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Approved For The Right Credit Card


Applying for a credit card can seem like a gamble, but there's a lot you can do to improve your odds at getting approved. Check out these 5 tips to ensure you get the credit card you want in your wallet. 

 Applying for a credit card can feel like a gamble. Credit card issuers don't share their approval criteria, and there's no guarantee the credit score you see when you check is the same one they see.

1. Know your credit score
Every credit card has some sort of credit requirement to get approved, so you can't just apply for any card. Knowing where your credit stands is important to make sure you don't get declined for a card that you don't qualify for.

If you don't already have an account with a credit monitoring service, you can start by estimating your credit score to get a ballpark range. If you want to zero in on or more definitive figure, sign up for a credit monitoring service to get it.

Once you know your score, find out which range it's in:


  • 750 to 850: Excellent credit
  • 700 to 749: Good credit
  • 600 to 699: Average credit
  • 350 to 599: Poor credit
Then, start comparing credit cards based on your particular credit range.

2. Make your credit more presentable
Take some time to do a few things to make your credit report and score more appealing to issuers. For example:

Pay off a big credit card balance
How much you owe makes up 30 percent of your FICO credit score, and your credit card balances make up a big part of that. Experts recommend keeping your credit utilization - your credit card balance divided by credit limit - under 30 percent, but the lower, the better. 


Take a break from new inquiries
If you've applied for a lot of credit recently, it may come off as desperate to lenders. What's more, every time a lender runs a hard credit check, it knocks a few points off your credit score. Taking a break for a couple of months can lessen the impact of credit inquiries on your score.

Pay off delinquent accounts
Your payment history is the top factor in your FICO credit score, making up 35 percent of the score. If you're late on one or more accounts, it can be devastating to your score - and the longer it's been delinquent, the more damaging it can be. Get current on all your payments and your credit score will respond.

Keep in mind that it can take a month or two for these actions to reflect in your credit score. But if that means your credit score ends up in the average range instead of poor, or good instead of average, it's worth the wait.

3. Shop around
Credit card companies often send out pre-approval offers in the mail to entice you to apply. But don't apply for the first offer you see. These pre-approval offers are no guarantee that you'll get approved, and they may not even be the best you can get.

Take some time to shop around to see what different offers you can get. Know what features you want and don't want, and consider more than just a card's rewards program.

For example, some cards offer fringe benefits that make the card more valuable. An airline card, for instance, may offer free checked bags every time you fly, and  a hotel card may give you free room upgrades.

4. Make sure your income is accurate
To improve your chances of getting approved, it's critical that you put the highest amount of income that you can legally include on your credit card application.

According to the Consumer Financial Protection Bureau (CFPB), folks who are 21 and older can count any form of income they have reasonable access to on their credit application. For example, the following may apply:


  • Earned income
  • Allowances and gifts
  • Scholarships and grants
  • Trust fund distributions
  • Retirement income
  • Social Security income
  • Alimony or child support

If you're under 21, however, your income is typically limited to earned income and scholarships and grants.

In your quest to maximize your income, know that lying about income on a credit application is considered credit fraud, so don't do it. Furthermore, the penalties can be hefty if the credit card issuer finds out and decided to file changes. 

5. If you get denied, ask for reconsideration
Denial isn't necessarily the end of the line. Some credit card issuers have a reconsideration line you can call to ask a credit analyst to take a second look at the application. You can plead your case to a human rather than letting the decision be based on a computer.

There's no guarantee you'll get a denial overturned this way, but it's worth a shot. Be polite when you call. The credit card issuer doesn't owe you anything, so don't go in with unreasonable expectations.

Ask why you were denied and explain why you want the card. If the reason for denial is legitimate and can't be overturned, you'll at least know what to work on to improve your chances the next time around. Some denial reasons can be overturned, but that depends on the circumstances.





















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