Most people do not realise that having a credit card is more like a responsibility. You must be mindful of your spendings with a credit card. Further, you should only spend as much as you can repay without facing any financial burden. Anything that you do with a credit card, starting from its application process to its usage affects your credit score.
Instant approval credit cards may seem convenient, but it is crucial to understand the potential impact on your credit score before making a decision.
How Does a Credit Card Affect Your Credit Score?
Let us understand the effect of instant approval credit cards with the help of specific scenarios.
- Not possessing a credit card
Your credit score will not be affected if you’re one of the customers without a credit card. However, having a credit card and using it responsibly can help establish and build a solid credit history, which can be beneficial in the long run.
On the other hand, when you close old credit card accounts, you may lose the associated credit history of that account. Hence, if a card is old and does not lead to paying hefty annual fees, keeping it active and using it at times will be beneficial for you in the long run.
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- Allotted credit limit
Credit limit is the maximum allotted balance that you receive from the card provider. Utilising most of the available credit limit will indicate that you are a credit-hungry individual, which will negatively affect your credit score. Due to this, you must try and keep the credit utilisation ratio below 30%. This will help you maintain your credit score and increase the chances of fast loan approvals in the long run.
- Monthly bill payments
Payment history takes account for around 30% of the total CIBIL score. Hence, you should ensure to repay all the online credit card bills on time each month. In order to avoid such complications, one can set reminders for the payments. Irresponsible repayment behaviour negatively affects the credit score and reduces the chances of loan approvals in the long run.
In case you cannot manage the total repayment of the bill, paying the minimum due amount on time will not help. It may stop the rapid deterioration, but you will still face a lowering of your credit score. Furthermore, you can also convert the payments into EMIs, as it will reduce the repayment amount and spread it over a period and make it more manageable for you.
- Credit applications
The number of hard enquiries rise when one applies for multiple credits over a short time period. These hard enquiries are recorded in the credit report and indicate that an individual is a “credit-hungry” applicant. This will lower the credit score significantly and increase the chances of loan rejections in the long run. This is because the applicant will be considered a high-risk candidate with a higher chance of defaulting.
So, if you come across lucrative credit card offers, and decide to apply for all of them, then it will surely have a harmful impact on your credit score.
Considering the effects a credit card can have on your CIBIL score, it raises the age-old debate of whether a debit card is a better option or not. However, when you consider the difference between credit card and debit card, you will see how beneficial credit cards can be when utilised properly.
Also Read: Ways to Ensure a Smooth Approval of a Credit Card
Conclusion
Credit cards are a financial liability, irrespective of how quickly you can get them. So, applying for a credit card should be a well-thought decision where you consider your financial capacity and then apply for one. Moreover, you must go through the terms and conditions of the instant approval credit cards and then apply for one to avoid any future hassle.
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