The Basics of Credit Card Applications

In order to obtain a credit card, you will need to fill out an application. Though the specifics will vary depending on the card, the issuer, and your own credit history, it’s useful to understand the basics of credit card applications.

When Do I Apply For a Credit Card?

Once you have found, read about, and carefully selected a credit card, you can fill out an application. However, you should be sure you have found the right card. The application process can be time consuming. In addition, credit card companies check your credit score when you apply for a credit card. Multiple checks in a short period of time may damage your credit rating (though different authorities disagree on how significant the effects may be).

What Do I Need to Apply For a Credit Card?

When you apply for a credit card, you will typically need access to your full name, address, social security number, phone number, and e-mail address. You may also need other information. This may include your monthly mortgage payment, employer phone number, household income, occupation, bank balance, and investment income. Of course, what you need will vary depending on the card and offer.

One important thing you should note when applying for a credit card: when you apply online, make sure you do so through a site that is “https” (that means the site url starts with those letters). The “s” in “https” signifies the site is secure and safe for the transmission of your sensitive financial information.

What Happens When I Apply For a Credit Card?

Procedures vary among different credit card companies. However, it is safe to assume that the credit card company will research your credit rating, develop a credit score, and then make a decision on your eligibility for the card.

When Will I Learn the Results?

Many online applications provide near instant results for applicants (60 seconds or less). If you apply through another method, or an online system is down, you can usually expect a decision within 7-10 days.

What Else Should I Know?

It’s important to enter the credit card application process with as much knowledge about the card and your financial history as possible. If you do, your application should proceed smoothly.

This article is part of TakingCredit.com’s credit card glossary. You can learn more about credit through our archive of credit card tips and our credit card blog. Photo by Jen’s Chapter 3.

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