How to Apply for a Credit Card – Your 10 Step Guide

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There are ten things you can do to significantly increase your chances of getting approved when you apply for a credit card.

1.  Decide On the Type of Credit Card You /want.

There are primarily two types of credit cards – reward based or low interest.  Choose a reward based credit card for shopping or a low interest credit card if you want a card for emergency use only.

2.  Check Your Credit Rating

If it’s below 620 repair your credit before proceeding.

3.  Prepare Your Documentation

You will need your Social Security number, and may need a photo, a valid ID, proof of income and billing information.  If you’re in college prepare proof that you are a student.  You may also need copies of recent grades.

4.  Go Online Line And Begin Filling Out Your Application

If you can customize your credit card pick the most appealing design.

5.  Fill Out Your Contact Information

Make sure to include your telephone number, preferably a land line number, so they can contact if they want to interview you.

6.  Fill Out Your Employment History

Credit card companies want to know if you’re employed and how long you’ve been working for your current employer.  In most instances you will have a better chance of being improved if you’ve been with your current employer for a relatively long time.  Your employment history helps the credit card company determine how responsible and reliable you are.

7.  Fill Out Your Income Information

Your gross income – your total earnings before deducting your expenses – is a significant factor in determining your credit limit.  Once you have credit cards, a major part of your credit score depends on the comparison of your outstanding credit card balances to your total available credit.  It is important for you to limit your balance to 35 percent or less of your available credit.

If you plan to give a supplementary card to someone else you can choose how much of a limit to put on their card.

8.  Provide Your Banking Information

You may be asked to indicate if you have either a checking account or a savings account.  Although it helps the credit card company evaluate your application it is not necessary to have a bank account to be approved.

9.  What to Do If They Call You

After you submit your application online, you should be notified about the status of your application within 24 hours.  If they call to verify any information, answer their questions calmly and confidently.

10. What to Do If You Are Not Approved

If you are rejected, ask why your application was denied.  This information will help you to determine what to do next.  For example, you may want to ask a relative or your employer – someone with a very high credit score – to act as the guarantor on your next application.

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