What are Things You Shouldn't do When Applying for a Credit Card?

Before applying for a credit card, you should consider avoiding a few things. First of all, you can improve your eligibility by keeping these few pointers in mind. Secondly, you can also avail of the most suitable credit card if you know the mistakes to avoid. 

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Therefore, take into account the following things before you go for new credit card apply online facility – 

Don’t let your credit score falter – An adequate credit score is the most important prerequisite to avail the payment card. Lenders issue these cards to individuals whose CIBIL score exceeds 750. 

Therefore, you should be wary of factors that affect your CIBIL score. Make sure you pay your outstanding debts in time. In addition, keep your credit utilization ratio below 30%, among other requisites. 

Don’t cancel previous credit cards – Cancelling existing credit cards significantly reduces the scope of creating a strong repayment history. As a result, financial institutions may not get adequate information on an applicant’s previous profile. 

Therefore, avoid requesting for cancellation of existing credit cards.

Plus, ensure that you apply for a new credit card only after you fulfill all essential eligibility requirements of the card issuer.

Also Read: Know These Simple Steps to Take if Your Credit Card is Lost