How to Get Approved for A Credit Card

Using a credit card the right way is one of the easiest ways to maintain an excellent credit history that will hold you in good stead. But, getting approved for a credit card isn’t as easy as it seems. This is especially true if you have a limited credit history, never had a credit card before, or worse – have a bad credit score.

What’s Your Credit Score?

When applying for a new credit card, knowing your FICO score will give you a good idea of where you stand. Some credit card providers offer cardholders the benefit of a free look into their score. So if you already have a card, it might be worth checking if you have the option.

Once you know your score, here’s what it means.

Excellent: 760 or higher

Good: 701 – 759

Fair: 651 to 700 (695 is the national average)

Poor: Anything under 650 is considered poor credit

Get Your Credit Report for Free

Did you know that you can get a copy of your credit report from all three major credit reporting agencies for free once annually? Use this wisely.

Make Payments on Time

Your payment record accounts for 35% of your total credit score. Paying all of your bills on time is the easiest way to improve your credit rating, but missing a payment or paying your bills late will ruin your credit score in no time.

Find the Right Offer

Take the time to look for the best offer and find a card that suits your specific needs. But remember that the best credit cards generally go to those with good credit. If your credit isn’t where it should be, you might need to get a different type of card to get started.

Improve Your Credit Score and Don’t Give Up

If you don’t qualify for a credit card, don’t give up. Use the next few months to work on improving your credit score, and then try again. You mustn’t get disheartened and let your credit score drop. Make sure to pay your bills on time, try to pay down debt, refuse new loans, and check your credit score from time to time.