Bank card applications haven’t changed much as time passes, what has changed could be the access to information about the available offers (thank you Internet). The internet charge card application has revolutionized the consumers ability to find the best card offer for their unique financial needs.
Applying for your first charge card can be quite a confusing exercise to say the least. I have already been surprised often to listen to from others who reach their 30th birthday without ever applying for a credit card. This really is an unlucky 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 will depend on your actual age, college enrollment status, and credit rating. It is important to follow along with a credit card applicatoin strategy that matches your situation, to avoid discouraging denials and lower credit scores.
Many major banks offer credit cards designed designed for college students. Applying for one of these brilliant offers is a superb way to be approved for your first charge card, and to take up a history of responsible credit use. Four years of on-time payments will go quite a distance to developing a healthy credit score. This will be a great benefit to a new graduate as it pertains to buying a vehicle, home, as well as applying for work (yes, many employers will check the credit reports of potential hires).
For all the above reasons we recommend that every university student have a credit card in their particular name.
If you’re not an university student, discovering the right way of applying for your first card is a bit more complicated. The proper approach will depend on your credit history.
NO PREVIOUS (OR UNKNOWN) CREDIT HISTORY
If you don’t have any credit history, or don’t know what your credit score appears like, the first step is to buy a credit report with a FICO score. Carding Forum It is totally imperative that you realize your credit status before applying for your first card. Applying for a card that is from your reach (due to a low FICO score) can further reduce your score, thereby reducing the chance of you being approved on your following application attempt.
You may be surprised to get that you do have a credit history even if you have not sent applications for a card. This is because of accounts with malls, utility companies, mobile phone accounts, etc.
If your report doesn’t show any negative information (late payments, etc) and your score is above 600, you can test applying for a “prime” card. Otherwise, you must try applying for a “sub-prime” card.
GOOD CREDIT HISTORY
If you were to think you’ve a good credit history… double check. You must still consider ordering a credit report with credit score. Once you confirm your credit history is positive, you must try applying for a “prime” credit card. Search for credit offers that require “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’s possible to truly have a poor credit history. This is why it’s so important to check your credit report and score ahead of applying for your first card. Low scores could have been caused by missed utility bill payments, or other related financial activity which will be reported to credit bureaus.
If you learn yourself in this situation, begin by trying to use for a card designed for those who have “fair” credit. If you’re approved because of this card, great… if not, you are able to move ahead to applying for a secured credit card. The original denial shouldn’t effect your ability to be approved for a secured card.
Secured credit cards require a money deposit. Essentially, you deposit money right into a “savings” account and then borrow against your deposit every time you utilize your secured card. While this may sound such as for instance a hassle, it will be the only way (based on an undesirable credit history) to be approved for your first card. Understand this as a temporary treatment for a long haul 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.Read More