Applying for a credit card is simple, but starting can seem daunting. Whether you’re applying for your first or fifth card, it’s essential to understand the steps.
Before getting started, you need to know your credit score. If your credit score is in the “good” or “excellent” range (690 to 850), you’ll probably have your pick of cards. But if your credit score falls below 690 in the “fair” or “bad” range, it may be harder to get approved. If you have no credit history, look for a secured credit card to help you build credit.
Don’t just settle for the first offer you find. Consider what is important to you. Is a low APR worth settling for a card that doesn’t offer the perks you want? Research your options before deciding which card is the best one for you.
When it’s time to apply, many lenders have online applications. Some may offer over-the-phone applications. Brick-and-mortar banks and credit unions may allow you to apply in person at a branch if you prefer.
To apply, you’ll need to have some personal information, including your Social Security number (or individual taxpayer identification number), income, housing costs, and your name, address, and date of birth.
After applying, the lender will let either approve or deny your application. If approved, they’ll tell you the terms, limits, and interest rates.
Find out exactly how to apply for a credit card.
