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Credit Cards: Guide on How Freelancers Can Increase Chance of Application Approval

Guide on Application of Credit Cards for Freelancer Applicants

CREDIT CARDS – Here are some tips on how freelancers can increase their chance in getting their credit card application approved.

A credit card serve multiple purposes – one of them is for emergency cases. That is the main reason why some individuals have applied for a credit card.

If an instance happens that you ran out of cash and the next payday is still several days away, a credit card can help you cope with your everyday needs. You can use it for grocery purchases, in paying for the utility bills, and other transactions.

However, truths be told that it might be challenging to get a credit card application approved – most especially if you are not permanently employed. It is one of the common problems among freelancers.

Credit Cards
Photo: MEDICI Global

Meanwhile, although it is quite challenging, an approval of a freelancer’s application for credit cards is still possible. There are ways that you can increase the chance of your application getting approved.

Moneymax has listed some ways on how to increase the chance of the approval of your application for credit cards. Here are some tips for the freelancers:

  • Apply for a secured credit card. A secured credit card boosts the confidence of the bank in granting approval on your application since there is a hold-out deposit. The bank has something to turn to in case you were not able to pay for your monthly credit card bill.
  • Take care of your bank account. Moneymax listed that it is also important to take care of your account standing as it may also serve as the basis of the bank in granting an approval. It is suggested to maintain a good standing, increase the deposits and decrease the withdrawals, and maintain your Average Daily Balance.
  • Request for a bank endorsement. You can request for a bank endorsement to help boost the chance of your approval of application for credit cards. You can attach it in your application form.
  • Register your business to DTI and BIR. If you are a freelancer who has been in a business for quite long already, you may register your business. You may also use it in other applications like for loans.

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