Bank card applications have not changed much over time, what’s changed is the access to information about the available offers (thank you Internet). The online charge card application has revolutionized the consumers power to find the best card offer for their unique financial needs.
Applying for your first charge card could be a confusing exercise to say the least. I have been surprised often to know from other individuals who have reached their 30th birthday without ever applying for a credit card. This really is an unfortunate circumstance, as it could be difficult to be approved for credit without prior charge card history.
The way of successfully applying for your 1st card is determined by your actual age, college enrollment status, and credit rating. It is very important to check out a software strategy that matches your situation, to avoid discouraging denials and lower credit scores.
Many major banks offer credit cards designed specifically for college students. Applying for one of these simple offers is a good way to be approved for your first charge card, and to start a history of responsible credit use. Four years of on-time payments should go quite a distance to building a healthy credit score. This will be a great benefit to a fresh graduate in regards to purchasing a car, home, or even applying for work (yes, many employers will check the credit reports of potential hires).
For most of the above reasons we recommend that every university student have a credit card in their own name.
If you’re not a college student, discovering the right way of applying for your first card is a little more complicated. The proper approach is determined by your credit history.
NO PREVIOUS (OR UNKNOWN) CREDIT HISTORY
If you may not have any credit history, or have no idea what your credit score seems like, the first step is to get a credit report with a FICO score. It is totally imperative that you understand your credit status before applying for your first card. Applying for a card that is from the reach (due to a low FICO score) can further lower your score, thereby reducing the chance of you being approved on the next application attempt.
You may be surprised to find that you do have a credit history even if you have never requested a card. Carding Forum This can be due to accounts with malls, utility companies, cellular phone accounts, etc.
If your report does not show any negative information (late payments, etc) and your score is above 600, you can try applying for a “prime” card. Otherwise, you should try applying for a “sub-prime” card.
GOOD CREDIT HISTORY
If you believe you have an excellent credit history… double check. You ought to still consider ordering a credit report with credit score. When you confirm that the credit history is positive, you should try applying for a “prime” credit card. Try to find credit offers that need “good” credit. These cards will offer better features and lower fees and rates then cards designed for those who have poor credit.
POOR CREDIT HISTORY
Even without prior credit cards it is possible to have a poor credit history. For this reason it is so important to test your credit report and score just before applying for your first card. Low scores might have been due to missed utility bill payments, and other related financial activity which can be reported to credit bureaus.
If you learn yourself in this case, start with trying to utilize for a card designed for those who have “fair” credit. If you’re approved for this card, great… if not, you are able to move on to applying for a secured credit card. The initial denial shouldn’t effect your power to be approved for a secured card.
Secured credit cards require a money deposit. Essentially, you deposit money in to a “savings” account and then borrow against your deposit each time you employ your secured card. While this might sound such as a hassle, it may be the only way (based on an unhealthy credit history) to be approved for your first card. Understand this as a temporary means to fix a longterm problem. Following a couple of years of paying your bill promptly, you are able to check your credit score again, and apply for an unsecured card.