[00:01] wanted and then missing out on a big signup bonus, additional rewards, or any trying to get. However, the truth is that with the right plan and some going to talk about here in this video, you can almost guarantee that you're
[00:14] going to be able to get approved for any credit card on the market or at the very denials reversed. Now, the strategy that I have for getting approved for credit three steps. So, step number one is to prepare your credit score. Step two is
[00:28] to learn the rules. And then the third and final step is to apply and react. So preparing your credit score because most people honestly sort of fail to do a few their score in the best shape possible before even applying for a card which
[00:42] approval odds. Now credit scores are designed to measure your experience with show how good you are at paying back money you owe from things like credit calculated by using your credit report from the three major bureaus who collect
[00:56] exactly you're paying them back. Think of your credit report like a resume. If you'd probably make sure your resume was not only accurate, but you'd probably also reword a few things and kind of optimize it so that way your resume
[01:09] to work for. And then hopefully that increases the chances that that company approach a job application with a wellprepared resume, you also want to approach a credit card application with a wellprepared credit report and credit
[01:22] credit's currently at, you can just sign up for a free credit monitoring service like Credit Karma, which I like to use for kind of the casual tracking of my hold of your actual credit report once per year through a site called
[01:34] annualcreditreport.com. That's because under federal law, you're entitled to a months from the three credit reporting agencies of Experian, Equifax, and TransUnion. And they make access to your report available over on that site
[01:47] you've confirmed that your credit information looks accurate, next you score by just taking a few actions and adjusting some of your behaviors to kind full potential. To do that, I've got three tips that I try to follow whenever
[02:01] I'm looking to open up any new credit cards myself. So tip number one is going do is just make sure you're always paying off your existing credit cards on time and in full by the payment due date each month. You also want to make sure
[02:13] from other loans you might have on time each month. And that's because on-time payments are going to affect the payment history factor of your credit score. And that is by far the most important factor that accounts for around 35% of your
[02:25] missing payments in the past, then that is going to be something that definitely of top credit cards. So, just be aware there really isn't any magic formula or guaranteed way to fix mispayments on your credit report unless those payments
[02:38] here that's always good to mention as well is that if you do happen to miss a quickly, don't panic because typically you have around 30 days before that lender to the credit bureaus, which then would start to impact your credit score.
[02:52] window, then just go ahead and make that payment ASAP before it gets reported. And also try to remember to set up reminders or autopay moving forward to number two for optimizing your credit score is to keep your credit utilization
[03:06] existing credit cards leading up to a new card application. And typically you singledigit range if possible. Credit utilization is a large part of the amounts owed factor which affects around 30% of your credit score. and credit
[03:20] the statement balance on the statement closing date of a certain credit card credit limit on that card to get a percentage. Now, even though a lot of says 30% or below is going to be a good utilization percentage, when it comes to
[03:34] preparing for a new application, I sort of always recommend actively trying to ideally, like I said, into the low singledigit range. You can do this your credit card balance right before the statement closing date when your
[03:47] utilization is calculated. So, for example, let's say that today is June 14th and I have a $2,000 balance on one of my existing credit cards right now, let's also say that my statement closing date on this card is going to be about a
[04:00] week away on June 21st. If I just let my balance stay the way it is, then when June 21st rolls around, that's going to get reported as a 20% credit utilization exactly terrible, but it also doesn't look nearly as good as a lower
[04:14] off that full $2,000 statement balance before the payment due date a few weeks later, which avoids interest. However, if I simply just paid off maybe $1,900 of my balance a few days before that statement closing date of June 21st, so
[04:27] that way only $100 gets reported as my statement balance on that date, then of 1%, which is much more likely to boost my credit score compared to a 20% ahead and just pay off the remaining $100 statement balance by the payment
[04:41] not planning to apply for any new cards or loans in the coming months, then you keeping credit utilization this low. But otherwise, try this out because this the short term. Then for tip number three with your credit score, I also
[04:55] recommend not applying for new credit cards too often. And that's because of which affects another 10% of it. You probably noticed that every time you apply for a new card, your credit score takes a small hit and it drops a few
[05:07] bad thing really because in most situations, the positive effects from and more potential on-time payments, that's actually going to greatly that come from the hard inquiries when you apply for new cards. Those hard
[05:21] effect on your score after only a few months and then they actually fall off your credit report entirely after about 2 years. So, my tip here is just to try spacing out how often you apply for new credit cards to kind of account for
