3 Simple Ways To Credit Card Approval
Credit Card Approval Tips and how to overcome obstacles to obtain a Credit Card
Deciding to get a new credit card is not an easy decision, especially nowadays where there is so much choice and variety. You want the one card that will suit your lifestyle needs, one that you don’t have to worry about constantly and that won’t get you into debt whilst taking all your money through interest. This is possible so do not lose hope!
Take into account the three most significant obstacles below and you will be one step closer to obtaining that perfect card.
Problem -A Poor Credit Limit
A poor credit limit is one of the major obstacles to finding a new card. It can be influenced by many things such as many outstanding balances, missed payments or even a partner’s credit history.
Tip - If in this case, do not apply for as many cards as you can and hope that one of them accepts you. This will look desperate and will put card companies off further. Simply, take your time and do your research to find a card that ating, it is never too late.
Problem - Outstanding Balance on Credit Card too high
One obstacle you may come across is if your balance is too big to transfer to another card. Say your potentially new credit card has a certain credit limit but the balance on your current credit card is larger than that limit, you may encounter some problems. With the card company. Don’t worry though, there are ways out.
Tip - Initially, you could simply ask for a higher credit limit on the new card, explain your situation and hope that the company will grant your request. If this doesn’t work, you should just transfer the maximum limit you are able to and leave the remaining balance on the previous card. That way, most of the debt is transferred hopefully to a card with 0% balance transfer (see our article on Balance Transfer Tip) and only the small remaining amount will have to have interest paid on it until it is cleared.
One obstacle you may come across is if your balance is too big to transfer to another card. Say your potentially new credit card has a certain credit limit but the balance on your current credit card is larger than that limit, you may encounter some problems. With the card company. Don’t worry though, there are ways out.
Tip - Initially, you could simply ask for a higher credit limit on the new card, explain your situation and hope that the company will grant your request. If this doesn’t work, you should just transfer the maximum limit you are able to and leave the remaining balance on the previous card. That way, most of the debt is transferred hopefully to a card with 0% balance transfer (see our article on Balance Transfer Tip) and only the small remaining amount will have to have interest paid on it until it is cleared.
Problem - Income requirements for Credit Card Application
Another thing you should check before getting a new card is whether it has a minimum income limit on it. Most cards do not have this feature; however, some are strict about this as they want a guarantee that their customer can make the payments every month.
Tip - Although there is a point there, people on low or modest incomes can still afford the monthly bills for example in a household where only one partner works and the stay at home partner applies for a card and requires only a small credit limit for household expenses and bills. If this is an issue for you, check with the company and explain your situation. You don’t know if you don’t ask.
There are many ways to improving your chances to get a easily approved for credit cards. Please read through articles below to better understand how a credit works and increase your chances of credit card approval in the first try.
