A credit score is a 3-digit number in the range of 300 to 900. Your credit score is based on your history with credit, and is a measure of your creditworthiness. Thus, credit card issuers depend on it when processing your application. Take a look at this score and its impact on your credit card approval.
Ideal credit score to apply for a credit card
Though there is no minimum credit score needed to apply for a credit card, issuers consider a score of 750 or more as a good number. If you have a good score, not only do the issuers approve your credit card quickly, but they may also offer favourable terms like a more competitive interest rate, a higher credit limit, a better card variant, and other benefits to you.
Significance of your credit score when you apply for a credit card
On receiving your credit card application, lenders check your credit score to gauge whether you are a trustworthy applicant or pose a risk. Then they check your repayment history to evaluate your past behaviour with credit. If you have repaid your debts on a timely basis, then you have nothing to worry!
A good credit score coupled with a disciplined repayment history signifies that you are good at handling credit. Owing to such a report, the lender will be convinced that your chances of defaulting on the credit card dues will be low to nil. Thanks to this, they will approve your application quickly.
Conversely, a low score reflects badly on your credit profile as it signifies that you have either defaulted or missed out on your repayment in the past. Therefore, issuers either reject your credit card application or charge high interest rates, offer lower credit limit, and other terms that may not be favourable to you.
Tips to increase your credit card approval
Keeping all this in mind, you can now apply for a credit card that gives you maximum benefits, has minimum charges, and adds to your convenience. For instance, the Bajaj Finserv RBL SuperCard is a credit card that combines the power of four cards in one. Not only can you use this as a credit card, but also can use it to make interest-free cash withdrawals at any ATM, avail emergency loan of up to the pre-approved credit limit, and also convert your purchases of Rs.3,000 and above into EMIs. Additionally, you can earn up to 20,000 reward points on joining and enjoy lucrative deals and offers from partners.
Before you apply, check your pre-approved credit card offer from Bajaj Finserv to view your tailor-made deal and enjoy instant approval on a card of your choice.
Please note: This article is branded content.
