“Maximize Your Chances of Credit Card Approval”

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Unlock Opportunities with a Credit Card

At O1ne Mortgage, we prioritize consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.

Steps to Get Approved for a Credit Card

Getting a credit card can unlock opportunities to build your credit and access perks, such as cash back rewards. If you’re new to credit or your score needs improvement, you may be nervous about whether you’ll get approved when you apply. Here are 10 steps to help you get approved for a credit card.

1. Check Your Credit Score

It’s always a good idea to check your credit score before you apply for a credit card. Lenders look at your credit score to determine how responsible you are with borrowing and repaying money. A higher credit score can make it easier to qualify for a range of cards, whereas a low or fair score can limit your options.

2. Make On-Time Payments

The best thing that you can do for your credit—and your approval odds as an applicant—is to pay your bills on time every month. Your debt payment history is the most important factor in determining your credit score. Late payments can remain on your credit report for up to seven years, so avoiding them is important, especially if you plan to apply for a credit card or other loan in the future. Consider setting up autopay to ensure you don’t forget to pay by the due date.

3. Keep Your Balances Low

Credit card companies look at your credit utilization rate when weighing how reliable or risky you appear as an applicant. Your credit utilization is defined as how much revolving credit you’re using compared to your total available credit. Using no more than 30% of your available credit can help you avoid more substantial knocks to your credit score. Even better, aim to keep your utilization in the single digits.

4. Avoid Applying for Too Many Cards at Once

Try to keep your credit applications to a minimum and avoid applying for multiple credit cards in a short period of time. Having many hard inquiries on your credit report can temporarily lower your score and may make you appear risky to lenders.

5. Consider Experian Boost®

If you’re new to credit or your score could use some help, Experian Boost can give you credit for monthly bills you already pay, such as utility, cellphone, insurance, and streaming service bills. On-time payments can factor into credit scores powered by Experian data to instantly boost your scores.

6. Apply for Cards in Your Score Range

Knowing whether you fit the credit profile for approval with a certain card can help you avoid credit denial—and unnecessary inquiries on your report. Depending on what range your score falls into, you may have your pick of many cards, or you may be limited to those designed for improving credit.

7. Consider a Secured Credit Card

If you haven’t had much time to build credit yet, or if you need to recover from some hiccups in your credit history, consider applying for a secured credit card. These cards are designed specifically to give low-credit borrowers the opportunity to qualify for a card and use it to build up a history of on-time payments. You’ll need to put down a deposit to get approved, and that deposit will serve as your credit limit. Over time, these cards give you the opportunity to graduate to an unsecured credit card.

8. Know What You’ll Use Your Card For

You don’t just want to get approved for a new credit card—you want to be happy with the card you chose, and confident that it aligns with your credit goals. So before you submit an application, be sure you’ve considered all your options and chosen a card in a category that covers your needs.

9. Get Prequalified Before You Apply

Before you apply, it’s wise to get prequalified for a credit card. While prequalification isn’t a guarantee of approval, it can eliminate some guesswork. It uses a soft credit inquiry, which doesn’t affect your credit scores, to determine your odds of approval.

10. Submit an Application

When you’re ready to apply, you’ll need to provide information to the card issuer to verify your identity, as well as information on your income and monthly housing payment. Once you submit the application, you may receive a decision right away. If you’re approved, you’ll receive information on how long you should expect to wait for your card to arrive in the mail, and you’ll sometimes receive instant access to a virtual credit card to make purchases in the meantime.

Stay the Credit Course

Getting approved for a credit card comes down to knowing where your score falls before you apply, selecting a credit card based on your score and needs, and then prequalifying before you formally apply. If you can’t qualify for the card you want now, maintaining good credit habits can open the door to a wider range of credit cards down the line.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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