What is a credit utilisation ratio? This is basically how much credit you have available to you, in relation to how much credit you have used. Your credit utilisation ratio will also be assessed. It’s not just your credit rating that’s under the microscope when you apply for a credit card.
If your credit file doesn’t look too good, you may want to improve your credit rating before you go ahead with your credit card application. If your credit file does contain errors, you can request to have them corrected. You can apply for a copy of your credit file from a credit reporting agency to make sure it does not contain any errors – and so you know where you stand. Potential credit card providers check your credit file when you apply for a credit card, so you need to make sure it shows you in a good light. Why is this important? If your credit rating is not great, it will make applying for a credit card much harder. Number one on that list is checking your credit rating. While checking out credit cards and their features can be fun, there are a few things to tick off the To Do list before you start your comparison. So, before you apply for a credit card, here is what you should be doing to get prepared. This allows the provider to decide whether or not you will have the ability to repay the money you borrow. Why? When you apply for a credit card, the credit card provider typically checks your credit worthiness to decide whether to approve your application.īy looking at your income, your credit history and the documents you provide in your application, the credit card provider can determine whether you are low risk or high risk. While credit card application is quick and easy, it’s often what you do beforehand that affects your chance of approval.
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