Most people use credit cards to get points, mileage, or free travels. As you know most of the credit card companies give out points just to sign up for their credit card. It can be easy to apply for a new credit card if you understand your credit score and credit history.
Tip 1. Free card report from apps and sites
Credit Karma, Credit Sesame, Quizzle, and other apps or sites like this can give you an idea of your credit scores. Just keep in mind that all these apps are getting their information from Experian, TransUnion, and Equifax. Also, you can get your full credit report from www.annualcreditreport.com for free once a year.
(Extra Tip 1.1 we recommend you check your credit score once a year with annualcreditreport.com. Just in case if anyone adds incorrect info on your credit history)
Tip 2. Search for the best available credit card offer.
Just like when you try to buy a new car, you always want to shop around for the best deal before you sign up for a credit card. Make sure to look for the deal you would like to get and compare it with other credit cards.
Tip 3. Take a screenshot of the offer
If you don’t get the same offer as advertised you can show that screenshot to your issuer. Also, it can help you remember the terms conditions and most importantly the bonuses they offer.
Tip 4. State your total income from all your sources.
You must state your incomes from your job and any other income sources you have. This information will give the credit card company a bigger picture of your income. This information will improve your odds to get the card.
Tip 5. Apply for multiple cards at once
This is a common trick you can use, called App-O-Rama (AOR). When you want to apply for more than one card at the same time, do it on the same day. Make sure you have a high credit score. (You will see a slight drop on your credit score when you apply for multiple credit cards) The reason behind this is that credit issuers won’t find out if you have applied for other credit cards.
(MAKE SURE NOT TO APPLY FOR MULTIPLE CREDIT CARDS WITH THE SAME COMPANY. Otherwise, they will see your multiple application).
Tip 6. Application dates and credit inquiries
Usually, credit card issuers don’t like to see multiple applications within 90 days. Try to keep them 90 days apart from each application.
(EXTRA TIP 6.1 chase bank does not like to see if you have applied for 5 credit cards within 24 months)
Tip 7. Call the reconsideration phone line
Every credit card issuer has a reconsideration phone line. You should call them right away if they declined your application. Always be polite and find out if you can do anything else to get the approval.
Tip 8. Transfer your available credit
If you have another credit card from the SAME credit issuer, you always can ask them to transfer some of the unused credit from your old credit card to the new card. All you have to do is, call the customer care and ask them politely. Most of the time they will do it without any hesitation.
Tip 9. Downgrading cards or changing them to other cards
If you have a high-interest credit card, you can ask the issuers to change that into a much lower interest rate card instead of canceling the high-interest card.
(EXTRA TIP 9.1 you should never cancel a credit card. It will affect your credit score)
Tip 10. Business credit card
Don’t limit yourself with personal cards. If you are eligible for business credit cards even if it is not a full-scale business, do apply. You don’t need a huge income stream to apply. Just be honest about your income when you apply. For example Uber drivers, online (eBay, Amazon and etc.) sales, consultants. With that being said, Usually, Business cards have better options and points system.