Whether you’re eager to build your credit score, start earning rewards, pay down a balance with an intro APR or find emergency payment method, there are plenty of reasons to decide it’s time to apply for a credit card.
But what happens if you aren’t approved? Not only will you not receive the card you wanted, but your credit score can be damaged in the process – thanks to a hard pull on your report.
Before you apply for any credit card offer, you should carefully consider whether the card is best for you in addition to your approval odds. With a little bit of research and planning, you can boost your chances of being approved and finding a card that matches your lifestyle. Follow the steps detailed below to maximize your chances of getting approved for a credit card.
Know your credit score
The first step to applying for a credit card – before you even begin researching specific products – is to know your credit score. It is important to know where you stand in a lender’s eyes, so you can estimate how likely you are to be approved for a card. Then, you can take a look at products designed for your credit range.
There are plenty of free services available online to keep track of your score, and you can pull a full copy of your credit report from each of the three major credit bureaus once per year on AnnualCreditReport.com. On the report, you’ll be able to visualize the factors that go into your score, such as your open accounts and payment history, to get a better idea of how you look to lenders.
Find a card that matches your credit range
Once you know your credit score and understand the factors that go into it from your credit report, you can identify what credit range you fall in. This plays a huge role in determining which cards you can qualify for.
Credit score ranges
Depending on which range you fall into, your likelihood of being approved for credit cards changes. Different card offerings are designed for different kind of customers, so by choosing a card that is built for cardholders in your credit range, you maximize your chances of being approved………Read More>>