5 Vital Things to Know about Credit card Approval Process

Applying forcredit card is not only exciting but also a complicated task. In a current scenario, credit card has become as important as taking care of your finances for future purposes. When expenses are mounting on you, be ready to fill out the credit card application.

Obviously, applying for credit card is not as easy as you think. There is so much anticipation when you are making application for credit card. Of course, every step is going to be tricky if you don’t know where to start.

From filling up the application to clicking on submit button, you have to keep a lot of things in mind. But, you only have in mind is- will you be approved for credit card?

These days, getting approved for credit card is not complicated. Here are some factors that play an important role in the aforementioned scenario.

1. Credit Score

This three digits’ number will decide your luck if you will be approved or not. Of course, credit score matters in all your financial matters. Credit card companies check your credit score before making any judgement on your application. Obviously, they will evaluate creditworthiness before applying your application.

If you are someone with a better credit record, you will have better chances of approval. On the contrary, getting your application approved seems tough if you have dents on your credit profile.

2. Income

While applying for credit card, you have to disclose your income during application process. Before issuing credit card to you, credit card companies check your debt-to-income ratio to evaluate your repayment ability.

3. Apply Online or By Visiting the Branch

There are two popular ways to apply for credit card. You can visit the nearest branch of your bank or simply apply online. If you don’t want to visit the bank or get stuck in formalities, it is better to apply online. When you make application online, the representative of bank will visit you to get the formalities done in a convenient manner.

4. Documents Required

When you fill the application form, you need to submit some documents. The documents include:

  • Identity proof
  • PAN card
  • Address proof
  • Proof of income

5. Approval Process

Usually, approval does not take much time. Once you submit all the required documents, bank will start verifying the authenticity of the documents. As a part of verification process, your employer can also be approached. Your credit card application will be approved as quickly as you meet the eligibility criteria. In short, the time of approval depends on qualification criteria. The average approval time is 10-15 days.

Final Words…

Getting stuck with financial contingencies is quite easy while running short on funds. In fact, financial difficulties always come without any prior notice. This is exactly where having credit cards in your pocket is always helpful.

Getting your credit card application approved is not a complicated task if your creditworthiness matches the requirements of your bank. You just need to have all the documents in place. But, once your application is approved, be sure to make the repayments on time to avoid facing major harms in future.

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