Applying for a credit card can be as easy as choosing one of the best rewards credit cards and fill in a short form. But getting approved for the card you want can be more difficult, even for an experienced credit card owner. It pays to think through your application strategy.
Follow these steps to get approved for the credit card you want.
Check your credit score
A FICO score, often called a credit score, measures your creditworthiness on a scale of 300 to 850, where a higher score is better. Major banks, credit card companies, and credit unions often provide a free FICO score to their customers. If you can’t get a FICO score there, you can access one for free at the credit bureau Experian (opens in new tab). Remember: checking your FICO score will not lower your credit score.
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Choose a credit card that meets your needs
Once you know your credit score, you will have a realistic idea of how to choose a credit card for you. For those with excellent credit, you’ll have more options, such as cashback and other rewards cards.
Even if you have bad credit or are a student, you can still identify cards that will help you build your credit. Students can even qualify for reward cards. If it interests you, read on us Best rewards cards for students.
For those hoping to get out of credit card debt, consider a balance transfer credit card.
Get pre-approved or pre-qualified for the card you want
Once you have your eye on a card that is within range of your credit score, you’ll want to maximize your chances of approval. Why? Every time you apply for a new credit card, the bank that issues the card will request your credit report (called a “hard inquiry” or a “hard pull”) that will lower your FICO score by a few points. lowered So if you apply for a card and are turned down or decide you want a different card, you will have to reapply with a lower credit score.
There are two ways to avoid a hard pull when applying for a credit card: pre-approval or pre-qualification. Each method assures the bank offering the card you want that you have sufficient credit. When a bank sends credit card offers, often by email or regular mail, they’ve usually pre-approved you for that card. If by serendipity this is the card you want the most, just fill out the application.
For cards that have not offered to you, the issuer may be willing to check whether you qualify for the card before you submit a formal application. Contact the bank or credit union that issues the card and ask for “no hard inquiry pre-qualification.”
Become an authorized user if you need a credit increase
If you are brand new to the world of credit or trying to repair a bad credit history, you may want a authorized user on someone else’s credit card account. This arrangement usually takes place between a parent with good credit and a child or young adult. The parent’s longer credit history and positive credit score are essentially shared with the child. Likewise, missed payments or other negative credit information is shared by both account owners, so avoid this option if there is any doubt about either party’s ability to use credit wisely and pay bills on time.
Fill in the Application Form
The fastest way to fill an online application form at the bank’s website. Forms will typically require your legal name, date of birth, address, annual income and social security number. You may also be asked about your monthly rent or mortgage payments.
Enjoy your new credit card
If you’ve followed the steps above, you’ll likely be approved for your new credit card in no time. Make sure you keep track of your account balance, watch for any suspicious activity and pay your bills in full and on time. Doing so will help boost your credit score and make you eligible for the best credit cards available.
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