ADVERTISEMENT

Video: Tips when applying for a new card

By  |  Published: June 23, 2017

Sienna Kossman
Staff Reporter, Content Curator
Statistics enthusiast focused on data-driven content.

 

 

Before you start filling out an application for a new credit card, pause, and first take these four simple steps:

1. Review your credit report and score.
When reviewing these items, there are a few things you should look for:

  • Errors and signs of fraud. If you find any, you’ll need to get those items corrected before applying for a new card.
  • Your credit score. Knowing this will help determine what types of cards you may qualify for, depending on how high – or low – your score is. 
  • Where your credit needs improvement. Is a high credit utilization ratio bringing your score down? Pay down your balances before applying for a new card. Did you recently apply for another line of credit? Wait a month or two to allow your credit to bounce back from a hard inquiry before submitting a card application.

2. Compare and contrast card offers.
Ultimately, you want to apply the best card for you. However, just because a promotional card offer appears in your mailbox, doesn’t mean it’s the best one on the market.

Don’t apply for a card on a whim. Do some research, first. Read the card’s terms, reviews, and use card match tools, such as CreditCards.com CardMatch. Taking a little extra time to do these things will help match you with a new credit card that is well-suited for you.

3. Know what perks you’ll need and use the most. 
Before you start filling out a new credit card application ask yourself, “How will this card benefit me long-term?”

For example, if you travel frequently, getting an airline rewards card might be best. But, if you tend to carry a balance, a card with a long no-interest introductory rate offer might be a better option.

Also consider fees and high interest rates. Once you have your pool of cards narrowed down based on your spending habits and needs, pluck out the ones with annual fees and particularly high standard purchase rates.

4. Ask for help.
If you still unsure what card to choose – or are a credit newbie overwhelmed by all the information you just took in – it’s OK to ask for help.

Talk with a credit-savvy friend or family member. Ask what they would do if they were in your situation. Their experience may help you avoid making a mistake.

By following these guidelines, applying for a new card will get easier each time. Happy card shopping!

See related: 5 teaching tips on opening a credit card, A second credit card: When it’s wise to get one, when it’s not, Video: 5 tips for before buying a house

ADVERTISEMENT
ADVERTISEMENT

Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Updated: 08-18-2017

ADVERTISEMENT


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


ADVERTISEMENT