6 Essential Tips On The Right Time To Apply For A Credit Card

tips right time to apply for credit card capital one credit cards

Do you think it’s time you got a credit card? Well, that’s great. However, keep in mind timing is everything. Applying for a credit card may be easy but getting approved may be a little harder. If you apply the card at the wrong time it could mean you’re denied which would mean you have to wait for some months before reapplying. But wait! If you get approved for the first time, you will get to make major purchases as well as reap major rewards. 

Therefore, before you start applying for a credit card you should check out the several banks willing to help with a simple process of applying for a credit card. One of them is Capital One Getmyoffer application process which is likely to help you get approved for a card even though you are just starting out. 

Here are six essential tips on the right time to apply for a credit card. 

1. Immediately You Turn 18 Years 

If you want to build your credit score, then the best time to apply for a credit card is immediately you turn 18. The reason being, the sooner you start establishing a good credit card, the higher the score you can reach. However, remember that although it is advisable to apply early for a credit card, it might be tougher to get approved at such a young age. That’s because due to the Credit CARD Act of 2009, credit card companies are required to verify that young adults have a stable income needed to pay their credit card bills. Nonetheless, if you don’t have an income you can get a co-signer usually a parent or guardian to help you apply for a credit card. 

2. Your Credit Is In Good Shape 

Although there are credit cards available for all credit levels, it is important to know which credit card best suite you. One thing is for certain when it comes to the best offers, the people with good or excellent credit get first priority. However, before applying for that top tier credit card, make sure your credit score is in the good or excellent range. 

By doing this you will avoid your application being rejected and save you the time of applying again. Note that, even if one rejection might not affect your credit score, multiple ones within a short period of time can hurt your credit. 

3. Before Going On Vacation 

Here is a simple question, who doesn’t like saving some money? I know you do. Therefore, if you are planning to go on vacation, a credit card with the right perks could significantly reduce the coast of many things. That’s because some airlines, hotels or other travel credit offers massive sigh-up rewards for travelers. For example, you can get thousands of bonus air miles or free nights at beautiful resorts all over the world. More interesting, if your new card offers a few months spending target bonus, you can actually charge more than airfare or hotels. Car rentals, night’s outs or other getaway expenses can also be covered by the credit card. 

4. After Your Credit Score Has Gone Up 

It’s no secret that after a period of responsible credit use your credit score will have gone up. That’s good news for you since it can lead to having various benefits. One of the benefits is the opportunity to qualify for a card with better perks, a higher limit and lower interest rate among others. However, before you apply for that new credit card, make sure your payments have been made on time. Also, take a minute to know your current credit score to ensure you apply for the right type of credit card. 

5. You Are Determined To Start Building Or Repairing Your Credit 

Yes, it’s advisable to apply for a credit card when you have good credit. Nevertheless, if your credit isn’t great or your credit history is limited you can apply for a secured credit card. With a secured credit card, you are first required to make a deposit upfront that serves as collateral. Secondly, you will pay your credit card bills on a monthly basis. Note that, secured cards tend to have smaller credit limits and more fees so it’s important to carefully research your options. 

6. When You Have Been Referred 

Since credit card issuers are continually searching for new customers, you can apply for a credit card through a referral. Through an email or personalized referral link, a family member or friend can refer you to a credit card you’re interested in. Apart from giving you a chance to qualify for the card, you can also get a bonus award. The bonus might come in form of rewards point, cash back or both. Aside from that, your family member or friend will also get rewarded too. However, keep this in mind, your application has to be first approved for both of you to be rewarded. 

Final Thoughts 

Just as mentioned above, timing is important and being patient will truly come in handy when you apply for a credit card. Therefore, take your time before applying for any credit card and see yourself qualify for the best offers and rewards.

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