Nobody likes rejection, especially when it comes to asking a credit or loan from a lender. Are you looking to apply for credit card, and don’t want to face rejection? Then you need to consider some points that will help with an instant credit card approval.
- Don’t apply for too many credit cards at a time
Many applicants apply for too many credit cards at a time so that they have the highest probability of getting approval at least from one lender. However, it should not be on your list to do when you are seeking the best credit card in the market. It’s because every time you submit a credit card application, it initiates a hard enquiry on your Credit Score. As a result, with so many credit card applications in the queue, each can bring down your CIBIL Score. Needless to say, a lower CIBIL Score will lead to rejection of your credit card application. Even if you apply for one credit card at a time, and is rejected, you should wait for another 6 months to apply again.
- Analyze what’s in your credit report
When it comes to applying for a credit card or any other loan, you should be aware of your credit history to keep off errors. If there are any errors on your credit report, you should correct it before applying for a credit card. If you don’t do that, it can hamper your chances of approval. You should pull your credit history and look for possible errors. If you find errors in it, the first thing should be to get all corrected before applying for a credit card. To correct errors, you can contact your credit card/previous loan issuing company.
- Apply for a card that fits your CIBIL Score
If you have a decent Credit Score, applying for a credit card that’s fit for people with excellent CIBIL Scores will also lead to rejection. Hence, it’s better to apply for credit cards that best matches your existing CIBIL Score and build it from here on. You can get to know about your CIBIL Score from the CIBIL website or any third-party financial website free of cost.
- Pay your bills on time
Do you pay your bills on time? Yes, it is vital to do so that you can showcase your repayment history to the credit card lender. Once a lender knows your consistent repayment history, it will approve your credit card application quickly.
- Create a mixed range of credit
It’s not good to only have a certain type of credit if you are applying for a credit card or a loan. Yes, lenders consider such applicants with a fixed credit history of secure and unsecured loans to his/her name. You will get an instant credit card approval if you carry a diverse range of credits.
- Apply with your local or closely associated bank/lender
Do you want to get an instant credit card approval? One of the best things that you can do is applying for it with your known or local bank or lender. It would be good to apply to a bank/lender you already have an account or loan account with. Such lenders will not find it tough to approve your application. It is as they are aware of your financial history. What’s more, such banks and lenders may offer you a higher credit limit and a host of other features as a token of continuation of the association.
Try to implement the discussed tips to help you get an instant credit card approval from a bank and lender. If you are ready to apply for credit cards, opting for the Bajaj Finserv RB Bank SuperCard should be a great choice.
Bajaj Finserv presents some credit card application offers and a lot more. It is to simplify the overall loan application process and to make it less time-consuming.
You can unlock your pre-approved exclusive offers right away by sharing a few of your vital personal details.