Credit Card Approval in Five Simple Steps

business-15721_640They are many reasons why having a credit card in your wallet or purse is useful. Probably the main reason is because you can afford to buy things while temporarily low on cash, and then pay it back the following month. Christmas time is a good example of when you might want to use a credit card, especially when you have lot’s of presents to buy.

Being approved for a credit card is not always easy though, and if you’ve tried before but were rejected, then you might want to follow the five simple steps in this article.

Improve your credit rating

One of the main reasons for being rejected by a credit card company is because your credit rating is too low. In other words, they see you as too much of a liability rather than an asset. You should look to improve your credit rating before applying for a credit card.

Credit cards for people with bad credit

If you’re credit rating is really low or you just don’t have the time to improve it, then you could try applying for a credit card that is specifically targeted towards people with bad credit. Your chance of being approved is good, although be aware that the interest rates are higher and your credit limit will probably be low to begin with.

Comparing credit cards

Before approving for any kind of credit card it’s always a good idea to use a credit card comparison site like so you are able to find the best deals for your situation. It’s not uncommon to find 0% interest rate deals, which basically allows you to borrow money for free, although only for a limited time.

Fill-in the application

Once you have found a suitable credit card then you will have to fill-in an application form online before getting approved. This includes basic details such as name, address, work, income level, and previous and current loans and credit cards, although if you don’t like the idea of filling-in an application you can give the company a ring and do everything over the phone.

Being accepted

In some cases you’ll receive an instant decision, but mostly you have to wait a few hours to be notified of the decision If you get a green light then expect the credit card to be posted out to your address immediately, which means you can start using it in a few days.

Just make sure you are sensible with your spending, and never borrow from the card if you know you can’t afford to pay it back in a reasonable time-frame.