Description: This is an article about getmyoffers-capital-one, which shares the tips of how to apply for credit cards and get approved. The author is going to browsing Nerdwallet website for demonstration purposes. Funding gym provides various services specifically tailored to fit your funding needs.
It’s Gary the credit medic today. I’m going to talk about how to apply for a credit card and get approved. If you do some research on the internet first, don’t randomly apply for one of the thousands of credit cards that may be out there.
When you don’t know some of the information in advance, you should do your research first. If you have someone as an advisor or a mentor or someone that’s been through the process before and they know what they’re doing such as myself or funding gym or other resources, you may know do the research. That’s my point. Do the research now.
There are some sources online that I’m going to point out. One of which is called nerd wallet. It’s simply a website and it has a lot of information about finance or about credit or about lines of credit and loans. I recommend that you go through their website and get as much financial knowledge as you can before you make any kind of application for any kind of credit or Finance tool.
They have a webpage. It’s called how to apply for credit. You’ll get approved and I wanted to point out that there are five steps on this particular page. I’m not going to write them all through to you. You can do this on your own but knowing your credit score is a very important element before you apply for anything.
You should know that underwriting rules what they’re going to be looking for as far as a minimum credit score. You should know in advance what you want so that you know what is required to be qualified to get that.
Knowing your credit score is a very important element. If you’re going to work with funding gym or with any of these other credit access or funding access tools, they will very quickly need to know what your current credit scores are.
If they’re nothing or zero or blank, that’s fantastic. If they are established, that’s better. If you want them to be established in a step-by-step, meaningful and results-oriented way, contact us directly. So knowing your credit score is a very important element.
The next thing is that if you already have some kind of credit or finance going on like a car loan or a mortgage or some kind of line of credit or credit card reducing your debt down below 30%, utilization ratio is very important. This will help your scores.
Under 20% is better. Under 10% is better. A little bit more than 1% is best. So being fully paid off and not utilizing credit cards doesn’t necessarily help your score as much as you think. Having between 1 & 9 percent of utilization ratio is the ideal sweet spot.
Reducing your debt is another thing that will comment about. Number 3 is talking about. Don’t apply for the first offer that you see. This is true. There are thousands of marketing campaigns. All kinds of advertisement solicit to you to get credit or get some kind of funding or whatever it may be. For them they may be charging higher interest and they may have higher fees. So that they can pay for the advertisement that got you to their doorstep.
So don’t apply for the first one that you see. Because often that’s the one that’s been most heavily marketed and most paid for that marketing and therefore the higher cost to you as a consumer. There are often tools through credit unions or through less expensive routes to get funding. You can reach out to us directly about that if you have specific questions.
The next thing I want to comment about is including all of your income in the application. It says this on this particular page or this website. That’s simply because there is such a thing as fraud. The fraud is that if you say that you make a million dollars a year and you don’t make that money and you default on a loan, there can be penalties. There can be legal consequences. That’s why I’m saying including all of your income on an application. It can have a negative effect to you personally if you lied or if you have a fraudulent application. We can guide you through that process if you get to that point on your own or if you go through our system.
The fifth thing is that don’t give up now. This means if you already have found me and in the recent past, less than 30 days ago you applied for credit and it got denied or if you applied for credit and it got approved. Keep in mind you should call and come to get a reconsideration regardless of the result.
If it was denied, you can call within 30 days. If you call within 30 days to the reconsideration line for that loan product, you can potentially negotiate and get that turned around to be an approval. So a declination can be turned into an approval if you know the negotiation techniques.
If you got approved and maybe you asked for 5000 or a certain number you cannot still within the 30-day period of your initial application, you can still call and see if they will reconsider raising that level higher for your personal scores for your personal credit access.
Keep in mind you need to ask and double check before you do this. They will not make a second inquiry on your credit. If it’s within 30 days and you’re providing the reference information to your initial or your original application, they will not have to pull your credit a second time and re-add a second inquiry onto your report. So keep this in mind.
But you can contact what’s called a reconsideration line and there are all kinds of tools to do that. On this page I am talking about the bottom lines, talking about being denied for credit hurts both psychologically and in terms of affecting your credit score. That’s the bottom line. Do not waste your good gunpowder early.
If you have a credit inquiry, it will happen. It will stay on your report for two years. But within the first six months it affects the algorithms of being automatically approved or automatically denied. Keep in mind that inquiries are your most valuable thing that you don’t want to squander reach out to us directly. If you have any questions about credit or about how to build your business funding specifically we can help guide you through this process. Leave comments if you have anything that I can answer. I will do that as soon as possible. Thanks for reading.