How To Get Credit Card Approval6611031

Im often asked how to get credit card approval with the minimum of fuss and without it taking an age. Well actually, providing you have a reasonable credit rating, you can expect to get approval within a day or so, and the whole process is quite painless. If your credit score is excellent, the process can take just a few minutes or in some cases it happens instantly. But what if you have a less than perfect credit history? And what constitutes a reasonable credit history anyway? Well let us look at these questions and more and you'll soon find out exactly how to get credit card approval .

What is a Credit Score?

A consumer's creditworthiness is portrayed by a credit 'score' which stems from details taken from the consumer's credit history of making their payments on time. This 'credit score' was originally established in 1989 and the purpose of a credit score was to predict the likelihood of an individual paying his debts on time. Credit scores range from 300 to 850 and this figure depicts an individual's creditworthiness at a particular point in time.

What constitutes a reasonable credit history?

During 2010, a 720 credit score was deemed the minimum borderline for establishing good credit. That figure was approximately 100 higher than prior to when the housing market collapsed during 2008 when the current recession kicked in. The median credit score for all US consumers currently is approximately 725, albeit the bridge between those consumers with a credit score below 600 and those with scores in excess of 800 is widening.

How to get credit card approval with a below average credit rating.

Having poor credit will not really stop you from obtaining a credit card, but bad credit can make it more expensive than if you had good credit. Here's how to get credit card approval despite your bad credit.

If you are aware you have a blot on your credit report, you are likely to increase your odds of getting approved for a card by offering the reasons behind your financial crisis. Nobody wants or needs bad credit, but due to record job losses, foreclosures and credit card defaults during the past year or two, more and more individuals are finding themselves with falling credit scores. Customers have the option of adding a statement of up to 100 words to their credit reports, affording creditors the reason behind the fall in their scores. Whoever inspects your credit is obliged to take into account what is written in that statement.

Knowing how to get credit card approval is but the first step in getting approved for the card you really want. It would not be so bad if you had to accept a card with a higher rate of interest, paying the complete balance every month will avert you needing to pay any interest payments and will also boost your credit at the same time. It does not do your credit score any good when you have an application refused, so you it pays to initially find the type of card you are most likely to be approved for, considering your credit report. Your initial enquiries should be your bank or credit union. They will be more aware of your financial situation than anyone else. You may also make applications for credit cards at smaller retail stores. Generally these smaller companies are more amenable and willing to offer you an opportunity. Or you could simply request a friend or family member to act as guarantor for a credit card. Bare in mind that their credit is taken into consideration also, so decide on someone with good credit. If you do not make the payments, then they will have to, and it will appear as a stain on their credit rating.

As a last resort you may apply for a secured card. You will have to open and keep an interest-bearing savings account as security for your line of credit. Your line of credit will be equal to a percentage of your deposited funds. Poor credit is not an issue because you'll have deposited money that the card issuer can hold back should you fail to pay your balance. A secured card would generally represent a temporary move while you fix your credit. Though no means a perfect move, learning how to get credit card approval and get your credit looking good again should be your main agenda.

To be perfectly frank my recommendation to you if you have a bad credit history is to suspend your application for a credit card for a period of time and use that time in mending your credit, or at very least recovering it to the level where you will not be handicapped too much when you finally make your application. It's all part of learning how to get credit card approval for the particular card that will be ideal for your personal requirements.