How to Apply for a Credit Card: A Step-by-Step Guide

Still have questions about how to apply for a credit card? We’ve got answers.

How long does it take to get a credit card?

Depending on how you apply, getting approved for a credit card can take a matter of minutes; some credit issuers even offer instant approval. To receive your credit card in the mail, expect to wait  7-10 business days after approval. 

Does applying for a credit card hurt your credit?

When you apply for a credit card, some card issuers will run a hard inquiry on your credit report to check your creditworthiness. 

A hard inquiry can lower your score by a few points and may stay on your report for up to two years, but the impact is usually short-term and minimal.

However, applying for multiple credit cards within just a few months results in multiple hard inquiries, which can be a red flag for lenders.

How often should you apply for a credit card?

How often you should apply for a credit card depends on your financial situation, as there’s no hard and fast rule for this. However, experts typically recommend you wait at least six months between credit card applications. 

Each time you apply for a new line of credit, it may trigger a hard inquiry, which can lower your credit score. Some credit card issuers might have their own limits on how often you can apply for new credit. 

When can you get a credit card?

The minimum age requirement to open a credit card without a cosigner is 21.¹ 

But young adults under the age of 21 may be able to open a credit card if they can prove they can independently pay their credit card debts, such as by providing proof of independent income.

Can I cancel a credit card I just applied for?

It’s usually possible to cancel a credit card application if you act fast. Contact the credit card issuer right away before they run an inquiry on your credit report and decide whether or not to approve your application.

What is the minimum income for a credit card?

In general, there is no minimum income requirement to apply for an entry-level  credit card. This varies depending on each credit card so be sure to check the terms and conditions of the card you are applying for.

What are the minimum requirements to apply for a credit card?

In general, you need to be at least 18 years old, have a valid license and have enough income to cover credit card costs.

What does “pre approved” mean for a credit card?

Preapproved or prequalified for a credit card simply means that the applicant has met all of the lender’s criteria for opening a credit card. Getting preapproved doesn’t guarantee approval for the card in question, though. Instead, the applicant would still need to apply to determine approval. 

How do I apply for a credit card with no credit or bad credit?

Having no credit or bad credit is not necessarily a deal breaker when trying to get a credit card. There are many ways to get approval, either by changing your habits, applying for the right credit card, or finding alternative ways to build your credit. 

If you have bad credit or no credit at all, you can:

  • Ask someone to apply for a card with you as a co-borrower 
  • Have someone add you to one of their cards as an authorized user 
  • Apply for a secured credit card
  • Open a student credit card
  • Take out a credit-builder loan
  • Look for errors on your credit report
  • Pay down the balance on your debt
  • Request a credit limit increase on an existing account

Source link