As lenders tighten requirements, improve your chances of getting a new credit card with these 4 tips.
Banks may be tightening their lending requirements amid the economic fallout from coronavirus, but here's how to increase your approval odds for a new credit card.With the current economic downturn casting wide uncertainty about the future, it's no secret that banks are becoming more strict about who they approve for new credit cards.
If you have recently applied for a credit card, you might have been asked to submit additional employment verification or show more documentation of your income. "Applying for new credit today is different than it was just a short time ago," says Jim Triggs, president and CEO of nonprofit credit counseling agency. With lenders scrutinizing potential borrowers more than they did before the pandemic, he suggests being ready.
"Consumers need to be prepared to be declined for new credit if they show any risk at all — like late payments, maxed out credit cards or potentially the fact that one has some new credit inquiries," Triggs says. "This is even if their credit score is perceived to be good or excellent.", here are four ways to increase your approval odds, as well as what a credit card issuer may ask for when you apply.
You should always pay your credit card bills on time each month and try to pay them in full if you can. For those who aren't able to right now,The same goes for all your other bills as well. Paying your monthly utilities, cell phone, car loan and
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