Tips For Credit Card Applications: Credit Score

: Chris Lee Law Firm

  Filed under: Credit

Applying for credit cards is the same as applying for a loan, and as such should not be taken lightly. Banks will run a credit check and analyze your credit history before issuing you any kind of card. Here are a few simple things you can do, in order to ease the process of applying for a new line of credit.

Make Sure You Know the Score

The score, in this case, is your credit score – the number generated by credit bureaus, which determines your eligibility for loans of all types. Your credit score is based on a wide range of factors, but the most important factors are your debt to credit ratio (i.e. how much of your available credit is being used), your payment history (whether you have made late payments on bills or loans), the length of your credit history, and the amount of new credit applied for and received. A high credit score is good news for your ability to secure that new credit card, but a low one is not the end of the world. There are credit cards that are tailored to those with low credit scores, either because they are new borrowers, or because they are rebuilding after a credit debt disaster.

Know Your Lender

A common mistake made by people applying for credit cards is to apply for several at once, in the hopes that they will be accepted by at least one. Unfortunately, every time a lender checks your credit score, that score is slightly nicked, as creditors are wary of people applying for a lot of new credit at once. Pick one card, and make sure it is one you qualify for, based on your debt history and credit score.

Are you a candidate for bankruptcy?
Would you like to find out if bankruptcy is the right option for you? Try our Free Online Bankruptcy Evaluation. 4 easy steps to see if bankruptcy could be the right option for you!
  • Step 1
  • Step 2
  • Step 3
  • Step 4
Please Select Each Box That Applies To You
Creditor Harassment
Loss of Income
Disability or Illness
Current Expenses
Auto Loans
Credit Cards
Medical Bills
Payday Loans
Do you have any additional information you would like to share?
Contact Information