How to Get Quick Approval on Credit Card Applications

Getting a credit card used to be easy, but times have changed. Many creditors now have tough requirements that consumers must meet to get approved. Smart people know that sending applications cause “hard inquiries,” which can stay in the credit report for years. One simple trick is to simply evaluate the odds of getting approved for a certain card before wasting your time and the creditor’s as well.

Here are the things that you must do to get quick approval on credit card applications:

Understand Why Your Card Application Might Be Rejected

Once you find the card that contains all the features you are looking for, don’t sign up for it immediately even if it says you are pre-approved. Before you fill out the online forms or do the paperwork, you should know that there are common reasons why people get turned down. These include:

• Bad credit rating 
• Insufficient income 
• Delinquent accounts 
• Unstable financial history 
• Too many inquiries over a short period of time

The final point denotes that an individual is in desperate need of credit – in short, it is an indication that the applicant is short of cash. This is a type of risk that banks are not willing to take. After all, how can you repay the amounts that you charge against your card if you don’t have money?

Know Your Score

Your credit score plays a vital role in the quick approval of your application. Many issuers turn down those who have really bad scores. As such, before sending in any application form, make sure to check first your credit score so you will have an idea on whether you might get approved or not. To know your credit score, simply get a copy of your credit report and check from there. Your credit report is available to you for free once a year.

Improve or Maintain Your Rating

If you have excellent rating, be careful not to make a mistake that will cause your score to plummet. On the other hand, if you have bad rating, you should raise your score to help you get a card with favorable rates and qualities. Whatever your situation is, here are methods that will help your score:

• Pay on time 
• Don’t carry balances so you will not incur debt 
• Keep your credit utilization ratio low (30% at the most) 
• Don’t apply for too many cards at the same time 
• Pay all your debts and other loans from other companies 

In general, there are four groups of scores, namely:

• Excellent credit – Your score is 780 or above, allowing you to pick almost any card that you want.
• Good credit – You have at least 701 FICO score to 779. Most cash rewards cards will approve you at this point.
• Average or fair credit – Scores from 600 to 700 may get denied but there are cards that may consider such range.
• Poor or bad credit – If your score is under 600, you may not qualify for any card except for those that are meant for people with bad credit. Typically, they have higher APR and other fees. A secured card is also an option.

 The most significant thing to remember is to check the requirements of the card. Most lenders look at the score first so if you apply for a card that’s not suitable for your rating, you will definitely get rejected.