If you're planning on getting a credit card, are you apprehensive because you are worried you will be approved or rejected? Here are a few words of advice to ease your worries.
Make sure you are aware of your credit score. You can get a copy and check if all the data and charges on your report are all correct. If it is precise but you become aware that you have a low credit score, it is time to start a make over on your credit.
Be an on time payer. It is best to improve your credit score because every business credit card application requires you to have a good credit score. After you receive your statement of account, make it a point to settle all your bills and submit your payments on time. One should not miss or delay on your payment because you aim to improve your score.
It is also a sound idea to keep your old credit cards. Although it is not active and you want to close them because of their high cost and interest, it is best to keep them because they play a significant role in your credit card history. Closing down your old credit cards would be like deleting your previous parts of your credit history. So keep them but you do not have to use them.
If you can, it is best to focus on repaying all your balances with all your creditors in full. In a way, you are pushing a boost to your credit score.
If you have a credit limit of $ 20,000, an ideal consumption of your credit limit would amount to only $ 8,000. That is only 40% of the actual credit limit. Going beyond 40% or over $ 10,000 of your allotted credit is already damaging to your credit score. So do not put your credit record at risk by using your credit line at its maximum rates. You will be charged with a higher cost and interest rates by your creditors.
When you are done with the checklist on the requirements, do not be so hasty in submitting business credit card application. It is not advisable to submit them to quite a lot of issuers. You will be doing more damage than beneficial to your credit record. What's more, you will get a low credit point every time you get returned to the business credit card application you passed.
Be wise and be patient. The only best approach to do to be approved is to exert you on working with your credit score. When you do this, everything else will follow. Who knows? Maybe by the next bank visit, not only one card will be approved, but more!
For more info: http://www.bizcreditcards.org/