• Thu. Jan 21st, 2021

Get Approved For A Credit Card On First Application

ByBinyomin Terebelo

Nov 1, 2020

Get Approved For A Credit Card On First Application

Get Approved For A Credit Card On First Application, why its so important. When you apply for a credit card your credit report gets what is called a hard credit inquiry.

What does a hard and soft credit inquiry mean?

  • hard inquiry occurs when a lender with whom you’ve applied for credit reviews your credit report as part of their decision-making process. This type of inquiry appears on your credit report and can influence your credit scores.
  • soft inquiry occurs in cases where you check your own credit or when a lender or credit card company checks your credit to preapprove you for an offer. Soft inquiries do not impact your credit scores.

As a rule when you apply for a credit card there is a hard credit inquiry. After there is a hard credit inquiry most credit credit companies wont give you approval for 3 months. So get it right and get approved on your first application.

If you never have no credit score I would say play it safe apply for a secured card. This will enable you to get start the points game in 3 months time.

My Credit Card Suggestion And Why

The Discover Secured Card

It is considered one of the easiest cards to get approved for. You might feel like you should try to get a bonus card but like I wrote earlier why risk waiting 3 months.

No yearly fees, this important as your first card you will not want to close it. As the credit lenders will look to see how long your longest credit history is and so you do not want to close it.

A bonus this card gives you 1% back and 2% on gas. It may not be much but most starting cards offer nothing.

Filling Out Your Application

An unnoticed but important little tip on how to fill out income.

This is a copy and paste from their application.

If you are 21 or older, you may include another person’s income that is available to you. If you are under 21, you may consider the amount of another person’s income that is regularly deposited into your account.

Income means wages, salary or tips, you currently earn or can reasonably expect to earn. Other examples include bonus pay, commissions, and income from rental property, interest, dividends and retirement benefits paid.

You do not have to include alimony, child support or separate maintenance income unless you want it considered as a basis for repayment.

Good luck and happy gaming,

Binyomin Terebelo

Note: we take no responsibility for any changes or statements please always double check for yourself

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