How to Get Your Credit Card Application Approved

How to Get Your Credit Card Application Approved

Owning a credit card comes with great responsibility, which is why you should be wary of your purchases and this little plastic card can make or break your credit score. 

Now, if it’s your first time to apply for a credit card, then prepare to submit a few documents that will prove your employment record as well as other important details. Because banks have to make sure that you’re capable of paying off your credit, you must comply with the requirements—but will this be enough for you to get approved?

Fret no more, here are tricks to get your credit card application approved:

Maintain a savings account

Having an active (with consistent deposits) savings account under a bank that you really trust can help boost your chances of getting approved. Try to open a personal savings account that’s different from your payroll account. This indicates that you’re capable of paying your credit card dues on time. 

It’s best if you apply for a credit card from your bank itself, so it’s easier for them to determine your financial capacity and assess the stability of your cash flow.

Prove that you have a stable job

Whether you like it or not, banks consider your job when you apply for a credit card with them. Their job is to check your ability to pay your dues, so they ask for your pay slip, with some requiring applicants to provide pay slips for the past three months.

Aside from your pay slip, you can also submit a certificate of employment to the bank you’re applying for. Believe it or not, the industry you’re working in also matters.

Settle your existing debt

If you have an existing loan that you’re trying to pay off, then it’s time for you to settle it. Remember that the less amount of debt you have, the better your credit score will be.

Don’t apply for multiple cards at once

Don’t be tempted to apply for a second card if your first one gets rejected. Applying for multiple cards at the same time will leave a mark on your credit file for years. This would also mean that you’re in need of money to pay off your debt even if you don’t have any.

Compare credit cards from different banks

Look for a credit card that would suit your needs. Are you interested in cashback or dining perks? How about rebates when you shop in specific stores? Banks offer a variety of benefits based on their clients’ needs. This way, you can weigh the differences of each card including their interest rates before applying for a card.

Take note of these when applying for a credit card to increase your chances of getting approved. Head over to GoBear.com to compare the best credit cards that offer an array of exciting perks and benefits based on your preference.