6 steps you can take to increase your chances of being approved for a credit card right now

To increase your chance of being approved for a new credit card, focus on the factors you can control, like making on-time payments on existing debt.

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• You can't control whether a bank approves your credit card application, but you can manage your credit score and other deciding factors.
• Taking steps to improve your credit score can significantly improve your chances of approval.
• If you're new to credit or rebuilding your credit score, a secured credit card can be a stepping stone to better cards in the future.
• Read Insider's guide to the best credit cards for average credit.

If you're in the market for a new credit card, you may be wondering if it is even feasible to be approved right now. According to the most recent Consumer Credit Card Market Report from the Consumer Financial Protection Bureau (CFPB), credit card approval rates have declined to 36% over the past several years, in part due to tightened lender requirements during the pandemic.

It is possible to get approved for some of the best credit cards or other types of loans, even if you're just starting with credit, a college student, or rebuilding your credit score. While you can't control the bank's approval criteria, there are steps you can take to improve your chances of being approved today.

How to increase your chances of getting a credit card

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Make sure all your credit card payments are early or on time

The most important factor in how your credit score is calculated is your payment history. With that in mind, you should strive to make sure every payment you make is early or on time. Not only does this rule apply to credit cards you already have, but it also applies to personal loans, mortgage or rent payments, utilities, and all other monthly bills.

Think a late payment or two won't hurt? Think again. A delinquency on your credit report (a payment that's at least 30 days past due) can have a substantial effect on your credit score. For example, according to MyFICO, a single late payment on a FICO score of 793 can knock 63 to 83 points off of your score. That's a lot of damage for a single payment you forgot to make, so make sure this mistake doesn't get you off track.

Pay down debt you already have

While it may seem insurmountable to pay off debt fast, this is another step you could take that could help you qualify for a new credit card. That's because the second most important factor that makes up your FICO credit score is the amount of debt you owe in relation to your credit limits.

Most experts suggest maintaining a credit utilization rate below 30%, which would mean carrying $3,000 in debt or less per $10,000 in total credit limits you have. While opening a new line of credit could help lower your credit utilization ratio by increasing the amount of credit you have available, having a high utilization rate before you apply for a new credit card won't help your case.

Don't close your old accounts

Another factor that can impact your FICO score is the average length of your credit history. This factor is a tricky one because lines of credit you may not be using could help lengthen your credit history and improve your score, whereas closing old cards with zero balances could hurt you.

To make sure your oldest lines of credit are working on your behalf, keep old credit cards and lines of credit open. If you don't want to use them, you can always stash old cards away in a sock drawer or storage drawer for safekeeping. And if you have a credit card with an annual fee that you no longer want to pay, contact the card issuer to see if there are any no-annual-fee credit cards you can downgrade to instead of just canceling your card.

Maintain employment

Credit card issuers will want to know your employment situation when you apply for a new card, and you'll need to be able to prove you can repay the balances you charge to your account. If you were laid off from your job, it may not be easy to get approved for a new credit card or line of credit. 

With that in mind, don't forget that you can list your household income — not just your individual income — on your application for a new credit card, per Consumer Financial Protection Bureau (CFPB) rules. This can be a godsend if you lost your job but your spouse is still employed and earning an income.

Monitor your credit score for free

Before applying for a credit card, it's smart to check your credit score and monitor it for changes as you make moves to improve your credit score. You can get a free credit report once a year from each of the three major credit bureaus (Experian, Equifax, and Transunion), although until the end of 2023, you can get a free report weekly. 

Most of the major credit card companies offer free access to your credit score. Note that, generally speaking, you'll have the best chance of being approved for a new credit card with a good credit score; that is, a FICO score of 670 or higher.

Consider a secured credit card

If you're worried about being approved for a credit card right now because your credit score isn't in the best shape, you can also consider one of the best secured credit cards. A secured credit card requires a cash deposit as collateral, and this type of card can help you build credit when you can't get approved otherwise.

Also, remember that secured credit cards don't have to be forever. Once you use a secured credit card and make on-time monthly payments for a stretch of time, you may qualify for an upgrade to a regular credit card. When you close your secured credit card account, you'll get your deposit back as long as it's in good standing. Then, if your credit score has improved, you could qualify for more lucrative rewards credit cards with better benefits.