Can I check my chances of getting a credit card before applying?

Every credit card application marks your credit file. But did you know it’s possible to check your chances of acceptance before applying? Here’s how.

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Man using credit card and smartphone for purchasing goods online.

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Every time you apply for a credit card you’ll undergo a credit check. Too many checks in a short space of time can harm your credit score.

Yet there’s an easy way of checking your chances of acceptance before you apply. Here’s what you need to know. [top_pitch]

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What happens to my credit score when I apply for a credit card?

When making an application for credit, such as a loan, mortgage, or credit card, your credit file will state you’ve made an application. This isn’t worth worrying about as searches are wiped after a year.

Yet if you make too many credit searches in a short space of time, this can lead to problems. 

Say you apply for a card and you don’t get accepted, you may decide to apply for another. If so, two marks will be recorded on your credit file.

Yet if you don’t get accepted for the second card, you may be tempted to try your luck with a third application. However, the more searches you make, the more you give lenders the impression that you’re desperate for credit. Being desperate for credit can be a red flag for lenders, as it may indicate that you’re bad at managing money, and therefore, unlikely to pay off any debt that you rack up.

This can be a particular issue if you’re making several consecutive credit card applications, which can reduce your chances of being accepted with every subsequent application. 

As a result, while you shouldn’t be disheartened if you get rejected for a card, it’s a good idea to space out applications. [middle_pitch]

What are the likely reasons behind a rejection?

Lenders make decisions based on your predicted behavior. 

That’s why if you have little or no credit history, you may struggle to get accepted for a credit card, even if you have no history of bad debts. 

If that’s you, a special credit card for bad credit can help you build up your credit score.

Furthermore, you could be rejected simply because you aren’t a lender’s ideal customer. Remember, providers exist to make money. If you aren’t considered a profitable customer, a lender may reject you for this reason. 

There are other reasons that can have an influence on being rejected for a credit card, such as not being on the electoral roll, mistakes on your credit file, or a financial link to someone with a bad credit history.

How can I check my chances of acceptance before applying for a credit card?

To avoid the danger of making too many credit card applications, use a Credit Card Eligibility Checker.

After entering your details, the eligibility checker will determine your chances of being accepted for any particular card. Plus, some cards can even give you a 100% chance, known as pre-approval.

It’s important to note when you use an eligibility checker, it will perform a ‘soft search,’ which lenders can’t see. So you can use the checker as many times as you like before you apply. However, when you do apply for a card, that will be recorded on your file. 

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