Credit Card Approval Strategy Quiz

What is the first step in the strategy to improve credit card approval odds?

• Prepare your credit score

• Increase your spending

• Ignore credit card rules

• Apply for multiple cards at once

Which factor accounts for the largest portion of your credit score?

• New credit inquiries

• Length of credit history

• Payment history

• Credit utilization

What is a recommended credit utilization percentage when preparing for a new credit card application?

• Low single-digit range

• 20%

• 30%

• 50%

What is the Chase 524 rule?

• You can only apply for 5 cards in 24 hours

• You will be denied if you have opened 5 or more personal credit cards in the past 24 months

• You can only have 5 Chase cards at a time

• You must wait 24 months between Chase card applications

Which issuer is known to be sensitive to too many recent hard inquiries?

• City

• Chase

• Capital One

• American Express

What should you do if your credit card application is under review?

• Apply for another card immediately

• Wait a few days for a decision

• Submit a new application with different details

• Cancel the application

What is a reconsideration line used for?

• To check your credit score

• To increase your credit limit

• To potentially reverse a credit card denial

• To apply for a new credit card

If denied for a credit card, what should you do before calling the reconsideration line?

• Apply for a different card

• Ignore the denial

• Prepare an explanation for the denial reason

• Close all other credit card accounts

What is a potential benefit of spacing out credit card applications?

• It increases your credit utilization

• It reduces your credit limit

• It allows your credit score to recover

• It guarantees approval

What is the final step in the credit card approval strategy discussed in the video?

• Cancel all existing credit cards

• Ignore the application process

• Apply for multiple cards simultaneously

• Apply and react to the decision