Here is our best article on how to apply for a credit card and get approved.
Using credit cards is one of the best way to build credits which will help you to qualify for montage, home loans or car loan and rewards. Sparing some time to study and learn how to efficiently apply for and use credit cards will give a chance of maximizing value out of your credit cards and improve your credit score.
We have listed on this post the best step to apply for a credit card and get approved. Check out this tips and you will happy you did.
Credit card Sign Up Tips
Credit card approval is mainly based on your credit history. Just like muscles, your credit history has to be built through a continuous debtor-creditor relationship, such as car loans, home loans, credit card etc for you to get approved for a major credit card especially your first card.
The fact remains that you have little or no chance of getting approve of a major credit card if you have a zero credit history.
Besides the above, to apply for credit card and get approved you will also have to choose the best credit card that fits you, Check for pre-qualified credit card offers, apply for card and ensure to use best credit card practices.
Applying for credit cards and getting approved is the main aim of this article, Read below how to apply for a credit card and get approved instantly.
How to Apply For a Credit Card
Know Your Credit Report and Credit Score
Credit score is major player in determining the type of credit card you can qualify for. Credit Report and Credit Score (mostly by FICO) are key factors in approval of credit cards So you have check for your status and then know the card that you can qualify for.
Credit scores are most classified as either Bad credit, Average credit, Good credit or Excellent credit. Most rewards credit cards require good or excellent credit. So you will have to work on maintaining a good credit history to get approved or put off applying until you can get your finances straight.
Credit history can be improved by:
- making payments on time
- keeping your balances low on existing credit cards
- avoiding new debt etc.
Look For a Credit Card that Fits You
The next thing to do is to look for a credit card that fit your credit score. First time applicant should probably go for credit cards with low or no annual fees and a low interest rate. If you don’t have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure, so there is no point going for such.
Once you’re familiar with your credit history, narrow your search and find the right card for you. So many Credit cards are available from a range of banks ( such as Citi, Chase, Wells Fargo, Capital One etc.
Use the links above to see for yourself different credit card categories you can choose from such as ; Credit cards for people with limited or no credit history, Cash-back credit cards, which offer cash rewards on your purchases and also Travel rewards cards.
Like i said earlier, If you have a limited credit history, you might not qualify for a rewards credit card right away. You can focus on building your credit with one of the credit cards from the “limited or no credit history” category.
Check to see if you’re Pre-qualified
Most issuer banks like capital one and Chase allow you check if you are pre-qualified for a credit card. So if you’ve decided which cards might work for you, check with the issuers to see if you’re “pre-qualified” for any of them.
To do this;
- Fill out your information on the credit card issuer’s website. (you will include your Social Security number).
- The bank will run a “soft inquiry” into your credit.
- If you’re a good fit for any of its credit cards, the issuer will give you a pre-qualified credit card offer. This doesn’t actually guarantee you getting the card, but at least, it’s a good signal.
- Now, You can apply for the credit card, and the issuer will run a “hard inquiry” before approving or denying your application.
Note: soft inquiry will have no effect on your credit, but the hard inquiry can lower your credit score by a few points.
Apply For your Credit Card
The last thing to do now is to apply for your credit card. This should be done on the official website of the credit card issuer by clicking on the Apply Now button.
You will need to provide you personal details such as, your address, phone number, and Social Security number.
Also, your income will be required. So when you are asked to provide such detail, ensure to give your exact earning even if is from multiple sources.
Once you complete your sign up, card issuers will contact you to communicate you if you are approved of denied. But trust this, if you follow the steps outlined above and have built your credit history well, you are sure to be approved.
In case Your Application is Denied
Irrespective of your credit scores, sometimes you might be denied approval of a specific credit card. You don’t have to give up or sink to despair, you can take a step is to call up the credit card issuer’s “reconsideration line.”. There you can have a chance to explain any negative or unusual entries on your credit reports and see if something can be done,
Also as an alternative, you can apply for a credit card from your local bank or credit union . Or may be try again next time after you have worked on your credit history.
Finally, if your credit card application is approved. Ensure to embrace credit card best practices as your credit card can be a really useful tool to help build your credit over time.
I trust you find this Simple Step To Apply for a Credit Card and Get Approved really useful. Feel free to drop your questions in the comment box and share links with friends.