Here are some tips by which you can get your credit card approved faster
Decrease your Credit Utilization Ratio
One of the major things you should do to increase your chances of getting your credit card approved faster is to decrease your credit utilization ratio on your existing cards.
If the banks check that you have been using more than 30% of your credit limit every month, it reflects on your poor or reckless spending habits. If your credit utilization is always less than 30% during a period, banks have more confidence in you being able to repay the amount used by you.
Check your Credit score and credit rating
While checking and researching various credit cards is important, it is also necessary to get access to your detailed credit report and your credit rating. If your credit rating is poor, the chances of approval are less.
You can request a copy of your credit report from the bureau and make sure all the details mentioned are accurate. If you find any kind of discrepancy, you can request it to be corrected.
Understanding your requirements
Before applying for a credit card, it is important to understand what you will be using the card for. Since there are plenty of card options out there with many exciting and tempting offers to choose from, understanding your needs and then choosing a card accordingly is crucial.
Getting a credit card and spending it all on various products and expenses which is not needed is reckless spending which your issuer will have a record of. If that continues, they might not approve your card deeming you as a risk.
In a credit card market like India where there are many credit cards to choose from, it is very important to research and choose the right one. Factors like interest rate, annual fee, joining fee, reward programs should be compared between different cards and then applied for. Knowing exactly what credit card you want can speed up your application and approval process as well.
Organising your Documents
There are many people who often leave gathering and organising of documents required for application till the last moment. Do not be among them.
Organising all your documents such as photocopies and originals of PAN card, Aadhaar card, Passport, bank statements, and a filled application form must be kept ready during application.
If not, it will just result in the delay of the application procedure and ultimately, approval.
Application for multiple Credit Cards
It is advised not to apply for multiple credit cards all at once. If you do so, each application you make is recorded in your credit report. This is reviewed by issuers and the bureau.
By applying for multiple credit cards, they can deem you as a risk thinking that you do not have enough funds and cannot repay your credit card bill. This will lead to the automatic decline of your application.
These are some of the tips you should follow by which you can get your credit card approved faster. Even though this will not affect the process of approval directly, it can speed up your application process which will lead to speeding up the approval process. Since most people nowadays apply for financial products online, which is faster than offline application, you can get your credit card within a few weeks from the date of application.