For the known benefits and advantage of owning a credit card, getting your credit card application approved may not happen on the first, second or third attempt. It can discourage us, from the experience of repeated rejection that we no longer pursue getting a credit card. Credit cards are common among non-millenial, as the outlook of younger generation or millenials on credit card maintenance is an unnecessary spending and loans. Then when a benefit and advantage of having a credit card is discovered and explained to those without credit card, they begin to apply and some may have difficulty in having it approved making us question how to get our credit card application go through and get approved.
Proven Tips for Credit Card Application
Banks and credit card companies can be very strict in approving your credit card application. The Philippine credit card companies takes account the industry practice, good management, and minimization of risks from the success and previous hard lessons of credit card companies in the United States. This would mean procedural and data driven process in approval and disapproval of every credit card application and renewal. How to be successfully approved by the credit card giants can be answered with the help of tips and recommendations to have a fail proof or at least, higher chance of getting credit card application approved.
Stable and existing Bank Savings account
In a nutshell, banks and credit card companies has to assess our credit worthiness and risks if they will have to approve our credit card application. Their sound decisions has to rely on established financial history of an individual, and their capacity to maintain and keep funds for their financial life. A bank savings account is a basic account that can be a basis of your finances. The money in the bank shows how we really do well in saving, and how much we actually have in terms of liquid funds. This is important, as banks has to check our presence in their system, to weigh in on history of saving money. If it is an existing bank savings account, it’s fine. To have a stable savings account is better. It is recommended to open another account aside from the usual company issued ATM card. ATM cards issued for withdrawing our salary is a payroll account. In order to really establish our personal record in banking, a personal saving bank account will help in applying for a credit card and ease the approval process.
Proof of Regular income from Business or Employment
Part of the credit card application process may ask for our work- the type of work we do, the position, the industry and most importantly to the credit card companies, our income. Income can take many forms. We can be a credit card application which is self-employed and have business. We can be employed by a company and receive a semi-annual or weekly pay. We can be unemployed seeking for the approval of a credit card. The credit card company will definitely find businessman and the regular employees with good salary as a plus point in their credit card application approval. A regular and good income means less risks for them. The unpaid liability from credit card debt and declaration of bancruptcy will hurt credit card company earning, if most of it’s credit card holders can’t pay. That is why they select the applications that gets approved, and those that are not approved. One way to show that we can handle our credit is by being employed and in good standing in terms of regular income.
Pay-off Current Loans and Debt
Financial records are persistent. The financial information we have in years are stored in some database since we are already in a modem digital age. Debt, and our loans can be part of a big interconnected systems that credit card companies has access. This credit history and information will be available for weighing our credit worthiness. Being current with our payment schedules of loans and debt is a positive remark in our credit history, and therefore provides positive outlook with our credit card application. Debt and credit mishandling in the past will have a dent on our credit history, that is why we need to handle our loans as if we know that it will affect future credit card applications.
Avoid simultaneous and multiple credit card applications
Focus on 1 credit card application first, before getting another credit card application from other banks. Our credit card applications are records that can be seen as negative if we applied to many credit card companies at once. To avoid getting the impression of bad financial status and need for money we may not be able to pay, just wait for the application of credit card to go through. We will always get a reason why our credit card application was not accepted, and we should work on that reasons provided to us by credit card companies so that next time, we have made adjustment and we can show we are ready for their trust and their credit card benefits.