Credit cards have become a modern-day need. With a host of financial institutions offering them, you, as a customer, are spoilt for choice. However, acquiring a credit card involves pre-defined procedures that you need to go through. Here are some tricks that help you get your card approved in short notice.
Have a good credit score
While evaluating your credit card eligibility, lenders take a close look at your credit score. A three-digit score, ranging from 300-900, your credit score reflects your creditworthiness and prudence with serving debt. A high score paints you as a responsible borrower and vice-versa. You can build a good credit score by paying all outstanding bills and EMIs on time.
Generally, a score of over 750 expedites chances of approval. It’s not that you can’t get a credit card on a low score, but it will come with strict terms and conditions. You can check your credit score for free once in a year from the four leading credit information companies (CICs) operating in India – HighMark, TransUnion CIBIL, Experian and Equifax. Alternatively, there are third-party websites that allow you to check your score for free.
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Know the list of essential documents
Along with your credit card application, you need to submit certain documents. Though these vary across financial institutions offering credit cards, some of the common documents you need to furnish are:
– Address proof
– Identity proof
– Income statement
– Bank account statement of the previous months
Some institutions may also ask for your IT return of 2-3 years, to know if you have filed for any claim deduction on big-ticket loans such as a home loan, education loan, etc.
Make sure, you provide all the relevant documents as any missing piece would only delay the process. Today, most financial institutions list the documents required along with credit card application on their websites.
Avoid multiple applications
In this digital age, financial institutions are leveraging analytics and Big Data for risk assessment of applicants. Hence, it’s very easy for lenders to find out if you’ve made multiple applications. When you do so, it paints you as a credit hungry borrower.
This can delay your credit card approval process. Hence, it’s imperative to avoid making multiple applications at the same time. Also, if your application is rejected by one institution, don’t approach the other within a short notice. Evaluate why your credit card application was rejected and make a fresh application after some time.
Meet the eligibility criteria
Every easy credit cards offering company has certain eligibility norms and criteria for approval. These norms are based on your income, age and city of residence among others. For quick approval make sure you meet these eligibility norms. Today, most institutions spell out credit card eligibility norms on their respective websites.
For instance, one of the major eligibility norms for availing Bajaj Finserv RBL Bank SuperCard is to have a minimum credit score of 750. Also, you should be in the age group of 25-65 years and shouldn’t have defaulted on making payments.
Following the above tips would help you get your card approved quickly, and will allow you to enjoy its benefits at the earliest.
