How do I apply for a Credit Card?

To apply for a credit card is not more difficult than applying for a bank account, a driver's license or a social security card. However, it is always better to be prepared as many companies send unsolicited pre-approved applications through the mail and most often have hidden charges nestled in the fine print.

Pre-Approval

Most pre-approval mailings request a signature and a statement of recent earnings. It sounds pretty straightforward, but the words "subject to credit approval" are always hidden somewhere. While it is tempting to simply sign away, or make up an amount under the "earnings" title, this information will haunt you down the road when you are unable to pay your bills. No one wants a fraud or perjury charge in addition to other trouble that might come with it.

If it Sounds too Good to be True, it is

If you have been pre-approved despite not having worked for a few months or your gross income is less than $10,000, you really should think twice before attempting to apply for a credit card. You should certainly not have been pre-approved. If you know you probably will not qualify for the credit, do not apply for a credit card.

Standard Application Process

Most people apply for a credit card through solicitations in magazines or sign-up booths at public events, without realizing that they can apply for a credit card at their own bank. Not only do banks have relatively reasonable fees and interest rates, their customers already have a track record and business relationship established.

Denied for Lack of Credit

If you are denied a credit card, the letter you receive will tell you why. If the denial was based on lack of credit, that is frustrating but understandable. In that case, you can either hope that when you apply for a credit card, someone will take a leap and offer you a line of credit. Or, if you can show just cause, you can contact the financial institution and discuss your situation. This is another good reason to apply for a credit card at your bank where you have a credit line (or at least an account) already established.

Denied for Bad Credit

If you are denied a credit card due to bad credit, the letter will give instructions on where to request a copy of your credit report. Once you review the report, you can take steps necessary to start repairing your credit. Keep in mind that filling out several applications for credit may itself look suspicious, and many companies will deny a credit line when they find that several applications have been processed or reviewed in the recent past.

"I tell you Doris , he was making $150,000 a year and had been working at the same place for a decade and they wouldn't approve his loan! They told him straight up that no credit history means no loan - all because he didn't have a credit card ."

So you're at the gas station filling up your vehicle, and without warning the gas pump shuts off.

LONDONDERRY -- Police hope someone can identify two men and a woman who are suspected of using several stolen credit cards around the region. ...

BUTLER TOWNSHIP, Ohio -- Police in Butler Township said they are looking for a person responsible in a local theft. Investigators said someone stole a car last month and a woman is using the victim’s credit cards and checks.

Police in Huntington are on the lookout for two men who they say broke into a car and stole credit cards and then used them at Wal-Mart.

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