Mastering The Credit Card
Application Process
Once you've decided to get a credit card, select the card that's right for you. Credit card companies offer different interest rates and incentives. Pick the one with terms and conditions that match your individual needs.
The information you'll need to supply to get one is essentially the same, whether you apply through the mail, over the phone, or online.
Application Sources Most credit card offers come through the mail. This is a great opportunity to review many different offers in writing in the leisure and privacy of your home. You can take all the time you need to read and review each offer in depth. When you're ready to decide which card company is tailored to your needs, you can provide the personal and financial information requested.
All card offers arrive with an application form attached. All you need to do is complete it and send it in. All forms ask for the same necessary details. The approval processes take a little longer by mail, but you should still have an answer in about 2 weeks or so.
Another option is to go directly to your local bank branch and apply in person for a card. This is practically the same application process; only you are dealing with the bank staff who can answer your questions in person. The approval time may even be a bit shorter because the bank knows your financial status and can easily check your credit history.
Applying online is simple, safe, and fast. Just go to that issuer's web site, click on the "Apply" link and the application appears. Then carefully follow the instructions. There's no waiting for the snail mail traveling back and forth. Any details can be easily handled through e-mail.
Information You Need To Supply
Personal information: driver's license number, social security number, date of birth, and current address.
Financial information: your employment, salary, banking relationships, and credit obligations.
And Then The Waiting Begins
Once the application is sent off, the approval time varies. Some card companies offer instant approval, while others take as long as 2 weeks. The rate at which you are approved is generally based on your credit history. Once you have been approved, you'll be notified by e-mail, mail, or phone.
All the application processes work fine. Just be cautious. When choosing a credit card, don't apply for too many at the same time. Creditors frown on this. Every credit check shows up on your credit report. Too many hits at once are noticed and make creditors suspicious.
And a suspicious creditor is more likely to say, "NO."
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