By Rick
Credit is a big part of modern life and sooner or later everyone asks the question, “how do I get a credit card?”. Typically this happens when someone reaches the age of a young adult, heads off to college and needs to be able to make purchases. Even though this seems like a simple question to answer, it can be tricky depending on your credit history. Your FICO score is the way a bank or credit card company rates you financially and the higher your score, the easier it is for you to secure a credit card and typically the more favorable the rates. The lower your score, the more difficult it will be for you to be approved. If you have a very limited credit history, finding a company that is willing to issue you a credit card can take a little more work.
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Watch your mail for offers
As you slowly begin to establish your credit history many credit card companies will start to send you offers for various cards they are willing to provide. This is a simple and easy answer to the question “how do I get a credit card?”. These offers have typically been prequalified, which means you have a very good chance of being issued a credit card if you apply through one of these offers. This prequalification is a very simple check of your credit worthiness. Once you apply, the credit card company will do a more thorough credit check to decide if they actually want to issue the card. This second check will also determine the interest rate they’ll charge you on the card as well as the limit of credit extended on the card. While these limits may change over time, your initial application and the results of your credit check will determine your rates.
When these offers start appearing, it’s always a good idea to note the expiration date of the offer in case you have an interest the offer. Always try to wait for a bit before applying. This not only gives you a chance to compare it to other offers that may follow from other lenders, it also won’t make it appear that you’re desperate for credit by applying immediately. Some credit card companies actually track the time between the arrival of the offer and your application date and use this as part of their qualification criteria. Applying too soon might make you seem desperate and may affect your interest rate and credit limit.
Check with your bank
Another great answer to the question of “How Do I Get a Credit Card” may very well be the bank you use for your checking and savings account. The relationship you have with this bank can go a long way in helping you qualify for a card. Most banks are looking to expand their relationship with their customers and are more liberal in issuing cards to people that already bank with them. If you are in the market for a credit card, check with the local branch you use for your normal banking to see if they are willing to work with you. Many of these banks even have special programs available for existing customers and are willing to provide credit cards at reduced interest rates. These can be a great way for them to expand their banking relationship with you and for you to find the perfect credit card for your needs.
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