dcsimg

How do you get approved for a credit card?

By , CardRatings Contributor

Our credit card articles, reviews and ratings maintain strict editorial integrity; however we may be compensated when you click on or are approved for offers (terms apply) from our partners. How we make money.

Question: How do you get approved for a credit card?

Answer: The primary method of getting approved for a credit card or other type of credit is to make sure your credit report and credit score are as good as they can be and then applying for the credit.

Before applying for credit or a credit card, go to annualcreditreport.com. As a consumer you are entitled to one free copy of your credit report each year from each of the three credit bureaus, and this is the only source where you can obtain them. Be sure to print out the credit report before leaving the page, because you won't be able to pull up that credit bureau's report again for another full year.

Once you have your credit report, go through it with a fine tooth comb making note of any errors you find. Improving your credit report and ultimately your credit score demands that any errors be corrected immediately. Understand, however, that the most important factor in credit scoring is a history of on-time payment, which determines over 33 percent of your score.

If you are just starting out and have no credit history, then your best bet is to go to a major bank in your community and ask about their secured credit program. You will have to establish a savings account of $250 or more depending on the bank's requirements. With the savings account established, they can then issue a secured credit card in your name with a limit equal to your savings account balance.

One of the benefits of a secured credit card is it builds credit in the fastest way possible, because your payment history is reported regularly to one or all three credit bureaus. Never be late with a payment, and you'll be on your way to establishing a solid credit history. It is often possible that after a period of time, the bank may even convert your secured card to an unsecured card.

0 Comments

Be the first to comment!

Start Here

Search. Compare. Apply.

Featured Partner Cards

loading
  How is your credit?
Oops! Your credit does not qualify you for this card. Applying and being rejected for this card could possibly hurt your credit
We are redirecting you to offers you are qualified for based on your credit.
720-850
Excellent
660-719
Good
600-659
Fair
350-599
Poor
X
CardRatings is excited to announce the launch of the
100% Free CardRatings Email Course to Learn How to Maximize Travel Rewards.

Created in partnership with ChooseFI

We partnered with ChooseFI to combine CardRatings’ offer expertise with ChooseFI’s tried and true travel rewards strategies. Get to know ChooseFI: they have changed tens of thousands of lives and recently won Podcast of the Year at FinCon.
You may think you are a rewards travel expert, but rewards strategies are changing (e.g., the days of card churning and manufactured spending are numbered). Learn powerful, sustainable strategies (a couple of which even you die-hard travel experts might not know). You'll be so glad you did.
We're planning more courses for the future; this is just the beginning of our journey.
BROUGHT TO YOU BY: