馃攳
Tips & Tricks When Applying for a Credit Card | 10 Ways to Improve Your Odds for an Approval - YouTube
Channel: Trip Astute
[0]
Hi there, it's Ernest from Trip Astute. In
this video, we're exploring some tips and
[4]
tricks that you can use when applying
for credit cards.
[7]
(light chiming music)
[14]
For most people,
[15]
credit cards are the best way to earn points
and miles for free travel, especially
[18]
with opening bonuses. However, applying
for credit cards can be a difficult
[23]
process, even for those who have been
collecting points for years. When you get
[26]
deeper into the hobby, you're likely to
have a large amount of credit offered to
[30]
you, so issuers can be sometimes
hesitant to extend more credit to you. So
[34]
in this video, I'm going to share my top
ten tips and tricks to improve your
[38]
chances when applying for credit cards.
Number one: Understand your credit score
[44]
and history. It used to be pretty tough
to get a hold of your credit score.
[48]
However, nowadays, it's easier than ever.
Most credit card issuers provide you
[53]
access to your score. There's also free
sites like Credit Karma, Credit Sesame,
[57]
and Quizzle, which should give you an
idea of your score. Just keep in mind
[62]
that most of these services are pulling
from one of the three credit bureaus, so
[66]
you may want to check in with all three.
Lastly, you can request a full credit
[71]
report every year from
annualcreditreport.com, which includes
[74]
data from all three major credit bureaus.
I recommend reviewing your credit report
[78]
every year to make sure that you don't
have any misreported accounts or
[81]
discrepancies. Number two: Search for the
best available offer when applying for a
[87]
specific card. Make sure you do a quick
Google search to see if there are any
[91]
better offers for the card.
It's common for issuers to have
[95]
different bonus offers depending on the
landing page, so it pays to look around
[100]
for the best offer. Number three: Take a
screenshot of your offer when applying.
[105]
This not only helps if you don't receive
your offer and need to contact the
[109]
issuer, but also helps you to remember
the terms and conditions for the bonus.
[113]
Most bonuses will require you to spend a
certain amount within the specific time
[117]
period, so it's helpful having a record
of it. Number four: State your entire
[121]
income. This is an area where people
often shortchange themselves. Make sure
[126]
you report your total income from all
sources. I know many of you have side
[130]
hustles and gigs. Don't hesitate to
include the income that you earn from
[134]
these sources in your total. I definitely
advise against misrepresenting the
[138]
information in any way. You just want to
make sure that you're representing the
[141]
big picture and improving the odds for
an approval. Number five: Apply for
[147]
multiple cards at once. This is a common
trick used by the points community and is
[152]
sometimes referred to as an "app-o- rama"
or AOR. If you're looking to apply for
[158]
two or more cards at once, it's better to
apply for the cards on the same day,
[162]
preferably around the same time. The
reason for doing this is because the
[166]
issuers will not see the credit inquiry
from the other issuers if you apply at
[170]
the same time. Keep in mind that you
shouldn't use this trick to apply for
[174]
cards from the same issuer, as they will
definitely see your multiple
[177]
applications. But if you were to apply
for a card from American Express and one
[182]
from Capital One on the same day, it
should work just fine. Also, make sure
[187]
your credit score is high as you'll like
to see a slight drop after the multiple
[191]
credit inquiries are processed. Number
six: Be mindful of your application dates
[195]
and credit inquiries. The general
recommendation is to wait at least 90
[200]
days between new credit card
applications or "app-o-ramas." Of course,
[204]
there are other factors to consider
like Chase's 5/24 rule. For more
[208]
information, check out our Chase Ultimate
Reward's 101 video. Number seven: Call the
[214]
reconsideration line if you're not
approved. If you're not immediately
[217]
approved for a card, you may want to
consider calling the issuer's
[220]
reconsideration line. Just be sure to be
polite and respectful. When I call these
[225]
lines, I usually say that I wanted to
call in and see if there was any
[228]
additional information needed to get my
application approved. The only caveat is
[233]
business cards. I would not call the
reconsideration line until you get an
[237]
actual denial as they often have a more
comprehensive review and approval process.
[242]
Number eight: Consider transferring your
available credit. I found that issuers
[248]
are sometimes reluctant to give you
additional credit if you already have a
[251]
lot of available credit with them. When
speaking to a rep on the reconsideration
[255]
line, you may want to consider offering
to move some of your available credit to
[259]
the new card if they're willing to
approve you. I've done
[262]
this several times and it seems to work
really well, especially when I've had a
[265]
premium card with a huge available
credit limit that I never planned to
[269]
utilize. Number nine: Consider
downgrading cards or changing them to
[273]
other products. This tactic won't allow
you to get a bonus, but it can be useful
[277]
when you want to get rid of a card with
a high annual fee. Instead of simply
[282]
canceling the card, you may want to opt to
downgrade or convert it to a free
[286]
version of the card. An example would be
converting a Chase Sapphire card to a
[291]
Freedom card, or a American Express
charge card to an Everyday card. This not
[297]
only allows you to retain your points,
but also avoids any negative impact on
[301]
the age of your accounts on your credit
history.
[304]
Number ten: Don't limit yourself to
personal cards. Many of you are eligible
[309]
for business cards, even if you don't
have a full-blown business. Things like
[313]
selling items online, performing a
service, or consulting, can make you
[318]
eligible for a business credit card. Just
make sure you're transparent about the
[321]
income that you earn. You don't need to
have a huge income stream for them to
[325]
approve you, and it's better to be
truthful and honest to avoid any audits.
[328]
We'll do a video on the topic soon with
more details. And those are my top ten
[333]
tips and tricks when applying for credit
cards. Do you have any suggestions on
[337]
improving your chances for getting
approved? If so, please share them below.
[342]
Also, let us know if you have any
questions. I've included some helpful
[346]
links in the video description. If you
enjoyed this video or found it useful,
[350]
please hit the "like" button and consider
subscribing. It's completely free and
[354]
you'll get notifications on all our new
updates. Also, check out our two Points
[359]
and Miles playlists. One is geared for
those of you starting out in the hobby,
[362]
and the other is for those of you who
are more advanced and experienced. Until
[367]
next time, travel safe and travel smart.
Most Recent Videos:
You can go back to the homepage right here: Homepage