One could apply for the Bajaj Finserv RBL Bank SuperCard to reap the maximum benefits of a credit card. Anyone can make an application for a credit card, but if you want to get approved, then the preparation has to start much earlier.
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In case you do not have a good credit score, you might miss out on the best credit card offers, but there might be chances that you get approved for a card with a lower limit. Go for it and then start work on rebuilding your credit and then apply for credit card with upgraded limit.
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It is extremely important to reduce one’s debt before applying for a card from any bank or financial institution. A full 30% of the credit score is determined by how much one owes and that is a huge percentage. High credit balances can be damaging and the credit utilization ratio – which is the balance divided by the credit limit, should be below the 30% mark on each credit card. One can lower the credit utilization by creating a plan as to how to pay the existing balance as quickly as possible and you can also seek the help of a financial advisor.
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Most of us tend to settle down for the first credit card offer we see but that is a wrong move. If there is not enough good credit, then one might miss out on the chance of getting a large sign- up bonus and a lucrative reward scheme. Since each credit card application ends up on the credit report, it is important to find out about the specifics of the card before applying. Bajaj Finserv has pre-approved offers for credit cards, along with offers on personal loans, home loan, business loans and the like. This eases the process of getting adequate financing, and also helps save time. All you have to do is share a few basic details and check out your pre-approved offer
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Make sure that the entire income is included in the application. A good credit score might show the credit card company your credit worthiness but it will not reveal the income and the credit card limit largely depends on this. The company will calculate the debt to income ratio on this basis and revealing the full income is a good idea. Along with the income that you have from your job, you can also include the income you get by renting out your premises or from interests on investments like monthly investment schemes.
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At times, in spite of meeting all the parameters, the credit card application might be rejected. Do not give up and find out from the company why did this happen and take the suitable precautions the next time to avoid such a scenario. Take into account all the previous balance sheets, your financial history and the eligibility criteria of the credit card company again to check where you missed. Since, credit card application rejection, might also result in poorer credit score, this is enough reason to analyze.
Know more about What is credit card
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