Credit Score and You

Applying for a credit card can get you a lot of headaches and might turn into a long and tedious process. Future applicants should seriously consider whether their credit score and report are good enough to apply for credit cards. In case you have a short credit history, a denial could seriously harm your score, but on the other hand, those with extensive history would not be significantly affected by it. Credit ratings ranging from 300 to 850 and as far as cardholders applicants are concerned, the higher the figure, the better chance of being approved for a credit card. If your credit score happens to be 659 or lower, you should probably look for ways to improve it – just 17% of applicants with such score get approved for credit cards. Other important aspects include your credit history, loans, and overall credit profile.

Explore Your Chances without Hurting Your Credit Score

A number of banks, including Bank of America, Barclaycard and American Express, also offer applicants the option to undergo through a so called soft credit inquiry, which is not official and does not harm your credit scores, nor enters your credit report, but informs you whether you are pre-qualified to obtain a credit card. Failure to pre-qualify does not necessarily mean rejection upon your official application, and a successful pre-qualification does not mean you can’t be rejected either. Should you fail to pre-qualify, you could provide more information and apply again. Future applicants can use this option to see whether they can obtain credit cards without affecting you score.

Improving Your Score and Profile

One thing you can do to increase your approval chance is to choose a more suitable credit card. Understanding the acceptance range of various credit cards and getting familiar with your profile could be of crucial importance. You should choose just the right credit card and apply for it, instead of applying for numerous cards at once. You should also avoid getting over your credit limit and organize your current finances, taking care of all loans and debts.

Once the application has been submitted, there is nothing much you can do besides wait for financial institutions to do a hard inquiry on your credit information, which usually requires less than minute. Don’t be disheartened if your application is rejected, the process of building up a proper credit score and profile takes time, but if you are determined, you keep your debt-to-credit ratio in check and have a clear payment history; you can soon hold your new credit card in your hand.