[05:33] recommend aiming for one new card every 3 to 6 months or so on average for with credit cards and also want to sort of play the credit card game with people out there who don't really want to manage a ton of credit cards, you can
[05:47] Spreading out your new credit cards like this is going to give your credit score enough breathing room to kind of just fall back into its normal level in just gives you a lot more time to easily hit any minimum spend requirements for
[05:59] signup bonuses, which is important to think about as well. Now, at this point, hopefully your credit score is at least somewhere in the low to mid700s or credit history and some other factors. And once your score is in great shape
[06:12] likely to get approved for most credit cards you might want. However, even with have sort of these hidden rules and guidelines around which applications deny. So, if you really want to move your approval odds higher and higher,
[06:27] learn some of these rules and guidelines here with step number two in this video. this stuff because some of these rules and guidelines aren't actually published issuers themselves. But instead, a lot of this is based on data points and real
[06:41] sharing online over the years. Sometimes people are able to get around these think of what we're going to talk about next year as sort of a blueprint where guidelines, you're going to greatly increase your credit card approval odds
[06:56] even know about this stuff. Now, the most well-known application rule in the and it's called the Chase 524 rule. And opened five or more personal credit cards across all issuers within the past
[07:09] 24 months, you will automatically be denied for any new Chase credit cards. to prioritize getting Chase cards when you know that you're going to be under credit cards out there with nice signup bonuses. And then after that, once
[07:22] you're over 524, at that point, you can go ahead and move on to cards from other your 524 status, you do have to kind of go ahead and do that yourself because information, but it is super easy to do that just by looking at something like
[07:36] exactly your most recent new accounts were opened and how many of those accounts were open in the past 2 years. Chase also seems to have a 230 rule approved for two Chase credit cards within a 30-day period, which means that
[07:49] applying for more than two Chase cards over 30 days might not be a great idea. But like I said before, I like to only recommend one new card every 3 to 6 roughly following that timeline, then this shouldn't be an issue. Chase also
[08:02] credit they're willing to give you across the credit limits of all the you're following these rules and you've got a really good credit score, you right away because of this. This total amount of credit they want to give you
[08:15] factors, including your income. So, a really good bonus tip to kind of keep in mind here when applying for any credit card from any issuer is that they also income to kind of support whatever credit limit they want to give you. Now,
[08:27] them is that even if you start to run up against that upper limit of the credit you could do is actually move around your credit limits from existing cards them. I've done this in the past, and sometimes they'll even ask you if you
[08:40] application process. But other times, you may have to ask to move these limits reconsideration line, which is something I'm going to talk about in just a bit here. Next, in terms of rules to know about for Capital 1, typically there's
[08:52] would be their two card rule and the one six rule. The two card rule says that personal credit cards and that's it. However, this might be a bit of an seen plenty of data points where this rule doesn't really seem to apply as
[09:06] keep this one in mind and not really be too worried about it. But then Capital 1 also seems to have a one6 rule where they will typically only approve you for again, we have seen some people report data points recently where they were not
[09:20] to be another one that might be a good general guideline to follow, but not strictly anymore. Then one other general guideline that's extremely important to been known to be very sensitive when it
[09:34] they see as too many recent hard inquiries or too many active credit card accounts on the credit report. I experienced this firsthand myself when I 13 active credit card accounts along with a few other hard inquiries over the
[09:48] applying for that card. I even tried letting 8 months pass after that denial inquiries kind of settle a bit before reapplying. But still, I got denied once having too many accounts, even though my credit score was up around 800. What's
[10:03] interesting though is that my wife Jackie then immediately applied after me report and she got approved for the Venture X with no questions asked. And One denials as someone with many credit cards and a great credit score because
[10:17] ton of DMs from other people out there who got denied under similar conditions. Capital 1 approval odds is going to be to look into getting their credit cards if possible. And if you're worried about whether or not they would approve you, a
[10:32] Capital 1 does have a pretty decent pre-approval tool that you can find over and use that tool to kind of see where exactly you're at with them before just to say this again, your mileage may vary, but if I could start over, I would
[10:46] first, just like I did while being under 524, and then I would immediately move over to Capital 1 cards to increase my approval odds. Now, next here for City to be aware of, which is going to be the 865 rule. And that rule states that City
[11:00] will likely not approve you for more than one card during an 8-day period or more than two cards in a 65day period. Again, there could be people who have within this rule. But I would try to follow these timelines with City if you
