Rejections can be hard, we understand. Thankfully, recovering from a rejected Credit Card application is much easier than matters of the heart. Here’s how you can boost your Credit Card eligibility and be prepared before applying again:
Focus On Existing Debt
Make timely payments on your current debt and make sure that outstanding dues are paid off in full. Setting up a standing instruction to make sure that you never miss out on payments is a great idea. This will help over time.
Strike A Positive Balance
If you mostly own unsecured debt, try to pay it off as early as possible. Secured loans impact your score more favourably. If you must have unsecured loans, ensure it’s kept to a minimum.
One Debt Over Many
If you have many debts, managing this becomes a task in itself. By consolidating and paying off many debts through one consolidation loan, it will be easier to track payments thereby reducing the chance of a missed payment.
Check Your Credit Score Regularly
Even as you try to improve your credit history, keep a check to see where you stand and how much your score has increased by obtaining your credit report at least 2 or 3 times a year. Any discrepancies – get it fixed immediately.
It’s quite obvious that your Credit Card eligibility is directly related to your CIBIL score, isn’t it? Go ahead then, do the needful. Time heals broken hearts, unfortunately, you’ll need to be a little proactive with your credit score. If your finances are in place, check if you’re eligible for a Credit Card. We have some great offers!