Before you apply for a credit card, you’ll want to have the following on hand:
Non-expired Valid ID: US Driver’s License, US State Issued ID, US Passport Card, US Military ID, Passport (all countries), Resident Alien ID Card (Green Card) or Matricula Consular of Mexico.
Know your Social Security Number or Individual Tax Identification Number. If you have an ITIN, bring in the ITIN letter issued from the IRS
For international professional positions, include a copy of your US VISA, job offer/appointment letter from the company/university to verify position, income and duration.
If it’s your first credit card, you may need a co-signer on the account, or a cash deposit. If you’re a student, you’ll need information about the school you’re attending, and possibly some proof of enrollment.
When you apply for credit, legitimate lenders will check your credit history by running a “hard credit inquiry,” also known as a hard credit check. When a credit inquiry is “soft” it means your credit isn’t being reviewed by an actual lender; like when you check your own credit score online. Keep in mind that while soft inquiries have no effect on your credit status, too many hard inquiries within a two-year time period can hurt your overall score. As long as you keep those hard inquiries to a minimum (3-5 or less) within that two-year window, your score should not be negatively impacted.
If you have bad credit or no credit history at all, don’t worry, there are still many ways for you to build credit. One option is to find a parent, guardian or relative who has a good credit score and is willing to co-sign on your account. Working full-time and earning a higher-than-average wage is another way to improve your chances of qualifying, regardless of your score or history.
If you’re in school, ourVisa Credit Cardis a great option to help you responsibly build credit.
Simply having a credit card for awhile works towards the goal of raising your credit score, because your credit’s age is one of the measurements that the credit bureau uses to calculate your score.
But there are other ways that you can use a credit card to raise your score, including:
For someone with no credit history and a low credit score, the average credit limit is around $1,000. Generally, the better your credit score is, the more likely you are to receive a higher credit limit. Learn more about your credit score.
It’s usually a good idea to keep your credit card accounts open, because the age of your credit is one of the factors that determines your credit score. The older your account is, the better off your score will be. However, if the account in question isn’t your oldest account and it doesn’t have a high limit, closing it probably won’t harm your score. In fact, if the account in question has higher interest rates or you are having trouble paying off your balance, transferring your balance may be a better solution.
APR stands for “annual percentage rate,” and it reflects the costs associated with borrowing money. A credit card’s purchase APR is the same as the card’s “interest rate,” and it’s a great way to compare cards between lenders. But, it’s important to note that APR doesn’t reflect other costs like annual fees or balance transfer fees. Make sure to consider all these factors when choosing a credit card provider.
