Easy Steps of Applying for a Credit Card
If this is your first time to apply credit card or if you've just been rejected, this can be disturbing. A credit card application may not be a matter of life and death, but there is always a frustrating possibility that it will not get approved. So it's normal to be a little nervous when applying for a credit card.
This is a step by step guide on how to get credit card approval. Although there is no guarantee of success, it can increase the chances of success. So let's check the follwing steps:
1. Check your credit
Your credit card score has a great influence on your credit card Get. Each The credit rating of credit card is cre You say? Your credit card must be checked to determine which one you are eligible for.
Fortunately, there are many free ways to get your CRE score Say. Look. FICO? Score, because it is the most widely used. The credit scoring tool almost always shows whether your score is poor, medium, good or excellent, and what factors lead to your current score.
If your credit rating is lower than expected, you should check your complete credit report for possible risk factors It affects you. Have the right to receive free credit reports from three credit institutions every year, Equifax, Experian and Span joint.en The cause of the covid-19 pandemic, From April 20, 2020, they will provide free credit reports every week.
2. Choose the right credit card
Choosing the right credit card is an important part of credit card approval. Ask. If You don't have a good credit card, or if you don't have a credit record, then the best credit card is not available now. It's a waste of time to apply for a credit card.
How to calculate your credit card options? Here are some suggestions:
Looking for a card suitable for your CRE customers Yes. You have a medium credit card. Please check your medium credit card Say. Bad credit, check whether the credit card has bad credit, etc.
Please contact your bank or CRE cooperative Yes. Your credit card is in use and you can easily deposit it into your account bank. No matter what history you have, he might prefer to send you a card.
See if you are eligible to participate Maps. Some Credit card companies have tools that can be used to check whether you are eligible to work in the forward. Pre selection is not a guarantee of approval, it means you have a good chance to get this card.
For those who had difficulty getting approval in the past, a secured credit card is often the safest option.
3. debt repayment
If you have any debt, especially credit card debt, you should pay as much as possible before applying for Cre card in other words. Reducing your credit use and debt to income ratio (DTI) both affect your needs.
Credit utilization rate is the total amount of credit you use and the second factor determining your credit rating He said. Also calculated Every month. This means that you can quickly improve your credit rating to pay for your credit card balance.
Reducing debt also reduces your DTI interest rate, which is, your monthly debt payment divided by your Income.si The amount is too large, and credit card companies may carefully allow you to buy new credit cards.
4. waiting for at least three months between credit applications
Every time you apply for a credit card or loan, the lender performs a credit check shut up. There will be a strict credit check in your credit file.
Although hard credit checks have little impact on your credit rating, it may affect future CRE card applications Yes. You have applied for multiple credit cards in a short period of time and may be considered a high-risk applicant.
There is no waiting time between credit card applications, but three to six months is a popular recommendation.
5. online application
Once you're ready to apply for a credit card, the easiest option is to that 's ok. The apply now option will be seen on the CRE card's web page Say. Click Run on this button Application.pr Separate the following information:
full name
date of birth
Social security number
Mailing address (if you have lived at your current mailing address for less than two years, please fill in your previous address)
e-mail address
phone number
annual income
6. includes all eligible income
Your income is particularly important because the issuer uses it to decide whether to approve your application and how many credits you will receive. You. Don't lie to your credit card, There may be consequences law. You have to know what you can include so that you don't misestimate your income.
When applying for a credit card, a consumer aged 21 or over may state any income he or she reasonably expects received. There can be certain types of current income:
Your own income
Partner / spouse income
Funds from the company or subsidiary
allowance
gift Social security benefits
Withdrawal from retirement account
7. submit application (follow up if necessary)
After submitting a credit card application, you will receive one of the following responses:
Approval: your application has been accepted. You should receive your new credit card within 7-10 working days.
In the process of review: credit card companies need more time to review your Request. It usually takes a few days Work.si You prefer it, You can call to see your Ask you. You will receive a letter containing the issuer's decision and you may receive an email containing this information.
Denial: it's the consumer's response However. , do not give up at this time, because rejection is not always the final response of the transmitter.
Many consumers don't know that rejecting a credit card application may be cancelled. You simply call the issuer's review hotline to ask if they can review your credit card application. He asked. It can also help you explain why you are a great cardholder, As a reliable payment history, your credit card and loans Ts.ce This is not the time for humility.
You can even make multiple calls if necessary Vision. The first person can't help you, but the second or third can help you.
Better opportunities to apply for credit cards
Now that you know how to apply for a credit card, you can take steps to improve your chances of success. If you choose a credit card within your credit rating, pay off your debt and avoid applying for multiple credit cards in a short time, you have a great chance to get it.
