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Once you've decided you need a credit card, you need to choose the right credit card for you and start the credit card application process. To find the right card for you, you should understand your current financial situation, your credit worthiness, and your credit score.
First timers can apply for any secured credit card with confidence as they are usually designed for applicants with bad or limited credit. Just keep in mind that this type of cards require a security deposit paid upfront to guarantee your promise to pay.
If you do not want to pay a security deposit, look for unsecured credit cards designed for people with limited, bad credit or even fair credit. Since you are applying for the first time, banks might not be as strict with you when making their approval decision.
After you've decided what card you'll apply for, you'll need to have certain personal information ready. You'll typically need the following:
- Full legal name
- Birth date
- Street address
- Phone number
- Email address
- Social Security number
- Contact information for your employer
- Annual gross income
- Monthly housing payment (rent or mortgage)
If you plan on having a co-signer on your account, you will need to have all that information for that person as well. Once you have all your personal information handy, you are ready to apply. All you need to do is fill out the required information in the application form, review it, and submit your application. After that, you will need to wait for a response from the bank on whether you are approved or not. That usually takes up to 14 days.
If, for some reason, your credit card application is denied, contact the credit card issuer directly or call their reconsideration line. Explain your situation to a representative, provide additional information if necessary, and a denial might be turned into an approval.
