By revising and paying attention to some key factors including credit score, income stability, debt management, and card selection, you can tremendously enhance your chances of credit card approval in one shot.
.jpg)
8 Tips For Maximizing Your Approval For A Credit Card - Kredit wala
Be it for convenience, building a credit history or taking benefits from various perks and rewards, getting credit card sanctioned on time, itself can be an essential milestone. However, everyone finds it difficult to keep a credit card, especially if they are unaware of the fact which influences approval decisions. This article is here, to guide potential credit card applicants to boost chances for credit card approval.
- Interpreting The Role Of Credit Card
According to the owner of Kredit wala, before checking the credit card strategies, it's essential to understand the importance of credit score in the process of credit card approval. In India, TransUnion CIBIL, Experian, Equifax and CRIF High Mark are the authorities which provide a credit score. Lenders usually check these scores to study an individual's credit worthiness. Higher credit score signals lower credit risk, making it more prominent for an applicant to get approved.
- Check And Improve Your Credit Score
Start with checking your credit score through one of the credit bureaus. Target for a score above 750 to improve your chances of getting a credit card approved. If your score is lower, try to focus on improving your credit score first before applying for a credit card. Factors which positively determine credit score include paying bills on time, avoiding multiple loan applications, reducing outstanding debts.
- Select the Right Credit Card
Not every credit card is equal. Before selecting a credit card, you should know that a credit card comes with different eligibility criterias. Before applying, select a card which suits your financial health. Some cards are designed for individuals from higher income brackets whereas some credit cards are designed for students or applicants who carry a limited credit history.
To apply for kreditwala credit card, documents include Aadhaar card, pan card, address proof with a promised salary slip. With that, Kreditwala owner serves as a financial partner for various institutions like Yes Bank, Axis Bank, IDFC First Bank, AU Small Finance Bank, State Bank Of India. You can avail up to 20% discount for 1500 restaurants and for all your entertainment purposes IDFC first bank has got everything covered with 25% off on movie tickets once a month.
- Exhibit A Stable Income
Before handing over a credit card ensure if you have a stable income profile or not, to repay credit cards dues. When applying for a credit card, be ready to provide salary slips, income tax return, or salary certificate. With consistent and healthy income streams, your creditworthiness and eligibility chances for credit card increases. Kredit wala, IDFC First Bank credit card provides insurance protection cover which comprises personal accident cover accompanying lost card liability cover.
- Keep A Healthy Debt-to-Income Ratio
Lenders conceive debt-to-income ratio as a proof of handling additional credit responsibly. Aim to retain your debt-to-income below 40%. Which means that your monthly debt payment doesn’t cross 40% of your overall income. Lower the ratio goes, higher will be your credit card approval chances as this portrays responsible financial management.
- Manageable Existing Debts
Minimizing the current debt profile showcases your commitment to financial responsibility. Lenders approve credit card applications of those users, who are way good at managing their existing debt. So, try to write your outstanding loans, credit card balance and other debts off before applying for a new credit card.
- Apply For Credit Card, Smartly
Submitting multiple credit card applications can negatively impact your credit score, which makes lenders skeptical. Be mindful in your approach, apply for those credit cards which complement your needs and financial capability. Every credit enquiry leaves a mark on your credit report, and an excess number of queries can point to applicant’s financial instability.
However, benefits of Kredit wala IDFC First Bank credit card include, lifetime free credit card approvals, with flow to 6x reward on online spend, 10x rewards on monthly spend, 10x rewards on birthday spend, no expiry, shop using credit points and much more.
- Choose A Secured Credit Card
Suppose you carry a limited credit score, then simply apply for a credit card which is secured. With that, secured cards require a minimal fee which serves as a token of assurance for lending companies. For more responsible use, make payments on time every month, maintain a good credit card while keeping your debts low and paying your bills off.
Kreditwala Owner proves to be an ultimate platform to apply for personal and home loans, credit card and EMI cards. Along with that, the platform provides income generation opportunities by enrolling as a financial advisor. In addition to all this, Kredit wala has credit cards, with no joining fees, no annual fees, rewards on a wide range of categories and discount and cashback spent around 300+ partner merchants. Potential users can apply for the credit card today!