How to Increase Your Chances of Pre-Approval on CardMatch
There are many factors that can impact your ability to get credit card approval, especially if you are considering the best travel rewards and credit cards on the market. For starters, most of the best card deals require applicants to have very good or excellent credit. Not only that, but other factors in your application may come into play, such as your income and recent work history.
Fortunately, a free tool from Bankrate can help you check for pre-approved credit card offers while also checking to see if you’re eligible for better signup bonuses or special promotions that the public doesn’t see.
Read on to learn all about Bankrate’s CardMatch tool, how it works, and how you can increase your chances of getting pre-approved for all the best credit card deals.
What is CardMatch?
CardMatch is a free tool that shows consumers the pre-selected credit card offers they may be eligible for. This tool only requires minimal personal information, but you may find that you are matched with higher credit card offers than you can find elsewhere online.
To use the CardMatch tool, all you need to do is go to this area of the Bankrate website and share information such as your name, home address and email address, phone number and the last four digits of your social security number.
How to Improve Your Chances of Credit Card Pre-Approval on CardMatch
While you’re likely to get a few deals if you use the CardMatch tool, you can increase your chances of getting pre-approved for the best credit cards on the market today if you’re willing to work. The following steps can help you maintain a good credit rating, which can help increase your chances of getting pre-approved.
Pay all your bills on time
Your payment history is the most important factor creditors take into account when verifying your profile’s eligibility. In fact, this factor actually accounts for 35 percent of your FICO credit score.
If you want to increase your credit score or maintain excellent credit, you need to make sure you pay all of your bills, including monthly credit card bills, on time.
Pay off credit cards and other debts
The second most important factor that accounts for 30 percent of your FICO score is the amount of debt you have against your credit limits. This is also called your use of credit.
If you want to increase your credit score, you can do so by paying off any revolving balance you have and keeping your credit usage at 30% or less.
Avoid opening or closing credit card accounts
New credit still makes up 10% of your credit history, so you should only apply for new accounts if you really need to.
Meanwhile, the average length of your credit history still accounts for 15% of your FICO score. To perform well in this category, you should refrain from closing old accounts in good standing (even if you are not using them).
Check your credit reports for free
Finally, you should check your credit reports to make sure incorrect reports don’t hurt your score. If you find any errors on your reports, you can dispute them with the credit bureaus to help protect your credit.
The AnnualCreditReport.com website lets you check all three credit reports once a week for free, so there’s no excuse not to.
Reasons you can’t get a pre-approved offer on CardMatch
When using Bankrate’s CardMatch tool, you may be presented with different pre-selected offers that vary from person to person. The offers you are eligible for may include credit cards that match your credit profile or targeted credit card offers with better terms or bonus offers than those found elsewhere online.
Either way, these offers are compiled after Bankrate performs a soft extraction on your credit report, which is different from a thorough investigation. Gentle pulling won’t impact your credit score, but it helps creditors determine which offers you’re likely to be approved for.
If your credit score is very low, you may not be prequalified or pre-approved at all for any credit card offers, or at least not for the ones you are interested in. a newcomer to credit who does not yet have a significant credit history.
The bottom line
Bankrate’s CardMatch tool makes it easy to see multiple credit card offers you might be eligible for in one place, and you can even see credit cards with higher offers than the public sees.
But don’t take our word for it. Try Bankrate’s CardMatch tool today and you could be on your way to a better credit card in no time.