How to Apply for a Credit Card in the U.S. When you apply for a credit card, banks will want to know your credit history and your debt ratio. They will also want to know if you have sufficient assets to cover the debt in case of any problems with your income.
The Indebtedness Ratio is determined by comparing the amount of money you earn against the amount you spend per month and is a good indicator to determine whether you will be able to pay the amount of money you will be paying. The Credit History shows your seriousness and responsibility in managing your personal finances.
To maximize opportunities to be approved for a credit card in the United States, we recommend following these steps:
1. Check your Credit History in the United States.
If you already have a Credit History, you can get a report through one of the major credit agencies: Experian (888-397-3742), Trans Union (800-916-8800), or Equifax (1-800-685-1111). You can also get your free annual report on http://www.annualcreditreport.com. Make sure that the information in your credit report about creditors, balances, and late payments is accurate. With your credit history reviewed, you can begin the credit card application process.
If you don’t already have a credit history in the U.S., one way to get started is by applying for an insured credit card from your bank. The process to get your credit history in this way can be somewhat slow, but to be credited the process is worth it if done the right way. Don’t forget to do some research on how to credit in the U.S.
2. Open a Savings Account and/or Checks
In many credit card applications you will be asked if you have a checking or savings account. Many creditors could frown on applicants who do not have at least one checking account. But it is preferable to open both accounts: savings and checks. There is no need to have a lot of money on these, even only $30 in these accounts could suffice.
3. Go in search of a card that best suits your shopping habits.
Do you plan to travel often? If so, you may want a card that gives you frequent flyer miles or hotel points. it is convenient to look for a card with the lowest interest rates. if you don’t case, look for a card that has a minimum APR for transfers. But always make sure you read and understand all the conditions especially the delinquency conditions.
4. Apply for the credit card you chose
A credit card can be requested in person, by phone, by mail or by Intenet. If you have any unique circumstances that cannot be explained with online forms of credit, it is preferable that you request it personally, talk to a bank manager and explain your situation.
In the credit card application, you must provide the following details:
- Name: This is the name you have on your credit report. If you give a different name, processing of your request may be delayed.
- Social Security Number: You must provide this information as it is a unique identifier. Companies use this information to access their credit report and other financial information. This is usually an indispensable requirement, with a few exceptions, to obtain a credit card in the United States.
- Address: This is the address to which your accounts and cards will be sent. The company that will process your application will also ask you how long you have lived at your current address and how much you pay for mortgage or rent. They can use this information to get an overall figure on the burden of their debt and disposable income.
- Household income: This is the salary and any other household income the applicant has. In general, the higher your declared income, the higher your credit limit.
- Workplace: Credit card companies want to know that you have a job and a stable income. In some cases, especially when you just start forming your credit or for high credit lines, you will contact your work center.
- Signature: The signature of the application implies approval of the terms of the contract that are printed somewhere in the application. It also means that the information provided by the applicant is true. If you apply online or over the phone, the company may require an electronic or verbal (telephone) confirmation, but in some cases you may be mailed the contract to sign.
They usually give pre-approval and line of credit amount immediately at the time of application. In other cases the result will arrive by mail.
5. Wait for approval of the app for the credit card.
If your application is approved, you will be notified by mail. The approval notice indicates your credit limit and company charge rates. If the current card is not included in the approval notification, it will usually arrive in a few more days. Before using the card you must call to activate the card at the number indicated in the approval notification.
Best Instant Approval Credit Cards of 2019
In the financial world there are many offers, but it is very important that you be clear about the advantages offered by each card, with special attention to suit your needs.
Journey Student Rewards from Capital One
Key Terms & Features
- Anyone can apply, student or not
- 1% cash back for every purchase
- 1.25% cash back when you pay on time
- No annual fee
Deserve Pro Mastercard
Key Terms & Features
- 3% cash back on travel and entertainment
- 2% cash back at restaurants
- No annual fee
- Deserve will check more factors when you apply, like education, earning potential, and future employability
- Deserve must connect to your bank account to verify the balance
Chase Slate
Key Terms & Features
- 0% intro APR for purchases and balance transfers for 15 months, and then 17.24%–25.99% Variable
- No balance transfer fee for the first 60 days; 5% transfer fee after that
- No annual fee
Discover it Student Cash Back
Key Terms & Features
- 5% cash back in bonus reward categories that change every 3 months
- Double all cash back earned in the first year
- 0% intro purchase APR for 6 months, and then 15.24%–24.24% Variable
- No annual fee
Capital One Spark Classic for Business
Key Terms & Features
- 1% cash back for every purchase
- No annual fee
- Reports card activity to Dun & Bradstreet, Experian Business, Small Business Financial Exchange, and the consumer credit bureaus
Discover it Secured Credit Card
Key Terms & Features
- 2% cash back at restaurants and gas stations, up to $1,000 in purchases per quarter
- Double cash back in your first year
- Security deposit of $200 to $2,500
- No annual fee
Capital One Secured Mastercard
Key Terms & Features
- Access a higher credit line after making your first five monthly payments on time
- Security deposit of $49 to $200
- No annual fee
Wells Fargo Secured Visa Card
Key Terms & Features
- Security deposit of $300 to $10,000
- Must have a Wells Fargo checking or savings account
- $25 annual fee
Citi Secured Mastercard
Key Terms & Features
- Security deposit of $200 to $2,500
- No annual fee
- Can apply without a bank account by visiting a Citibank in person
Deserve Classic Mastercard
Key Terms & Features
- No annual fee
- Deserve will check more factors when you apply, like education, earning potential, and future employability
- Deserve must connect to your bank account to verify the balance