Following these tips is a fast path to credit approval. These tips will strengthen your chances to get approved for the credit card of your choice.
Knowing your Credit Level is the Best Way to Get Approved for a Credit Card
Know your credit level. There is no sense in applying for a credit card you will not get approved for. If you don’t know your credit score, it is a good idea to have your credit score checked. Knowing your credit score is one of the best ways to get approved for a good credit card.
Once you know your credit level, do not apply for too many credit cards at once. Every time you apply for a credit card you receive a credit inquiry that appears on your credit report. Your credit score will lower slightly with each credit inquiry you initiate. What this means is that you should only apply for one or two credit card offers at a time. Credit inquiries can be left on your credit report for up to a year. Always be conservative on how many times you apply for credit. Keep in mind that when you have your credit score checked it does not count as an inquiry.
Keep all your payment history current. Any new missed payments can affect your chances. This is especially true if you have poor to fair credit. The good news is that if you missed payments a few years ago, it would not affect you too much if your recent current payment history has been on time.
Avoid going over or near your credit limit. Using less than your available credit line will demonstrate that you are less likely to be in financial distress. This will lower your debt utilization ratio. This is one of the best ways to show that you are credit worthy. The best time to apply is after you have paid off your credit card. You will want to wait a month to insure that the credit Bureaus have updated and show that the account has been paid and the full credit line is available for use.
The good thing about choosing the right credit card is that it is easier. Most banks now will list the credit needed for approval. Most credit card application sites offer guidance in choosing the credit card offer that is best for your needs. This will help you to know which credit card is the best to apply for. Some people ask friends and family about credit cards they have. This is also a good way to know which credit cards you have a good chance to get approved for.
Learn 10 reasons your credit card application was denied.
Review your finances before applying for credit. What credit do you have other than credit cards? Are there any issues you need to resolve. Are you sixty days late with your car payment? When you last checked your credit report was there any inaccurate information? If there are any inaccuracies on your credit report, it is in your best interest to have these errors corrected before applying for a credit card.
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