A credit card is a very useful tool for every individual as it not only gives you an interest-free credit limit for a limited period but also comes in handy when you need to make urgent purchases and pay later. There are different types of credit cards, ranging from basic cards to premium cards with top-of-the-line benefits. All you have to do is visit the respective bank’s website or branch and take a look at the different credit cards they offer, their benefits, features, discount vouchers and welcome gifts, if any. However, credit card application status and approval depend on many factors, and it is crucial to know if you are eligible for the type of card you wish to apply for before you submit a request.
While it is very easy to apply for a credit card online and check credit card application status, there are certain requirements that every applicant must fulfil in order to be eligible for one. For example, if you are looking for a Bajaj Finserv credit card, then they have many partner credit cards with amazing offers. You can easily visit their website and look for their eligibility criteria.
Here are some tips for first-time card applicants and existing credit card users to ensure that your application approval is quick and hassle-free:
1. Check on your outstanding dues or EMIs
One of the best ways to ensure that your credit card application status proceeds quickly is by checking on your outstanding dues and clearing them all before you apply for a new credit card. Be it your existing card bills, outstanding loan EMIs or any other form of credit, ensure that you pay it on time and clear your dues from time to time to show your creditworthiness to the banks.
2. Make sure your existing credit card payments are on time.
If you are not a first-time credit card applicant, managing your existing credit cards well is vital. From your existing credit card limit to your monthly usage and your timely payment to paying dues in full, credit card lending banks check it all. Since you already have a credit card history, it becomes easier for the banks to assess your past payment history and credit reports. Ensure you are making timely payments and not paying just the minimum due amount as well.
3.Show consistency in your earnings.
One of the quickest and most effective ways to ensure your chances of getting credit card approval are higher is by showing consistency in your monthly earnings.Your credit card application status will move ahead quickly if the bank can see your consistent earnings for a considerable duration. For the bank to approve your application, it is crucial to show job security and timely salary in your bank statement or routine monthly earnings if you are self-employed.
4.Don’t close your old bank accounts
Old bank accounts are a great way of allowing the banks to see your past payment history and credit records. These types of accounts often help build trust in the applicant and add weightage to the application. Your credit card application status will considerably benefit from old bank accounts and past payment records as well.
5.Monitor your credit and CIBIL score from time to time
One of the easiest ways to ensure your credit card application status moves ahead is by simply being aware of your credit scores and maintaining a good score at all times. You can request for credit score reports from time to time and monitor your score easily. Timely payments, clearing dues, using credit limit sparingly, not applying for many credit cards at once, etc., will ensure you have a good credit score before applying for a credit card.
However, if you don’t fit some or any of these criteria, or your current earnings are not enough to apply for a credit card, then opt for a secured credit card. You need to open a Fixed Deposit account with the bank of your choice, as this step ensures that repayment on the extended credit amount will be guaranteed. Secured cards have a less strict income requirement and are designed to help you build your credit score.
Your credit card application status and whether or not a bank issues you the credit card highly depends upon your past payment records, CIBIL or credit score and your ability to repay, i.e., present earnings. It is important to work on these eligibility criteria before you apply for a credit card. If you want to understand the eligibility requirements of particular credit cards, then simply visit the Bajaj MARKETS platform and check out Bajaj Finserv credit card partner offers.