Credit Card Guides

Getting your credit card application accepted

Things to keep in mind to get your credit card application accepted:

Unlike other products or services where you can just shop around, do some research and pay, applying for credit cards requires you to know a bit about the process to make everything go easier. How you go about applying can not only affect your application, but also your applications for other providers. Here are some tips when looking for and subsequently applying for a card.

Take stock of your recent application history

If you have been turned down recently for any form of credit, this will have an effect on your chances of application for a credit card. This means that it’s usually (but not always) a bad idea to apply for a new line of credit soon after a decline since it could start building up reductions in your credit score

Keep your credit score in mind

Your credit rating has a big impact on your chances of a successful card application. It is a good idea to check your score with a company like Experian to have this information on hand when making decisions about credit card applications. This makes it easier to estimate your chances of success, and if necessary look to increase your score before making applications (like by using a credit builder card).

Another positive aspect of applying with a good credit score is that it makes it more likely that you’ll be offered the advertised APR that comes with the card. Banks have to offer this rate only to 51% of customers, so the better your score, the better you’ll do - even after your application has been accepted.

Don’t make too many applications at once

Every application involves a credit inquiry by the bank. These lower your credit score, especially if the application is denied. Although some might suggest making multiple applications at the same time, hoping that the score is not updated between applications, this is generally a risky move. The danger is that firstly, every application lowers your score; and secondly, if banks see too many applications at once it makes them wary of your need for credit.

So too many applications too quickly can both harm your numerical credit score, but also look untrustworthy in the eyes of lenders.

Check up front if you’re likely to be accepted

Read carefully through the terms and conditions, or speak to a company representative before you apply. Before even getting to that stage, though, you can rule out cards you are unlikely to be accepted for by using one of the many comparison and availability checkers online. This can save time and narrow down your search.