A credit card is more than just a way to pay for purchases. The best credit cards have some extremely valuable perks. You can find cards with sign-up bonuses worth $500 or more, high rewards rates, and 0% intro APR offers lasting for 15 months or longer.
Because these cards have so much to offer, they’re also harder to get. Luckily, there are ways you can help yourself qualify for them. If your credit score is a work in progress, or you’ve been denied on credit card applications in the past, here’s what you can do.
1. Pay down credit card debt first
If you have large balances on your credit cards, pay them down as much as possible. Wait at least a month, and then apply for the card you want.
This is a fast way to boost your credit score. One of the factors that determines your credit score is your credit utilization ratio — your card balances compared to your credit limits. Card issuers report those numbers every month. When you pay down your balances, it lowers your credit utilization. Once the new numbers get reported, your credit score could go up.
Credit card companies also consider your debt-to-income ratio when you apply for a card. If you have a lot of credit card debt, that could make it harder to get approved, especially when you’re going for any of the best credit cards.
2. Check for pre-approval offers
Many card issuers have a pre-approval process. When you’re pre-approved for a card, it means that card fits your current credit profile. It’s not a guarantee you’ll be approved, but it’s a good sign.
If you know which credit card you want, visit the card issuer’s website and look for a pre-approval page. You can also search online for the card issuer’s name with the word “pre-approval.” If you haven’t picked a card yet, you could look for pre-approvals with any card issuers you like.
Next, enter the required information in the pre-approval tool. They normally only require basic details, including your name, address, and the last four digits of your Social Security number. You may also be prompted to select which types of cards you’d like, such as cash back cards or travel cards. Once you submit your information, you’ll see any cards you’re pre-approved for.
3. Build a relationship with a card issuer
While this isn’t necessary, there are rumors that some card issuers like to see a pre-existing relationship from credit card applicants. For example, if you have a bank account with the card issuer, that could also help with qualifying for its credit cards.
If you’re interested in a specific card issuer, then you may want to give this a try. It’s not guaranteed to help, but it can’t hurt.
4. Be selective about applying for credit cards
A trend I’ve noticed recently is more and more card issuers rejecting applications from people who have opened a large number of credit cards. The most famous example is Chase’s 5/24 rule. Chase is known for denying applications of anyone who has already opened five or more credit cards in the last 24 months.
It’s not just Chase, though. Plenty of other card issuers have denied applicants for opening too many credit cards, including American Express, Capital One, Citi, and Wells Fargo. Card issuers don’t release guidelines about this to the public (the Chase 5/24 rule is unofficial and based on online reports). But you may want to wait six months to a year between new credit cards to play it safe.
5. If you’re not approved, call and ask for a reconsideration
Getting denied on a credit card application isn’t always the end of the road. Before you give up, try calling the card issuer and asking for a reconsideration. Let them know how excited you were to get the card and any points in your favor, such as a high credit score or a perfect payment history.
With any luck, the representative you speak to on the phone will be able to stamp an approval on your application. Plenty of people, myself included, have been successful on reconsideration calls.
The application process is tougher with the best credit cards, but consumers with good credit can still usually qualify. The tips above could also put you in a better position to get the card you want.
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