Apply for a credit card
Deciding to apply for
a credit card is not a decision you should take easily
and comfortably. Fact remained that many stores try to get you
to impulsively apply at the register, and you should never agree.
Credit cards can play a pivotal role in affecting your financial
situation for years so you should certainly think before you
act. In case if you want to apply
for a credit card, there are a few steps you should take
Before you apply for a credit card, it is quite mandatory that you should do an evaluation of your finances. In addition get a free credit report and make sure everything is accurate. You will definitely want to know what your credit score is so you will know which cards to look at when you apply for a credit card. On the other hand if there is anything unusual or incorrect on your credit report, deal with it immediately. Large chunk of people never look at their credit report, and therefore have no idea what may or may not be on it. It is of utmost significance to clear up anything incorrect on your credit report before you apply for a credit card.
After getting everything strait with your credit report, it is advisable that you should begin researching. Research cards that suit your credit score. Its your responsibility to make a list of important characteristics you want in a credit card. Thats why look for the best deals in several areas. Before you apply for a credit card, it is crucial you should make sure you understand everything about the card and the companys policies. Look out for factors like interest rates, rewards programs, and other characteristics.
Most importantly be wary of great introductory offers. When you apply for a credit card, majority of companies will give you fantastic introductory deals. It is great to take benefit of these deals, though you should be sure that the terms wouldnt change unexpectedly after the introductory offer time period is over. For example, you will require knowing what the interest rate will be after the offer before you apply for a credit card.
Once you have come up with the several credit cards with terms that you understand
categorize them by your choice. According to experts apply
to one at a time. In case if you only need one card and apply
to three, you run the chance of getting approved for all three.
This will not only have a bearing on your credit report, but
also give you the inconvenience of canceling two of them. Therefore,
be patient and wait for a response.
It is worth mentioning in this regard that when you apply for a credit card, you are vowing that you will be responsible financially. Deciding to apply for a credit card clearly emphasizes that you know you will be able to pay the balance off in a timely manner. In case if you are not sure of your ability to pay, you should never apply for a credit card. All in all be responsible, examine, and research before applying!
Being an applicant, it is of utmost importance that you should first determine your needs and have your credit history evaluated. If your credit history has a tremendous rating, opt for a card issuer. Then comes the next step of going to the office of the issuer, or visit the card issuers website, fill out a form, read the credit terms, and sign on the dotted line. Remember that the approval of your credit card will depend on the type of credit card you are applying for and your credit rating. If you have a good credit rating, the card application will be approved very fast.
The normal place where you apply for credit cards is the bank. The security given by banks makes applicants choose these over other issuers, especially if they apply for a credit card online. Theoretically speaking different banks offer more or less similar credit terms and benefits, and charge similar fees and interest rates. Judging the bank or card issuer with the credit terms that will best suit you will be much easier if you keep these things in mind:
1) First and foremost check your credit history and report. Credit bureaus will offer you a free copy of your credit report if you were denied of any credit 60 days before the day of your application. If that is not the case, youll have to pay $9 per report. It is quite mandatory that you clear anything up and have errors corrected before applying for a card.
2) It is not mandatory to have any account in a bank to apply for a credit card. Few of the people are of the view that an applicant needs to have an existing savings or checking account in a bank before they could apply for a credit card. Fact remained that doing so would cost you more than what you are really applying for. Though, having an existing account in the issuing bank may garner you a low limit card for easy payment schemes.
3) Most importantly be honest in filling out the forms. This is because of the simple reason that giving inaccurate or wrong information to the bank will spell trouble for an applicant, especially regarding your paying capabilities and personal information. If the bank, or any credit card company, comes to a conclusion that the information you gave them is false, your application would be immediately denied.
4) It is of utmost significance that you understand the credit terms of your
credit card account. As a matter of fact make sure you know
how much interest will be charged to your purchases. In addition
know how long the bank will wait for you to pay the monthly
due before they charge the interest rate. Furthermore be aware
of the penalties that you could incur if you pay up late.
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