Check your credit score before applying for a credit card

Check your credit score before applying for a credit card

There are several areas where your credit score is a big factor - including when you apply for a credit card.

Many people who have a credit score are under the mistaken impression that it is used only when they apply for a loan.

There are several areas where your credit score is a big factor - including when you apply for a credit card. When you do not know your credit score and apply for a credit card, these are some possible outcomes:

• If you have a low credit score, your application will be rejected right away. This will have a negative impact on your score.
• If you think you might have a bad score, you may decide to make multiple credit card applications, hoping you will qualify with at least one lender. This is a self-defeating strategy as a low credit score automatically disqualifies all your applications. Making multiple applications and receiving multiple rejections will cause your score to drop substantially.
• Banks may be unwilling to increase your limit if you do not have a good enough credit score.

All these scenarios can be averted if you check your credit score before you decide to apply for a card. If you have a low score, it is worthwhile to spend some time on improving it so that you do not face rejection and a further decrease in your score.

Creditmantri.com can help you get your credit report for free and work with you on improving your credit score, if required.

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Comments (2)

Anonymous


Commented on 11, April , 2016

Generally speaking, if you have been paying all your dues on time, your CIBIL score would be quite high. If you feel that your CIBIL score is low in spite of making timely payments, we would recommend that we obtain and analyse your latest CIBIL report, so that we could check if there are any other factors in your credit profile which are adversely impacting your score. Kindly give us a mobile number where we can reach you, or give us a call on 044-42240800 or 72999-10805, so that we can assist you in resolving your queries.

Anonymous


Commented on 6, April , 2016

How to increase CIBIL score inspite of paying all the dues on time without fail

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