Credit cards are life savers. Not only a user gets to enjoy cash back, air miles and rewards for making a purchase, but even instant finance with an interest-free period.
However, it could be a tough card to grab if you don’t have the required credit card eligibility. The reasons for people for being unable to get their hands on a credit card could be many – poor CIBIL Score, not having a Credit Score, less income and so on.
If you are already in the new credit card apply zone, here is a post that will help you improve your credit card eligibility. You will also be able to get a credit card without facing any hassles.
Simple steps to improve your credit card eligibility
- Try to get a credit card against FDs
Do you have a fixed deposit account with a bank in your city whose value is around Rs.20,000 and more and its credit limit is set at 80-85% of the deposit? Then, the fixed deposit is great for all such credit card applicants with a lower Credit Score. Your bank holds the FD as security for the purchases made on the credit card. Even if it has FD as the security, the card still offers all benefits of a typical credit card with rewards, EMI facility and much more.
- Start with a no fuss card
People who may be short of some eligibility parameters should aim for a credit card that carries no annual or joining charges. There is no need to aim for the premium cards yet as they have higher eligibility and comes with hefty joining fees. Try to use your credit card smartly and build a good CIBIL Score.
- Check out your CIBIL Score
The CIBIL Score is the mirror of everyone’s creditworthiness. It reflects if a person has managed the credits good or bad in the future or not. If you have been a timely payer of the existing loan and credit card EMIs, your Credit Score will be higher. On the other hand, if you have defaulted on your payments, you will have a lower Credit Score which will hamper your credit card eligibility. A CIBIL Score of 750+ is considered ideal by banks and lenders to approve your credit card application. If you have a bad score, start building it by making timely payments towards your current loans/credits. This way, your credit card eligibility will easily improve.
- Try with your local bank
The best possibility of getting your credit card application approved is trying for it via your bank that you are associated with for long. It could be your savings account or salaried account bank which may approve your credit card application. It is because they are aware of your financial background and know that you can handle it will.
Improving your credit card eligibility is easy if you can implement the discussed tips. If you are all set to apply for a new credit card, check out eligibility set by lenders and improve it if you fall short.
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