[11:13] pretty easy to follow. City is also known to be pretty inquiry sensitive, so opening up new cards over the past 6 months or so, you might just want to let applying to also improve your approval chances. For American Express, they
[11:28] rules in my opinion. So, a couple of guidelines they do have usually have credit cards with AMX that have a credit limit on them. And then you also can't like the platinum or gold cards. You also generally won't be able to get
[11:41] approved for more than two MX cards with credit limits in 90 days, which is known as the 290 rule. But a lot of the other big AMX rules to know about are more different welcome offers. For example, they have a once per lifetime welcome
[11:53] bonus rule on most cards where typically you're only going to be able to get one come across an offer without that language in the terms. And there's rules with all the issuers out there as well, like the Chase 48-month Sapphire
[12:07] these rules around signup bonuses might affect the order you want to apply for those applications. But since I want to keep this video just moving along and odds, what my team and I did was we made a free PDF with all these credit card
[12:22] combined in one place. You can go ahead and check out that free PDF at the link the subscribe button. So, if you haven't already, definitely go ahead and make well because we're trying to reach 200,000 subscribers. So, thank you in
[12:36] and two, we can go ahead and move on to the fun third step here, which is going to be to finally apply and then react to the credit card application decision you want to make sure you're choosing the right credit card as well. To do that,
[12:49] that fits your spending habits and also has either no annual fee or an annual provide you more value than the card costs to hold each year. We've got a ton over the best credit cards on the market. So, you can go ahead and check
[13:04] you need some help with that. But once you decide on the right credit card for your application, you're going to see a message that says one of three things. great. Congrats on the new credit card and now you just want to use it
[13:18] you're keeping track of any progress to reach any minimum spend requirement. welcome bonus the issuer may have offered you. The second thing that your application is under review. And that just means that you're probably going to
[13:30] to reach an approval or a denial decision, which might seem a little bit though, because those kinds of messages are completely normal and they don't denied. So, instead, it might just mean that they need more time or more
[13:43] information before making a decision. Or they could just be making sure that it's of fraud. Just give the application a few days to kind of sit around while see if they come to a decision on their own. But if you don't hear anything back
[13:56] the past is I've called something known which we'll talk more about in just a minute. And then the third thing that applying is obviously a message that just flat out tells you that your
[14:08] application was denied. However, again, this is typically not the end of the line that I just mentioned is going to be another resource that you could possibly use to potentially reverse your decision. Now, if you're denied, then
[14:20] letter either online or by mail that kind of explains your reason for denial. the reconsideration line can actually be pretty useful because you're going to your call with customer service to explain why they should go ahead and
[14:34] reverse their denial to an approval. For example, let's say you applied for a immediately for having too many recent new accounts. So, if we look back at the then that sounds like it could be the reason here. But let's also say that you
[14:48] this video and you know that you've only opened four new credit cards in the last about it and you look at your credit report again, you weren't actually your wife added you to from for her account last year. There's a good chance
[15:03] might have caused them to automatically add that towards your 524 number which then got flagged in their system and led to the denial. This is actually a pretty might be able to get it fixed by just calling their customer service number or
[15:17] that you've gone ahead and prepared and kind of thought about your reason for denial. And then you would just ask them to not count that authorized user card you're not the primary card holder responsible for that account. With that
[15:29] new information, they might be able to go ahead and just reverse their decision going to be a number of other ways that you could politely make your case for reversing a denial just by calling for reconsideration. But obviously, they're
[15:41] again, your mileage may vary and some reasons for denial are going to be more difficult to overcome than others. However, remember that if you don't call locks you in with a 100% chance of denial. But if you do call for
[15:55] getting some sort of a chance for approval, which is better than nothing. So, it just never hurts to ask. And if a credit card issuer cannot reverse a to sort of better understand why you were denied in the first place. and then
[16:09] issue if possible to reapply at some point in the future. You might even want like I did when I got denied for the Capital 1 Venture X. So, like I said approved for that card and then she added me as a free authorized user to
[16:23] have basically all the benefits I needed from that card, like 2x miles on airport lounges. Again, the goal with this video is just for anyone to take then sort of stack all these tips together to greatly increase your
[16:37] credit card you want. But remember, it all starts with getting your credit about with step number one. So, if you want my full in-depth guide on how to increase your credit score dramatically with even more detail on how to get an
[16:50] go ahead and check out this video over here next. But as always, thanks so much for watching and I'll see you in the next