How to Get a Credit Card
Feb 13, · Applying for a credit card is a simple process that can usually be done online, over the phone or in person, depending on the issuer. Applying online is usually the fastest route to a decision, but applying in person also has its benefits. It’s easiest to apply for a credit card online. Jun 20, · For a first credit card, look for credit cards that accept applicants with moderate or no credit. Applying for cards that are geared toward your specific credit history improves your chances of getting approved. Avoid applications for credit cards requiring excellent credit as you probably will get denied. Ask someone for help.
Secure Account Log Geh. Applying for a credit card can be exciting and potentially a little nerve-wracking. Follow these cteditcard tips to help lessen the stress involved in the application process and to help keep your financial future healthy.
Know the essentials about your credit report and score before applying for credit. Your credit score is a three-digit number calculated based on multiple factors including:. Regardless of when you plan to apply for a credit card, get into the habit of reviewing your credit report on an credictard basis.
Since the amounts you owe make up a whopping 30 percent of your credit score, it can be helpful to make an attempt to pay down your debts before trying to get a credit card. Put together how to correct a golf slice drive plan to pay off debtor at least reduce them to lower your credit utilization ratio, potentially improve your credit score, and improve your chances of a successful credit card application.
Credit card companies may need to verify your income to determine if you qualify for credit. They may also review your current financial obligations, like rent or mortgage payments. You can also cgeditcard sure you are utilizing all the benefits the card has to offer that you may not know about otherwise, such as rental car insurance, fraud protection or extended product warranties. Applying for a credit card is a simple process that can usually be done online, over the phone or in person, depending on the issuer.
Applying online is usually the fastest route to a decision, but applying in person also has its benefits. Of course, you could always apply for a credit card the old-fashioned way by walking into the branch of a bank.
The best first-time credit card for you may be a secured card or student crfditcard card. If you have an established credit history, consider what you want out of a rewards credit card and apply for cards that make the most sense for your lifestyle and spending habits.
Be prepared to provide information such as your:. These details are typically requested on credit applications, but some creditors may request a variety of other information. Getting a credit card decision is a relatively quick process, especially when you apply online. This process can take from a few seconds to a minute or more depending on your internet speed and network conditions. After the credit check is complete, you may get a decision on the screen.
At this point, there are three possible outcomes: You can be instantly approved, instantly denied, or you can receive a message that your application needs further review. With an instant approval, the issuer will typically deliver the card in business how to use dual hard drives. The credit card issuer may need how to get a creditcard human, rather than a computer, to review your application and make a decision. In these instances, it will take longer to hear back crediitcard an approval decision.
The credit card approval time can be extended by something as trivial as verifying your personal information due to some discrepancies between your application info how to play how great is our god on violin your credit file, but it may also mean that the issuer is concerned about its exposure especially if you already have another credit line with them. If you are in no rush to receive a new card, just let the review run its course.
Instead, find out the reason for your denial and work to put yourself in a better position for future applications. Having a credit card application denied can be frustrating, and can also be a sign of some issues with your finances. If you understand some of the key factors that are considered in the credit card application process, you can work to improve your financial situation so you can reapply in the future.
All hope is not lost if your application for a secured credit card is creditccard. With time and concerted effort, you can put yourself in a better position to re-apply for a credit card. A credit card is an important and potentially powerful tool that can help you reach your financial goals. You may make mistakes along the way, but with concerted effort and the help of the right credit card resources, you can make the most of your new credit card. User ID. You are here.
Get the most out of your credit card. Find out how you can take advantage of all the opportunities that may be available to you as a cardholder. Paying down your debt. By following a few simple steps, you can help ensure you’re headed in the right direction when it comes to managing your credit card debt.
Eighteen can be a liberating age. You're legally an adult. You can vote. You may be going to college soon if you're not already there. And, you can get a credit card. As eager as you may be to get your first credit card , many credit card companies aren't so eager to give you one.
Rather than putting in several credit card applications to see who's going to approve you, target just a few companies that are known for giving credit cards to first-timers. You need to be responsible enough to charge only what you can afford and to pay your bill every month without being reminded.
Getting your first credit card before being fully prepared can spell disaster for your credit. Once your credit is damaged, it can be difficult getting it back on track. If you're not ready, there are steps you can take to get there. Getting approved for a first credit card can be tough, especially if you're younger than 21 and more so if you don't have a job. Federal law requires adults younger than 21 to have verifiable income before they can be approved for a credit card without a cosigner.
Income must be from a job. However, child support or government benefits may allow you to be approved. Another thing that makes it tough to get a first credit card is an insufficient credit history. If you're enrolled in college, you have a good chance of getting approved for a student credit card from a major credit card issuer.
However, some student credit cards have high interest rates and annual fees, both bad options for a first credit card. If you've been responsible with a checking or savings account , try applying for your first credit card at your bank. You can apply online, but visiting a bank branch would put you face-to-face with a representative who may have more authority to get your application approved. Retail and department stores typically have more favorable approval odds.
On the downside, they have high interest rates that make it expensive to carry a balance from one month to the next. Another downside of these cards is they aren't versatile—you can use them only in that store. However, retailers often encourage spending by offering discounts for using the card and having a retail store credit card as your first credit card can help you build up a good enough credit history to apply for a major credit card within a few months.
When your lack of credit history keeps you from getting a standard credit card, you can apply for a secured credit card. You make a deposit against the credit limit of the account. The bank holds the deposit just in case you don't make your payments as agreed. You may have the chance to convert it to an unsecured credit card later on. Be sure the card issuer reports payments to the credit bureaus so you can build credit and eventually get an unsecured credit card. Certain credit card websites list the type of credit history needed to get approved.
For a first credit card, look for credit cards that accept applicants with moderate or no credit. Applying for cards that are geared toward your specific credit history improves your chances of getting approved. Avoid applications for credit cards requiring excellent credit as you probably will get denied.
Cosigning is risky —any mistakes you make will affect yours and the cosigner's credit—but it can be a good way to jumpstart your credit. Then, consider closing the joint account once you can qualify for a credit card on your own. Don't be surprised if you're denied for the first credit card you apply for—or the first few credit cards you apply for.
Even people with established credit histories are sometimes denied. The information in this letter will be useful in planning your next step. You may need to apply for a different type of credit card or jumpstart your credit by using a secured credit card. Consumer Financial Protection Bureau.
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Follow Twitter. LaToya Irby is an expert on credit cards, credit scores and monitoring, budgeting, and banking products and services. She holds a degree in business from the University of Alabama. Read The Balance's editorial policies. Reviewed by. Full Bio. Thomas Brock is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. Article Reviewed on June 20, Make sure you're ready for your first credit card. Understand the credit card landscape for young adults.
Know where to go to get your first credit card. Look for cards that target moderate or limited credit. Ask someone for help. Don't be discouraged by denials. Article Sources. Part Of. Your Privacy Rights. To change or withdraw your consent choices for TheBalance. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
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