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Friday, April 19, 2024

Increase your credit card approval chances in 2019

Getting a credit card easily may be a daunting task for one if you don’t have a good CIBIL score or proof of Income, you may be faced with the problem of being denied a credit card. If you are thinking of applying for a new credit card for yourself in 2019, here are some of the tips that might help you to increase your chances of getting credit card application approved.

1) Avoid applying for multiple credit cards at one time

Every time you apply for a credit card, it adversely affects your credit score, so if you apply for many cards at once, it doesn’t look good to lenders thereby reducing your chances of approval. It is better that you must take the proper time to find the best card that suits you the best rather than applying for too many cards unnecessarily at once.

2) Know what is in your credit reports

Stay on top of your credit history to avoid any frauds or errors. Whenever you apply for any fresh credit card, any pending errors in your credit report haven’t been corrected could delay your approval. To avoid such a situation, you must inquire once a year at any of the credit bureaus to find out your credit history. On checking, if you spot an error, file a dispute with the credit-reporting company to repair your credit history.

3) Apply for cards that match your credit score

Make sure that you apply for only those credit cards that suit your requirement and fits your credit score. As not doing the same will surely guarantee a rejection. Before applying for any credit card, firstly you need to check your credit score by using the free services offered by several online loan aggregators.

4) Pay pending bills on time

To show that you keep a good track record, one need to disciplined in paying pending bills on time. As paying your monthly bills on time will improve your credit score further to easily apply for loans as well as credit cards.

5) Keep in mind your debt to income ratio

Before making a fresh credit card application, always keep in mind your debt to income ratio. By maintaining a steady debt to income ratio, you can increase your chances of credit card application approval.

6) Find a co-signer

Look for an appropriate co-signer for yourself if you have no credit or having bad credit, getting a signor with good credit, in this case, will help increase your chances of credit card approval. This means that someone else will be responsible for your debt if you can’t make the payments on time.

7) Create a diverse range of credit

Having a mix of credit history that means having a mix of different types of credit cards plus loans will help increase your credit card approval. This is because containing a different type of mix shows borrower that you have the ability to make payment across the credit cards and loans which you have.

8) Try to build credit early

Applicants with a lengthier credit history have a better chance of being approved by the lender. So, always try to build your credit score early that will, in turn, help you to increase your creditworthiness and also creates a good impression in the eyes of the lender. Moreover, it is recommended not to close credit cards that are aged if you’ve used them for a pretty long duration.

Before you finalize a decision to apply for a fresh credit card. Going through these points will surely help you a lot to better increase the chances of your credit card application approval.

 

Related Article:  Guide To Read And Understand Your CIBIL Report

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