As an adult in today’s world, it’s absolutely necessary to have good credit.
When you have good credit, you can make larger purchases, like buying a new home or a new vehicle, and believe it or not, many jobs and landlords are now running credit checks on people.
So, if you do not have a credit card at this point, it’s time to apply for one right now so you can start establishing credit, boost up your credit score, and become much more attractive to potential lenders, employers, and landlords.
Before applying for a credit card, read through the information being shared today and learn everything that you need to know in order to get quickly approved for a new card.
What Is Your Credit Score?
First and foremost, prior to applying for a new credit card, it’s important to learn your credit score ahead of time.
Well, by knowing this information ahead of time, you’ll be able to choose the best card that is appropriate for your current situation based on your score.
There are a number of different companies that will give you a credit card even if you only have fair credit. And on the other side of the coin, there are also companies that provide credit cards to people even if their credit is poor.
From a different perspective, people looking to get bonuses and rewards cards are going to need excellent credit in order to qualify to receive a new credit card of this nature.
According to Apply for Credit Cards, a website sharing info about easy credit cards to apply for online, “The first step you must take when you decide you want to apply for any credit card is to know your current credit score.”
As you can see, it’s very important to know your credit score ahead of time before applying. Otherwise you might apply for a card that you do not qualify for and you’re going to get immediately rejected, feel disheartened, and want to give up on the process.
Lowering Your Debt
Credit scores will take a hit if you currently spend more than 30% of your credit card’s limit. In an effort to improve your credit score, you have to begin paying down your existing credit cards so that your balance is lower than the 30% threshold that affects credit ratings.
To look at it from a different perspective, if you regularly use your card and then pay off your balance, try to limit the amount that you use the card so that your balance isn’t higher than 30% of your credit availability.
As an example, let’s say you have a credit card with a $5000 balance.
If you plan to use this card, you do not spend more than 30% of your balance, or $1500, because a higher balance will otherwise have a negative impact on your credit score.
Put All of Your Income on the Credit Card Application
Now that you’ve taken the necessary steps to improve your credit score, it’s time to begin applying for new cards.
During the application process, the lender is going to calculate your debt to income ratio. So the more income you can claim, the better your chances will be to actually get approved for the card.
Card issuers need access to this information in order to make a valid decision. So, it’s best to list all sources of income on your application.
Examples include income from your full-time job, part-time second job income, side job income, money that you earn online, investment income, and anything else that you can think of.
You may get rejected for certain cards during the application process. Do yourself a favor and don’t give up. Just move on and apply for other cards and you’ll eventually get the credit card that you deserve.