Online credit card application is reasonably straight forward and easy to carry out. However, if you are thinking about making an online credit card application for any type of card, here are ten great ideas for you to keep in mind before you get started.
1. Get yourself a copy of your credit report and study it thoroughly. You can obtain a copy of your report from any of the three main credit agencies, Equifax, TransUnion and Experian. Before making an online credit card application, be aware of what the card issuers will see when they request your report.
2. Check your credit report for any errors. Any mistakes on your credit report should be corrected before you make an online credit card application. Inform the credit company of any incorrect balances on your accounts and check with the appropriate credit agency that these errors have been adjusted on your report.
3. Bring all your credit payments up-to-date. Consider paying off any small amounts whether overdue or not. The less credit you have available to you, the better your chances of making a successful online credit card application.
4. Once you have carried out all the necessary steps to improve your credit report, make sure your adjustments are reported to all three of the credit agencies. Wait for seven days and request another copy of your report, from all three of the agencies. Depending on the improvement steps you have implemented, your credit report should now look healthier than it did seven days ago. Although time consuming, these steps are an important part of the online credit card application process.
5. Your new credit score will give you a good idea of the credit cards you should aim for. For example, if your credit score is in excess of 720, you can be sure you will qualify for almost any card you choose and you can be confident that your online credit card application will be approved. A score of 630 to 720 is still considered to be good and if you make an online credit card application and are declined, you can expect to be offered a suitable alternative. A score of 600 and below is poor and you should look for credit building cards from the major issuers.
6. Research the credit cards that meet your criterea. Once you know the type of card you are most likely to qualify for, search for cards that you consider will meet your own personal requirements and build a list of say ten credit cards. Research is perhaps the most crucial aspect of the online credit card application process and should be approached diligently. Make comparisons of all the cards in your list looking closely at interest rates, fees, credit limits and rewards programs before making your final choice.
7. Read the terms and conditions attached to the credit card you choose. If there is anything you don’t understand or wish to clarify, email the card issuer and ask questions. It is your responsibility to understand exactly what you are signing for.
8. Complete the online credit card application form thoroughly. Don’t leave any question boxes empty and be as accurate as possible with your answers. You may receive a call from a card issuer associate who will want to clarify any of the information in your application form so make sure you understand all the questions on the form, dont pontificate, simply answer briefly but accurately.
9. Once you are happy with the detail you are offering in your online credit card application form, click the submission button once. Wait for confirmation that your form has been submitted.
10. Now you can relax. You should receive a response almost immediately from the card company confirming that they have received your application, and typically within 24 hours with an answer. Online credit card application approval times vary from company to company, but you should certainly have heard from them within 48 hours.
So thats it! These are just a handful of ideas to keep in mind whenever you are considering making an online credit card application. Remember that good reseach is extremely important. A high credit limit on a card may be tempting, but if the interest rate is also high, it may not such a good idea.. Always read the small print attached to each card deal.
Finally, understand that submitting multiple online credit card application forms can damage your credit score. By implementing the ideas listed above, you will greatly improve your chances of completing a successful online credit card application.