Unfortunately, there’s no sure way to get approved for a credit card. Every person has a different chance of approval depending on their credit history and income. Even some people with the best credit scores can get denied on a credit card application if they don’t meet certain criteria.
You can, however, work toward getting your credit in the best shape it can be before you apply for a credit card to increase your chances of being approved. You can also look for preapprovals and prequalifications, which indicate better chances of approval before you formally apply for a credit card.
How to get approved for a credit card
Although you can’t be guaranteed approval, there are some steps you can take to boost your chances of getting approved for a credit card.
Understand your credit score
Your credit score helps lenders predict how likely you are to pay back your loan on time. Understanding how your credit score works can help you identify how you’ll get approved for a credit card.
If you have a low credit score, you’ll be less likely to get approved for new credit. A high credit score reflects that you have a good history of making on-time payments in full to other creditors.
Find out if you’re preapproved
Before applying for a new credit card, you can check to see if you’re preapproved first. Getting preapproved doesn’t mean that you’re guaranteed to get approved for a credit card. It just means that after a basic evaluation of your finances and a soft credit pull, you might be qualified for a new line of credit.
Improve your credit score
The better your credit score is, the better chance you have of getting approved for a credit card. There are a few ways you can improve your credit score to get the best offers.
You can improve your credit score by:
Making on-time payments
Credit lenders want to know that you pay your bills on time, so give them what they want. Create a history of making on-time payments on your monthly bills to show lenders you’ll make a reliable candidate for a credit card.
Paying off credit card debt
You’re less likely to get approved if you have outstanding credit card debt. You can start by paying your high-interest balance first or your smallest balance first. As you pay down your debt, you’ll notice your credit score increase.
Monitoring your credit
If you’re in the market for a new credit card, it’s best to monitor your credit report, so you have a good idea of what’s going on. Keeping an eye on things will help you understand what you need to work on to get approved.
The Bottom Line
Guaranteed approval for a credit card doesn’t actually exist, but there are steps you can take to give yourself better odds. Being well versed in how your credit score works and what some of the important terms are in the credit world will help you understand how credit line approval works. You can also take steps like making on-time payments and getting rid of debt to improve your score, so your credit card application really shines through.