Most of the people I know are desperately waiting to get a credit card, because they are looking forward to the extreme convenience that these plastic cards bring along. But things may not be so easy, and most of these credit card aspirants face a roadblock while getting a credit card approval.
The toughest part is that some of the criteria involved in getting an approval seem to change over time. For example, a credit score of 720 was once considered excellent for getting a credit card approval. But now a score of 750 seems to be the new excellent score. So, this post is all about tips, suggestions and criteria involved in getting a credit card approval.
Getting a credit card approval if you have a history of rejection
Most of the credit card applications are evaluated automatically with the help of software. This may explain why a person whose credit card application has been previously rejected faces the same fate on second application. But the best part about this automatic rejection is that there is usually a specific time period for which this record is maintained. While some banks may refresh their data in two weeks, some others may also take up to three months.
So if your credit card application was previously rejected, try not to reapply before a safe period of three months. Do not make the mistake of thinking that you can simply change banks and reapply for getting a credit card approval. This may not be a fool proof idea because many a time banks share a common credit information database and have access to all your financial history.
Getting a credit card approval with self employment status
There are many people who are enjoying credit card facilities despite being self employed, and it is not a bad point at all. But credit card companies may not prefer extending credit to self employed individuals if their history reveals that this source of employment is less than a year or 6 months old.
In short, it means that if you are self employed individual, you may have to wait for at least 1 year after starting your business, before getting a credit card approval.
Incorrect facts hinder getting a credit card approval
Getting a credit card approval is a sensitive process and needs close scrutiny of various financial and other background facts. If your credit card application has any crucial info missing, incomplete, incorrect or false, it will hinder your efforts at getting a credit card approval.
You have to make sure that your application is up-to-date in all respects, before you click the submit button. Do not try to falsify information about your employment or contact address. Doing so will prove to be very detrimental in getting a getting a credit card.
Getting a credit card approval need not be tough and worrisome if you familiarize yourself with the basic facts and realities of the credit card approval process.
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