Applying for a Credit Card: Tips for Getting Approved
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What Are Credit Cards?
Can I Apply for a Credit Card Online?
How Often Should I Apply for a Credit Card?
What Do You Need to Apply for a Credit Card?
Identification: This may include a Social Security number. Source of income: This is intended to reassure the lender that you can repay the debt. You may be asked to prove this by showing pay stubs or W-2s. Acceptable credit scores: What’s considered acceptable will vary by lender and depending on what card you’re applying for. A basic card may require a score in the mid 600s to the low 700s, while some of the most lucrative rewards cards can require scores of 740+. However, there are credit cards for fair credit, which generally require scores between 580 and 669.
What Type of Credit Card Should I Apply For?
Rewards credit cards: Top rewards credit cards can range from credit cards with cash back programs or those with travel rewards, as two examples. Cash back cards can offer cash back on most purchases or focus on certain categories and provide percentage-based rewards. Travel rewards cards, on the other hand, offer rewards for airlines and/or lodging. Balance transfer credit cards: If you have outstanding credit card debt, transferring it to a top balance transfer credit card with a lower promotional rate may help you save money in interest, thus freeing up more funds to put toward paying off your debt. 0% intro APR credit cards: These credit cards have longer introductory financing periods, where a 0% APR credit card is offered for a certain period of time. This could be helpful if you plan to make a big purchase and want some space to pay it off. No annual fee credit cards: There are plenty of options from major issuers for credit cards that come without an annual fee. Secured credit cards: Secured credit cards can help people with bad credit to rebuild their credit history and boost credit scores. You’ll have to put down a cash deposit, which is usually in the amount of your line of credit, as assurance to the lender. Fair credit cards: Cards also exist that can work well for people with fair credit scores, which are generally in the range of 580 and 669.
Things to Do Before Applying for a Credit Card
Check your credit score. Build your credit score, if applicable. Get pre-approved. Become an authorized user. Understand the credit card terms.
Check Your Credit Score
Build Your Credit Score
Making payments on time Maintaining low credit balances on your accounts Having a mixture of credit account types
Become An Authorized User
Understand the Credit Card Terms
What If Your Application is Denied?
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