Securing a credit card fast may seem like a feat that is impossible to accomplish. Aside from the fact that you have to wrestle with a bunch of requests from the bank, you also have to make sure that the bank would be convinced that you are worthy of their trust and investment. This is done by showing your credit scores and other sources of income to determine whether or not you would be able to pay for what you owe.
These days, we live in a fast paced lifestyle. Because of our busy schedules, we tend to rush things over. Credit cards would surely create an opening in terms of finances. However, applying for one may take a long period of time. In order to cut the usual period that you need for securing a credit card, here are some tips that could help you:
1. Know your FICO score. The first thing that banks would look into is your credit score. How can you impress the bank that you are securing the credit card from if you have a low FICO score? By making sure that you have at least a decent credit score, you will be able to obtain your credit card faster than the normal time period.
Some people assume that just because they haven’t applied for a credit card in the past means that they have a clean credit slate. That is not necessarily true. No credit history doesn’t mean you have good credit, but that doesn’t also mean you have a bad credit. This is the reason why most banks would rather not approve a credit card application by a person with no credit history. To build a good credit reputation, you can sign up for a secured credit card wherein you have to open a bank account and deposit a specific amount that you cannot touch while you have the card. Use the credit card and pay it off every month to build a good credit score. This is just one of the ways to get around the catch-22 dilemma.
2. Choose the rewards that you will actually use. Assuming that you have a good credit score, you would of course think about the rewards that you might get if you use the credit card. If you are a frequent traveller, you would surely need an air miles card, hotel card or gas card. If you are a student, you would certainly consider the reward that you would need in using your card to pay off tuition fees or purchase books. Rewards when you buy clothes, CDs or DVDs, books and other things using your credit card would warrant you points that would be beneficial once accumulated.
3. Check the interest rates and fees. Pick a credit card with as low an interest rate as possible. Your credit scores will decide the credit rate that you will get. In addition, look to see what kinds of fees there are, and compare other offers to get the best. Utilize the free interest rate calculators available online.
If the bank has any questions about your credit score, they may try to contact you to resolve the issue before a credit card is approved and delivered. Once your application is approved, you will probably get your credit card usually within a week’s time. Before you apply, make sure everything is prepared and well-thought out so that you won’t be disappointed in case you get denied.