Factors Determining Instant Credit Card Approval
Credit Score: Your credit score is one of the most important factors in determining instant credit card approval. Lenders typically look for a credit score of 750 or above to approve applications quickly.
Income: Lenders assess your income to ensure you have the financial capacity to repay the credit card debt. Most instant approval credit cards require a minimum monthly income of around ₹20,000.
Employment Status: Both salaried and self-employed individuals can apply for instant credit cards, as long as they meet the income requirements.
Credit History: Lenders evaluate your credit history to gauge your creditworthiness and repayment behavior. A clean credit history with minimal delinquencies and responsible credit usage can improve your chances of instant approval.
Credit Utilization: Your credit utilization ratio, which is the amount of credit you're using compared to your total available credit, is considered by lenders. Keeping your credit utilization below 30% can positively impact your chances of instant approval.
Hard Inquiries: Multiple hard inquiries on your credit report within a short period can negatively affect your credit score and instant approval chances, as it may indicate financial distress.
Eligibility Criteria: Meeting the specific eligibility criteria set by the credit card issuer, such as age, nationality, and residency status, is crucial for instant approval.
It's important to note that while these factors are considered, instant approval does not guarantee approval. Lenders may still require additional information or documentation before making a final decision
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