Credit Card Application Tips

There has been a proliferation of available credit cards lately. Even though card issuers make the application process sound like a breeze, credit card applications can be a bit daunting for the first-timer. There are pages of blanks to be filled in, lots of personal questions, and plenty of "click here to agree to the terms and conditions" boxes. It can get pretty confusing.

If you're getting ready to apply for your first credit card, here's what you can expect to divulge.

Personal Information

All credit card applications will ask for your real name, address, contact phone numbers, date of birth, and Social Security Number. The card issuers use these details to pull your credit report and see what kind of borrower you are. If your report is good, you'll only have to meet minimum income requirements in order to be approved for the credit card. If your report reflects a history of late payments, your application could be denied.

Residence or Rental History

Next, you'll be asked how long you've lived at your current residence. If you've been there less than six months, you'll be asked to supply your previous address as well. This is simply another way to verify your identity. You will also be asked whether you rent or own your home. Be honest; renters get approved for credit all the time. Plus, you don't want to lie about a mortgage you don't have when the company will simply pull your credit report and find no record of said mortgage.

Employment Verification

This is where you supply details about your job, your boss, and how to contact them. This information will likely be verified, so be truthful. The card issuer wants to know that you have a stable income and are therefore would be able to make monthly credit card payments. Self-employed individuals will be required to supply proof of income via bank statements and tax records.

Household Income

This part is important because it lets the card issuer know whether you can really afford a credit card. Also, it helps determine an appropriate credit limit. Most credit cards require you to make at least $15,000-$18,000 per year to qualify for a card. Some applications might also ask for a breakdown of your outgoing monthly expenses such as rent, utilities, and alimony or child support payments.

Once you've supplied in the details, read over the company's terms and indicate that you agree with them. Then you're just a mouse click away from submitting your credit card application. Good luck!