Charge card applications have not changed much as time passes, what’s changed may be the usage of information regarding the available offers (thank you Internet). The internet credit card application has revolutionized the consumers ability to find the best card offer for their particular financial needs.
Applying for the first credit card can be quite a confusing exercise to express the least. I have been surprised often times to listen to from others who have reached their 30th birthday without ever applying for a credit card. This is an unlucky circumstance, as it can certainly be difficult to be approved for credit without prior credit card history.
The approach to successfully applying for the initial card depends on your actual age, college enrollment status, and credit rating. It is essential to check out a software strategy that fits your situation, to prevent discouraging denials and lower credit scores.
Many major banks offer credit cards designed specifically for college students. Applying for one of these brilliant offers is a superb method to be approved for the first credit card, and to begin a history of responsible credit use. Four years of on-time payments will go a considerable ways to developing a healthy credit score. This is a great benefit to a brand new graduate as it pertains to purchasing a car, home, as well as applying for a job (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 bank card in their own name.
If you’re not an university student, discovering the right approach to applying for the first card is a little more complicated. The right approach depends on your credit history.
NO PREVIOUS (OR UNKNOWN) CREDIT HISTORY
If you do not have any credit history, or do not know what your credit score appears like, the first step is to get a credit report with a FICO score. It is totally imperative that you know your credit status before applying for the first card. Applying for a card that is from the reach (due to a low FICO score) can further decrease your score, thereby reducing the chance of you being approved on your following application attempt.
Perhaps you are surprised to get that you do have a credit history even although you have never applied for a card. This is due to accounts with malls, utility companies, mobile phone accounts, etc.
If your report does not show any negative information (late payments, etc) and your score is above 600, you can look at applying for a “prime” card. Carding Forum Otherwise, you must try applying for a “sub-prime” card.
GOOD CREDIT HISTORY
If you believe you have an excellent credit history… double check. You need to still consider ordering a credit report with credit score. Once you confirm that your credit history is positive, you must try applying for a “prime” credit card. Look for 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 truly have a poor credit history. This is the reason it is so important to check your credit report and score just before applying for the first card. Low scores could have been brought on by missed utility bill payments, and other related financial activity that is reported to credit bureaus.
If you learn yourself in this situation, start by trying to apply for a card designed for those who have “fair” credit. If you should be approved for this card, great… or even, you can proceed to applying for a secured credit card. The initial denial should not effect your ability to be approved for a secured card.
Secured credit cards require a cash deposit. Essentially, you deposit money in to a “savings” account and then borrow against your deposit every time you utilize your secured card. While this may sound just like a hassle, it may be the only way (based on an unhealthy credit history) to be approved for the first card. Look at this as a temporary treatment for a long haul problem. After a couple of years of paying your bill on time, you can check your credit score again, and apply for an unsecured card.