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It's normal to feel a little nervous when you apply for a credit card. A credit card application may not be a life-or-death situation, but there's always the frustrating possibility it won't be approved. It can be especially nerve-wracking if you're applying for your first credit card or you've recently had an application denied.
Although you can't guarantee success, you can make it much more likely. Here's your step-by-step guide on how to get approved for a credit card.
Your credit score plays a significant role in the credit cards you can get. Every credit card is aimed at a certain range of credit scores. These ranges are usually referred to as bad credit, fair credit, good credit, and excellent credit.
To know which cards you qualify for, you need to check your credit. You can do this for free with an online credit score tool, such as Experian CreditWorks℠ Basic. These tools show you which range your credit score falls into and the factors contributing to your current score.
If your credit score is lower than expected, review your full credit report for any errors that could be affecting it. You're legally entitled to one free credit report per year from each of the three consumer credit bureaus, which are Equifax, Experian, and TransUnion.
Picking the right credit card is the most important part of getting your application approved. If you don't have good credit yet or you don't have any credit history, then the best credit cards will be out of reach for now and it'd be a waste of time to apply for one.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you've earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
75,000 Miles 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X miles Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. |
Intro: Purchases: N/A Balance Transfers: N/A Regular: 19.99% - 29.99% (Variable) |
So how can you figure out your credit card options? Here are a few tips:
Here are the top options for all the different credit score ranges:
If you're new to credit, it could be easier to get a credit card with your own bank. Since you have a history there, it may be more willing to issue you a card. Here are a couple other types of credit cards that are good when you're new to credit:
Several credit card companies have tools you can use to see if you prequalify for any of their cards. While a prequalification isn't a guaranteed approval, it does mean you have a good shot at getting that card.
Here's how to check this:
If you have debt, especially credit card debt, try to pay it down before applying for a credit card. While debt isn't a dealbreaker, a large amount can make credit card companies think twice about approving your application. There are two factors, in particular, they consider:
Once you're ready to apply for a credit card, the simplest option is to apply online. You'll see an "Apply Now" option on the credit card's webpage. Click on that to start the application.
Be prepared to provide the following information:
TIP
Your income is important, as card issuers use this to determine whether to approve your application and how much of a credit line to give you. Consumers who are 21 and older can list any income they have a reasonable expectation of being able to access.
At this point, you've done all the hard work. Double check everything on the credit card application, and once you're satisfied, submit it.
The application will process, and you'll get one of these responses:
It may surprise you, but it's possible to overturn a credit card denial. Call the card issuer and ask the representative if they can give your application another look. There's most likely a phone number listed either in your denial letter or email you can use. If not, the card issuer's standard customer service number also works.
Find out why your application was denied in the first place and explain to the representative why you'd be a good cardholder. For example, you could point out your strong payment history on other credit cards and loans.
You can even call the card issuer multiple times if necessary. I've had success this way when the first representative wouldn't help me. Remember, you only need one person to say yes and overturn that denial for you.
Don't you wish you could take a peek inside a credit card expert's wallet sometimes? Just to see the cards they carry? Well, you can't look in anybody's wallet, but you can check out our experts' favorite credit cards. Get started here:
You can apply for a credit card online through the card issuer's website. To maximize your chances of approval, make sure you pick a credit card intended for consumers in your credit score range. Here's a full list of steps to follow so that you apply and get approved for a credit card:
To choose a credit card, you need to figure out which cards you qualify for and which features you want.
Your credit score has the biggest impact on the credit cards you can get. Good to excellent credit means you practically have your pick of the top-rated credit cards. If your credit score is lower or you haven't established a credit history yet, then you'll have fewer options. In that case, you should look at credit cards for bad or average credit, secured credit cards, and student credit cards if you're in college.
After you've figured out your options, you can narrow them down based on their features. That could mean rewards or 0% intro APR offers if you're checking out the best credit cards, or no annual fee and free credit score tracking if you're looking at cards to build your credit.
Credit card companies look at a wide range of factors when evaluating your application, but these tend to be the most important:
If your credit card application is denied, call the card issuer and ask them to reconsider your application. Make sure to mention any points in your favor, such as always paying on time (if that's true).
It can also help to address the denial reasons, which will be in the denial letter that the card issuer mailed you. Let's say you already have a credit card with this card issuer, and it doesn't want to offer you any more credit. You could suggest that it lowers the credit limit on your existing card with the issuer by a certain amount, and then use that amount as the new card's credit limit.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.