Wherever you go they offer you a credit card; from the hall of the mall or university, even on the plane. But you don’t know where to start. Here are some recommendations:
Before requesting a credit card:
How is your credit?
Your credit score or rating of your empirical (known as FICO) ranges from 300 to 850 points, usually the main factor to be granted credit. The interest rate or APR, for its acronym in English, may depend on how good your credit report is and the parameters established by the bank. Some factors that determine your score are the amount of debts and the balance of those debts. The more money you owe, the lower your score. This may be an indicator that you will not be able to manage an additional financial product well; so plan how to reduce your balances.
Do not request how much card you are offered
Each time you request one, you may be affecting your credit. If everyone who offers you cards checks your history, it may appear that you are requesting multiple credits at the same time. Select the cards that attract your attention and study their pros and cons so that you request only one at a time. For example, one can offer points for your purchases, while another gives you miles to travel. Also, check the APR of each card because in the end it is what it will cost you to use the card. Once you decide, complete the application.
Documents to complete the application
At the bank, online or by phone you will need: Social Security #, driver’s license, address, phone number of 2 people contact, your most recent jobs, your income, bank accounts and payments you make each month.
If you were not approved for a card due to lack of history, look for more information about other credit products. For example, one option is to request a secured credit card in which you deposit in a savings account, the amount you receive from the credit line.
Try to make at least the minimum payment before the due dates, as this factor also affects your history and will be reflected in your short and long term history.
Access here for more credit information. Visit our BankingFree section for tips that will help you achieve your independence.