What is a Credit Score and How is it Used in the Inquiry Process?
Knowing your credit score is vital when going through the inquiry process for a credit card. Most financial institutions will base your approval or denial of a credit card entirely on your credit score.
If a credit score is below a certain threshold, some borrowers may find themselves getting denied right out of the gate. To ensure you can actually obtain a credit card, it’s usually a good idea to ensure you have your credit score in prime condition. Credit scores can land anywhere in the range of 300 to 850, with 850 being the highest obtainable score. The breakdown of credit scores is as follows.
- Generally, scores of 720 or higher are considered excellent.
- 720 to 680 is still great.
- 680 to 620 is good.
- Anything below 620 is considered sub-par.
If your credit score is in one of the lower two categories, you’ll almost certainly want to bump it up significantly before making a move to apply for a credit card. Luckily for you, we have plenty of tips to help you do just that!
Improving Your Credit Score for Credit Card Inquiry
How can I bolster my credit score, then, you might ask? Well, there are a few simple tricks that can help you improve it. Let’s cover some of them now.
- Regular, Consistent Payments: Keeping up payments on your existing bills and services will always boost your credit score. So be sure to pay at least the minimum on time.
- Credit-Boosting Loans and Credit Cards: There are loans and credit cards with the specific purpose of rebuilding your credit score and boosting it back up to an appreciable level.
- Double Check Your Credit Report: One in every ten people ends up having an error on their credit report, which can cause their credit score to drop. If you notice an error, there are systems in place to get those errors corrected. Doing so will repair part of your credit.
If you follow these tips and others posted online, such as those posted on our blog, you should know what steps to take in order to repair your credit.
Be Careful When Applying for a Credit Card
One important thing to note about credit scores is that every inquiry ends up being recorded in your credit report, and repeated rejections can potentially damage your credit score. Applying for a high-end card with tons of benefits might sound wonderful, but that inquiry could lower your score. If your credit score is towards the lower end, it’s unlikely that you’ll qualify for a high-end credit card. At first, you might have to settle for a more basic, standard credit card.
You also need to be very aware of the honesty and reputation of the credit card company you’re applying to. As with any financial inquiry, plenty of frauds are just waiting to make a quick buck by stealing your money. Doing plenty of research before applying and double-checking their reliability can keep your information safe. One option you can always rely on is Max Cash. To learn about our process to connect you, check out the credit card section of our website.
Extra Tips About the Credit Card Inquiry Process
When you submit your credit card inquiry to your desired card-providing company, ensure you’re being as thorough as possible with your provided information. Many people searching for credit cards make the mistake of only listing their earnings from their primary source of income and neglect to list any secondary income sources. However, when doing this, you need to ensure you’re being as honest as possible. Lying on your credit reports is a serious crime, and if you’re caught doing so, the punishment is immense.
If you end up being rejected by one of your desired companies, it’s often worth it to find out why. Most companies offer appeal numbers that you can call to ask about your denied inquiry. You can also try to argue your case. Just explain why you deserve the credit card and why your denial should be overturned. Even if you’re unsuccessful, finding out why and discovering what you can improve is an infinitely helpful option.
With all these tips, you should navigate the credit card inquiry process more smoothly. Just follow our helpful tips as well as the specific process laid out in front of you by the providing company, and you should be able to land yourself a credit card in no time! Are you interested in obtaining a credit card? That’s where Max Cash comes in! Let Max Cash do the hard work for you and connect you to online credit cards! Access cards that can offer great rewards, cashback bonuses, and more.5
