Increase Your Odds of a Credit Card Approval

You’ve filled out the credit card application and your breath is held now – will they approve you? It doesn’t matter how many cards I’ve applied for, I still love/hate the anticipation of finding out if I am instantly approved! Here are some things you can do to increase your odds of a credit card approval.

 

Credit Card Score Near 700

I’m not a financial advisor and I’m sure there are stories of people with credit scores under 700 who are approved for credit cards. However, to increase your odds of a credit card approval, work at increasing your scores to be higher. Pay on time, pay in full, and use your credit card for normal everyday spending. Having a credit card does not mean you can go out and buy whatever you want. You can make progress on a good credit score by keeping your spending in check. Sign up for a free account on Credit Karma to keep track of your credit score.

 

Check Applications for Errors

Be sure and fill out your applications correctly. A hurried application with a typo can definitely cause a rejection. Because I handle a lot of my husband’s financials too, I once incorrectly put his social security information on my application. Oops! I received a denial on that application.  When I called the reconsideration line to see what the problem was, they went over my information, and I realized what I had done. They were great about changing it and approving me.

 

Know your 5/24 Status

If you are applying for a Chase credit card and don’t know your Chase 5/24 status, you could be confused about a denial. Make sure you are not over 5/24 if you are applying for Chase cards. We use the Travel Freely app to help us keep track of our status.

 

Consider Different Credit Cards

Some credit cards are harder to get approved for than other cards. If you have been turned down from Chase, try out American Express credit cards. You can increase your odds of a credit card approval if you move on to another issuer if one has denied you. There are so many issuers, here are some:

  • Chase
  • American Express
  • CitiBank
  • Bank of America
  • Barclay’s
  • Capital One
  • Wells Fargo
  • US Bank
  • Discover
  • Synchrony

 

Reconsideration Lines

Everyone gets a denial at some point. It is key to not just accept it and give up. Always call a reconsideration line. Sometimes it might be a small reason why you were denied, a simple call can often clear things up and you can get approved after all.

Doctor of Credit offers a list of reconsideration lines. When you call, you can say something like this, “Hello. Recently, I applied for your credit card (name it) and was surprised that I was denied (or not immediately approved). I was hoping I could get some more information from why this happened and maybe have the decision reconsidered.”

I have had a few denials and have had all but one of the decisions reversed when I called them. It is such an easy fix in so many cases.

 

Bottom Line

You can increase your odds of approval for a credit card by following some of these simple steps. Always remember to call the reconsideration line if you are denied a credit card because you just might get that approval after all!

 

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