Debt and credit cards are an important part of modern life. Using a credit card responsibly and making on time payments shows good money management skills, and helps you to develop a strong reputation with creditors. However, it can be difficult to get approved for cards in the first place or after financial hardship, so here are some top tips and tricks for getting quick and easy credit card approval.
List Every Source of Income
Your level of income is by far one of the most important parts of your application. Most people just list their employment income, but you can also include investment income, government transfers, alimony payments, and so on.
Pay All Balances On Existing Credit Cards
Your reliability will be stronger if you have no outstanding credit card debts when you apply. Many people apply for new credit cards to pay down existing ones, so set yourself apart from that crowd.
Lower Your Overall Debt as Much as Possible
Once you’ve cleaned up your credit card debts, try to lower the rest of your outstanding debts too. Start with the high interest and short-term debt, such as car loans, and don’t worry as much about long-term debt, such as students loans.
Avoid Monthly Balances On Existing Credit Cards
Even if you pay your monthly credit card balance before incurring interest, it still counts as debt. Avoid this altogether by paying off your credit card purchases before the monthly statement records any debt balance.
Wait Until Your Debt Payments Have Been Registered Before Applying
Paying off debts may register with the lender immediately, but it will not affect your credit report until the next monthly statement of your account. Pay down your debts, get your monthly statements, and then apply for your new card.
Call the Company Directly After a Rejection
Credit card companies have computer programs that automatically accept or reject applications. However, they also have customer service representatives who can overturn the program’s decision. Do not hesitate to call if your application is rejected at first.
Fix Your Application and Try Again
If your application still receives a rejection, then ask what you need to change so they can accept you. This will allow you to focus in on those key problems in your application, and fix them to ensure a quick and easy approval the next time.