If you are thinking of applying for a credit card, then this article is highly recommended for you. Getting preapproved and approved for a credit card can be daunting whether you have good, fair, average, or bad credit. Although a great credit score increases your chance of getting approved fast. In this article, you have 6 ways to make your credit card application successful.
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6 Best ways to make your credit card application successful
Below are six ways to make your credit application successful
Don’t apply for multiple cards at once
One important thing to know is that every time you apply for a credit card, it impacts your credit score. Hence, if you apply for too many credit cards at once, it doesn’t look great to lenders. Therefore, it is best that you take your time and research the right card to apply for rather than wasting time applying for multiple cards. The truth is that you may likely not get approved.
Know about your Credit Score and what it means Best way to make your credit card application successful
When applying for a credit card, you should put in mind that banks and companies put several factors in place one of which is your credit score. One way to assess your odds if you will get approved for a credit card application is by checking your credit score in advance. 70% of companies and online services will approve your card application easily if your credit score is great.
Apply for credit cards that Suit your Credit Score Best way to make your credit card application successful
When applying for a credit card, ensure that any card you are applying for is the one that fits your credit score. Some credit cards are only available for individuals with high FICO scores while others are available to customers with a fair or average credit card.
Applying for a credit card that fits your credit score is the best chance to get approval for a card fast. For instance, with an average credit score, you can aim for a Capital One Quicksilverone Cash Rewards Credit Card. This card allows people with a 630 to 689 FICO score.
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Ensure you have a good credit History
Your credit history is one of the big factors that is used to check if you are eligible to get approval for a credit card application. Card issuers get reports from the three credit bureaus to see if they have a good credit history.
Paying your bills on time each month is one added advantage to your credit history. And can increase your credit score. Paying the bills on your credit card includes student loans, personal loans, and credit cards. At least, pay the minimum payment that is due for each month as this will help elevate your credit score and also avoid late payments.
Develop a Diverse range of Credit
Owning a mixed credit history like a few cards and loans will help you stand out and appeal to borrowers. Also, when you consistently pay your bills on time, it shows that you can handle several credits. Hence, you will be deemed a reliable applicant and it will increase the chance of your credit card application faster.
Apply for a Secured Credit Card
If you have an average or bad credit score, then it can be difficult to get approved for a traditional unsecured credit card. Hence, you should apply for a secured credit card. With a secured credit card, you will be asked to provide a cash deposit.
And your credit line will be equal to the cash deposited. After, you make your payments on time over six months to a year. Your chance to get approved for a traditional credit card will increase.
Find a Co-Signer
If you have bad, average, or no credit, having a co-signer will increase your chance of being approved for a credit card. A cosigner is someone else that will be responsible for your debt if you can’t make your payments. Also, you can have the person add you as an authorized user on their account.