July 13, 2024
How to Improve Your Chances of Getting Your Credit Card Application Approved

Have you finally realized that using a credit card will ease your financial expenses? Are you going to start the application process for this bank card soon? If you are going to do this, there are a few things to remember. When it comes to applying for a credit card, the process can be straightforward. However, there is no guarantee that your credit card application will be approved. So what steps can you take to get your app approved?

Here are some suggestions:

Indicate your correct income

Surely, you might be tempted to increase your income on the application form to get approved. Alternatively, people also report lower amounts than they actually earned to pose as “humble” people with more than ideal financial profiles. At the end of the day, what matters to the company is its ability to pay it back. An income that is too high or too low will not improve your chances of being approved, especially if the income information conflicts with the additional documentation that you must submit.

Money Morning

Take your time considering your credit card application

Once you start the credit card application process, you will be inundated with offers. Take your time and go to the first offer that comes to you. Look for deals anywhere, anytime. Don’t be swayed by offers like a 0% interest-free period for 18 months or even a 0% initial annual rate. There is always a catch in such proposals. Before starting the application process, please wait patiently for the credit card offers that suit your needs.

Understand Your Lifestyle

As said in Money Morning, it’s easy to get carried away with expenses, especially if you can complete a purchase with a flick of your finger. But it all falls apart as soon as you receive your credit card statement at the end of the month. The only way to contain unexpected expenses is to understand your lifestyle. Make sure you know where you will use this credit card. Would you use it for your daily expenses? Would you use it on trips abroad? Will you use it to accumulate bonus points on a regular basis? These are some of the questions you need to answer before applying for a credit card.

Refrain from applying for authorized user cards if you don’t have to

It may seem easier to issue an authorized credit card to your spouse, even your daughter or son, but you should do so for good reason. Responsible use of an authorized card is a way to consolidate the expenses of a large family into a single card. It will also help you get the most amount of rebates or rewards when needed. However, chances are high that any unforeseen expenses from the other party could result in overspending, threatening your line of credit.