Will I get accepted?

If reading our website you’re dazzled by the range of impressive credit card offers you’ve found here, but you’re pondering whether you’d be accepted for the new card you fancy, do a ‘mini personal financial audit’ to see whether you may qualify.

If you follow through these steps, you’re giving yourself the best chance of being accepted and also taking a financially responsible look at whether you can afford or should apply for a new credit card.

  1. All the cards listed on our website outline any acceptance criteria that’s published by the card issuer (it’s detailed in the View card rates tab just click on the ‘down arrow’ in the center of each main listing). Take a look and see if you qualify under the minimum age and minimum income.
  2. Check and understand your credit history before you apply. Is it correct and up to date? Is there anything there that may affect your application? Here you can get a FREE credit report and see what information is on file about you. If you want to stand the best chance of being accepted for a new credit card or loan, look at our 5 Top Tips To Improve Your Credit Rating. Any kind of missed payments, CCJ’s or defaults on loans or cards in the last 24 months are likely to be a problem unless you’re looking at a bad credit credit card.
  3. The lower the published APR for the credit card, the more stringent the card issuer is going to be with applications. If you know you’ve had problems with loans or credit in the past, don’t go straight for the lowest APR cards, you’ll probably just end up with a ‘declined’ listing on your credit report which will just make it harder for you to obtain credit in the future.
  4. Take a look at your financial position with regards to your income and outgoings. Do a calculation and see if you’ve got the spare cash to pay a new credit card payment or to clear the balance at the end of every month. If you’re already struggling to pay your outgoings, a new credit card is unlikely to be the answer unless for instance you’re trying to reduce your interest costs with a balance transfer credit card.
  5. Don’t be blinded by tempting limited time offers that lure you into thinking you have money that you don’t. Look at your spending profile and your history with managing credit and be honest with yourself about your position. Many rewards credit cards and cash back credit cards only work financially if you can afford to clear the credit card balance every month without fail. If you can’t be sure you can do that, don’t take on these kinds of credit cards.
  6. What’s your existing exposure to debt and if you already have credit cards, is there a large outstanding balance? A credit card issuer will be able to see the balance of any existing credit cards or loans you have, and the existing credit limit. If you have more than one credit card and you’re only paying off the minimum payments every month, and you operate the cards near or on their credit limit, it’s unlikely you will be offered another credit card.

If you don’t think you qualify for a full credit card, or you think you don’t have sufficient credit history to get accepted but want all the benefits credit cards offer like shopping online and payment protection, take a look at prepaid credit cards.

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