Applying for a credit card is never really an easy process, yet it’s very exciting and something that we look forward to when our approval letter comes in the mail.
Some people think that getting a new card is all about getting lucky. This is far from the truth.
Credit card companies pay attention to the numbers. So, if you know what these companies are actually looking for, you can definitely put the odds in your favor and have a much better chance at getting approved for the card of your choice.
Knowing Your Credit Score
Before you even consider applying for a credit card, you have to know exactly where you stand as far as your credit score is concerned.
Believe it or not, it’s not even worth researching credit cards until you have your credit score number in front of you. Because your score is going to affect the types of credit cards that you can apply for.
So take some time to apply for a free copy of your credit score. There are many available resources online to obtain your FICO score quickly and easily in a matter of minutes.
Beefing up Your Credit History
After you’ve received your credit report and looked over, did you discover any negative blemishes on it? If so, you’ll have to take the necessary steps to fix it so that you can beef up your credit history and improve your overall score.
Is any of the information incorrect? If so, you must dispute it. Have you ever missed any payments? Keep track of this and work hard to no longer miss payments again. If you have current credit balances, it’s best to keep those below 30% of the total credit value. As an example, if you have a $1000 credit limit on one of your cards, you should never carry a balance of more than $300. This has a negative impact on your overall credit score.
So make the necessary changes mentioned today and this will lower your debt and build up your credit history at the same time.
Discovering Great Credit Card Offers
Now it’s time to discover the best credit card offers to meet your needs.
Prior to applying for any card, it’s in your best interest to determine your chances of whether or not you will be approved for the card. If you have an above-average credit score, you’ll be able to get cards that even offer you cash bonuses. But if your credit score is poor or fair, you may get approved, but it’s going to be a lot harder.
On the other hand, if you have bad credit you can apply for a secured credit card. Your credit limit will be the amount that you pay toward your credit line. As an example, if you put $500 down on your secured credit card, you will have a $500 credit limit. See how that works.
Applying for a New Credit Card
Have you found the perfect credit card based on your situation? Good. It’s time to apply for your card. Give the company your name, Social Security number, address, your mortgage or rent payment, and your gross income. Always tell the truth on credit card applications and make sure your income is verifiable.
If you weren’t instantly approved for your card for any reason, you can always follow up with the credit card issuer. By checking the status, you may speed up the process by helping the credit card company verify your identity.
At other times, the company might ask for more documentation or proof of your income. And if you were denied for any reason, there is a reconsideration line that you can call.
According to Apply for Credit Cards, providing easy process credit card tips, “If you have previously applied for a credit card and were rejected, you may wonder how you can go about applying and actually be approved.”
Talk to a credit analyst, have them review your application, and maybe you’ll convince them that you are a worthy credit risk.