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Trying to get instant approval for a new credit card? There is always a chance of denial, no matter which card you’re applying for. There are a few steps you can take, however, to minimize this risk and increase the chances of an instant approval for the card of your choice. Here’s a look at the best ways to improve your odds.
Start By Choosing the Right Card
Many people have their application denied because they don’t meet the requirements for the credit card. Some cards have minimum income requirements, while others make you ineligible if you have a fairly recent bankruptcy on file.
If you have poor credit, look for a card designed for individuals with bad credit and avoid Platinum cards or rewards cards that require a credit score above 700.
Know Your Credit Score BEFORE Applying
Before you submit a credit card application, review your credit report for any problems.
Issues on your credit report can cause an immediate denial of your application, although most can be fixed one way or the other. Common problems include delinquent accounts, collections accounts and accounts reported by mistake to you.
If you notice an error on your credit report, contact the three major credit bureaus to have it removed.
Also, you may need to become current on other accounts before you qualify for a new credit card.
Note: Many credit card applications are denied because the applicant does not have sufficient credit history. If you fall into this category you may establish history by getting adding to a parent’s credit account or taking a small loan from your bank. You can increase your chances of instant credit card acceptance by choosing a simple card with lower eligibility requirements.
Limit Your Applications
Have you applied to a number of credit cards lately? If so, don’t expect to receive an instant approval on your next application.
Too many applications for credit in a short amount of time is a red flag that makes credit card issuers believe you’re having financial problems. Instead, learn the reasons you were denied in the past and fix these issues before you apply for a new card.
Be Ready To Provide ACCURATE Information
Before you even begin your credit card application online, gather all necessary documents. You should be able to provide information about your employment, assets, liabilities, income and other personal details, as well as information for additional cardholders.
Provide as many details as you can on your credit card application to improve the odds of an instant approval.
Along with filling out required information, add full details in every section. Don’t leave any fields empty. Instead, fill in a zero or “N/A.”
Very Important: Always provide accurate information! Even if you get approved, providing inaccurate information can come back to bite you. American Express may do a financial review randomly at any time. If it is deemed that the information you provided when you applied for a card was inaccurate your accounts can be closed and you can be banned from re-applying.
A New Approach
You can also try using CardMatch – a free service offered by CreditCards.com. It matches you with offers from credit card issuers looking for consumers with your credit profile – making approval that much more likely. Checking does not impact your credit score (though submitting an application with an issuer will).
Plus CardMatch is our secret approach to getting better rewards cards. This is because you can often find better offers than are otherwise available.
To learn more, read our complete review.