9 Tips for getting a fast payday loan consolidation
It is true that getting a credit card is as simple as filling out the application and sending it.
However, credit card issuers have certain criteria they consider before giving you a pass.
Therefore, before requesting a credit card, you must know the factors that they take into account.
If you are looking for an application for a payday loan consolidation and you need some advice on how to consolidate my payday loans.
The utility of this type of payment
Nowadays, credit is necessary for almost everything, from getting a mobile phone, renting an apartment and applying for a car or student loan.
Being able to access a credit card is a great opportunity to have money when you need it.
However, being rejected on a card application can be frustrating, but you can improve your chances by knowing what failures.
Fortunately, in this post, we will tell you what you need to take into account in order to get a pass on your online credit card.
If you want to obtain the approval of a credit card, you will have to meet all the minimum criteria of the issuer of the card.
Financial institutions use your credit score to estimate the risk of not paying your credit card charges.
The higher your credit score, the less risky and the greater your chance to get your credit card approved.
The less debt you have and the longer you have been making timely payments on your existing credit accounts.
It is more likely to be approved for cards with the lowest rates and the best rewards.
The best tips and tricks to get a credit card on the Internet without endorsements and with total comfort. Click to tweet
Tips for obtaining a credit card
A credit card is a useful tool.
You can use it around the world, it can help you build your credit history, cover the shortage of cash flow.
And be a valuable source of funds in an emergency which would be very beneficial.
But, in addition to knowing all the benefits that may come with a credit card.
It is important to know what you must do to be able to get approved, and thus benefit from its many advantages.
Here are some tips to improve your chances of being accepted for a credit card.
Let’s see what they are:
Make sure you are old enough
The legal age to have a credit card on your own is 18 years.
However, some lenders require a higher age, make sure you know the minimum age that the card provider requires.
In this way, if you do not meet your requirement, you will save yourself from sending this request, and instead, you can find another lender who can accept you.
Quiet in the online market there is a wide range of lenders.
Do you have your own income?
To consider having a credit card, you need to have your own income.
Having a reliable source of income gives you the ability to pay for purchases you make with the card, that is, meet monthly payments and to be able to afford to travel on holiday to places like this.
Not only do you need to have your own source of income, but your monthly income must also be high enough for the credit limit you are asking for.
Otherwise, you will have to ask someone to request a joint credit card with you.
Have a positive credit history
A good credit history will help you get approved in any type of financing.
The better your credit score, the more likely you are to get credit.
Some credit card issuers only approve applicants who have impeccable credit reports.
Others will approve the request, as long as your late payments are not in the last two years.
Having a negative credit history could become an obstacle to being able to buy your card or any financial product.
Do not worry if you do not have the best credit, there are credit cards that approve applicants who have a bad credit history.
However, the best option is to leave the ASNEF, to get better offers.
Not having a lot of debt
Card issuers will consider the amount of your credit card and loan balances before approving your application.
If your credit usage is too high, you may be denied.
How much is too much debt? This varies according to the issuer of the credit card.
Your goal should be to keep your credit card debt below 35% of your credit limit.
Since a card issuer can compare your debt, to your earnings to decide if you can afford another additional debt, based on your other debt payments.
A high debt/income ratio would indicate that you do not have enough income to pay the balance of another credit card.
Get an endorsement
If you can not apply for a credit card on your own.
Because you’re not old enough, you do not have enough income, or you have bad credit.
You can ask a friend or family to co-sign your application.
The co-signer or endorsement must comply with the respective factors described above so that both are approved.
When you ask someone to help you get a credit card.
Keep in mind that that person is risking your credit for you.
If you do not make the payments, the endorsement will be responsible for the balance and you will receive any credit damage from the payments you have lost in the account.
Save a security deposit
People with new credit or bad credit, who can not get approval for a regular credit card.
They can have more luck with a secured credit card.
The secured credit card requires you to make a security deposit against your credit limit before you can be approved.
For example, if you deposit € 500, you have a line of credit of € 500.
After one year of timely payments, you can apply for an unsecured credit card, assuming you do not add any other negative information to your credit report.
Choose a card that has fair, non-exorbitant fees, and one that reports to the three credit bureaus.
Some institutions allow you to increase your deposit, while others reward you with a higher credit limit or a regular credit card.
But only after a set period, during which you demonstrate your financial maturity by paying your balance on time.
Reduce existing debt
The credit must be used wisely.
It is not about increasing it and then paying your credit cards every month.
Ideally, you should use 35% or less of your total available credit.
Even if you pay your balance in full each month because some credit card companies report your balance to the credit bureaus.
You will still have a comparatively high percentage of credit usage.
Therefore, take your balances to less than 35 percent of your available line of credit and keep them there.
You can do this by making a budget, so you can see where your money is going and where you can reduce it.
In this way, you can increase the payments to your outstanding balances.
Make payments on time
Paying your bills on time, even if it is a negligible amount, losing a small payment can have a big negative impact on your credit history.
You want potential lenders to see that you always pay your creditors on time.
People who pay late are more likely to default and, therefore, are a riskier proposition for lenders.
For all this, it is important that you do not forget to make payments on time.
You can use different methods so that no payment is made, such as automating the payment.
You know what the consequences are for non-payment of credit cards, I recommend you find out.
Consolidate multiple balances
Do not mess up your credit history with a lot of small balances on multiple credit cards.
Having these multiple balances negatively affect your credit score.
One of the factors that lenders observe is how many cards you have and how many of those cards have outstanding balances.
Therefore, even small balances can have a negative influence.
So you should eliminate the small outstanding balances and stick to only one or two cards for your shopping needs every day.