How To Get A Fast Approval For Your Credit Card Application
A credit card application is the first thing standing between you and a brand new credit card. Since it’s the first step you take, make sure you’re ready to take it by getting things in order beforehand. The right application can get you your credit card quickly, whereas the wrong one can be rejected. Applying for a card is very simple these days, as you just have to enter your personal information in a form on the internet and then click the ‘submit’ button. In fact we have plenty available right here at CreditSmart!
But, getting approved or getting a fast approval for a credit card is a bit complicated, as it requires some practical planning on your part, which should begin long before you sign up for a card. We have jotted down some tips and tricks, which will not only get your credit card application approved, but that too rather fast.
1. Know Your CIBIL Score
The first thing that a credit card issuer sees in your credit application is your CIBIL score. Thus, your credit score is very important, which can get your application approved fast or not at all. The CIBIL score is usually categorized by lenders into different parts, which are:
- 300 to 629 – Bad credit
- 630 to 689 – Average credit
- 690 to 719 – Good credit
- 720 and above – Excellent credit
Although, these are the general classifications of the CIBIL score, there can be some difference as per the bank to which you are giving your application. Remember that most of the reward credit cards necessitate excellent or good credit.
Therefore, if you have a bad credit history, it is advisable to apply for a credit card after organizing your finances. This can be done by paying your current credit card bills on time, avoiding new debt, keeping low balances on your current credit cards, etc. Addtionally, you can get your free CIBIL score calculated here.
2. Trim Down Your Debt
Do you know that 30 per cent of your CIBIL score is decided by the amount you owe? So, if you have a high credit card balance, then it can drastically damage your CIBIL score. This means that your credit utilization ratio, which is your credit card balance divided by the limit of your credit card, must be under 30 per cent on your every credit card.
Here’s an example. Let’s say that you have a credit card with a credit limit of Rs. 10,000. So, you must always keep your credit card balance under Rs. 3,000. You can follow this trick by making a plan that will pay your current card balance quickly. This will reduce your credit utilization ratio. Moreover, you can pay off your purchases two or three times a month rather than monthly, so that your card balance remains low all through the month.
3. Do not apply for the very first credit card offer that you see
Do not apply for a credit card offer randomly. Also, it is not advisable to apply for the first credit card offer that you see. Conduct a research on the internet as per your credit card requirements and purchasing habits and then apply for the right credit card. Browse our credit card reviews to find a card that matches your spending patterns and lifestyle, as well as credit score. This way you will get the card best for you.
Additionally, if you have a bad CIBIL score, it is more likely that your credit application will be rejected. Especially if you apply for a credit card that has a lucrative reward structure or huge sign-up bonus. Moreover, each of your applications is shown on your credit report, so it is recommended you find a credit card that aptly suits you. And, if you are still unsure, you can contact the credit card company and ask about the requirements of a particular credit card.
These are some of the ways you can get a fast approval for your credit card application. Make sure that you provide accurate information in your credit card application and prepare yourself in case your application takes time or is not approved at all. We have confidence in you! Now build your credit!