Credit card approval

Credit card approval 

Credit card 

How to get credit card approval

If you are getting a salary above 25 – 30 thousand rupees per month and if you are working in a reputed the company then credit card’s approval is quite easy.

Credit card approval is difficult if you are not doing a job somewhere which means you are a student or housewife or you are on cash where your salary is not credited in your bank account or you don’t have proof that you have a regular income than the credit card approval I quit tough and blogger like me or people who are independent business owners, it gets even tougher for them.

Bank requires you to have a regular salary so that you are able to pay credit card bills bank’s priority is to lesser, the risk for that bank verifies your credits profile your bank balance your income tax return etc.

In INDIA there is an organisation CIBIL it analyses the financial data of every individual and allocates a SCORE for that and bank on the basis of that SCORE decides your eligibility for a credit card.

If you pay your loans in time your score goes up with that if you miss your EMI or delay your payments your score start going down if you don’t know your CIBIL score you can check out CIBIL’S website it is free once per year.

If you have a good CIBIL score then your credit card approval is easy you just have to open bank’s website apply for credit card and upload all the documentation they demand so the main the factor is your CIBIL score your credit history and your financial data bank checks all such things.

This was about the people who have stable financial data and has good CIBIL score but what about the rest of the people? If your monthly salary is less than 20 to 25 thousand then how you will get credit card approval?  If your job is not stable then how you will get approval?

Bank then gives you an option that you can get a credit card against a fixed deposit bank requires some security and this fixed deposit server that purpose you will get interested in it like regular fixed deposit you just can’t withdraw it.

If your FD tenure is 2 years you can use the credit card for 2 years only when your FD gets matured you will have to surrender this credits card benefits of using this credit card is that you get your first credit card now you can well maintain that credit card you can improve your CIBIL score and based on that score you can apply for another credit card this is a wonderful HACK.

In which you get your first credits card against FD and using/repaying that card for at least 6 months you can make good credentials of yours and banks will check that this person has the good re-payment record so another card can be given to this person.

Let’s suppose your 1^st credit card is from ICICI and for 2^nd you applied in HDFC bank now for HDFC credit card, you won’t have to go for FD because there’s an option that you can apply on the behalf of old credit card till now we Have discussed that if you have a job or your credit score is good then credits card approval is easier or if you have fixed deposits then you can get a credit card but there is an option in between where you have a salary but a threshold level.

Let’s say credit card companies require 6 lacs of annual income but your annual income is 5 lacs. That means it is just below the minimum criteria every card has different criteria but you can still apply for that credit card because companies accept some exceptions.

You can fill your exact income details  and their guy comes to get that applied then you can give his a statement that this is my actual income but I have all the documents and I have another credit card based in different parameters they can approve your credits card income is not the only parameters.

 If your income is a little less but your SCORE   is good if your income is low but your relationship with the bank is old and good you have a saving account or some investments So companies approve on the basis of multiple factors don’t afraid of applying for a credit card.

 Apply once after applying when the bank’s official will come to you discuss your income and other documents he can also guide you that by giving 1 to 2 extra document s you can get the approval.

So I hope that these tips will help you in getting credit card approval.