There are many benefits to having a credit card, such as building your credit history and having a way to finance purchases or cover unexpected expenses. If you’ve never had a credit card in the past, your first question probably involves how to get a credit card. There are several possible ways to get a credit card.
Start with a Secured Card
Having no credit history sometimes looks as bad to creditors as having a bad credit history. You can’t expect your first credit card to have a high credit limit or enticing benefits such as rewards or a zero percent interest rate. The easiest place to start demonstrating that you can handle borrowed money responsibly is to apply for a secured credit card. This type of credit card is secured by money you keep in a savings account and is usually a small amount such as $500 or less. As time passes and you show that you make payments as agreed, your lender may be willing to change your account to an unsecured card.
Apply for a Store Card
Retail stores may be willing to issue a credit card to a borrower with a limited credit history. This is another way to start building a positive credit history, but keep in mind that the interest rate charged on these cards is usually high.
Cards for College Students
If you’re a college student, many credit card companies have cards designed specifically for people like you. This type of card may have rewards for good grades and gives students a chance to start building a history of responsible borrowing.
What to Know Before You Apply
An application for a credit card asks for your name, address, phone number, and social security number along with information about your income and where you work. It may ask if you rent or own your home and whether you have additional income. The credit card issuer may contact your employer to verify that you’ve provided accurate information.
Before you decide to apply for a credit card, make sure you understand how much you’ll be charged for interest each month and whether there are any other fees that you’ll be expected to pay. It’s a good idea to make sure the information on your credit report is accurate before applying for any kind of financing. As many as two out of every three people find errors on their credit report. Inaccurate information on your credit report can affect your chance of being approved.
Disputing Errors on Your Credit Report
Any errors you find on your credit report should be disputed right away. When you partner with Dovly, we can take care of handling disputes with the credit bureau for you. Dovly is an automated credit repair engine that works around the clock to help you monitor and fix your credit. Don’t let misinformation on your credit report drive your credit score down. Let Dovly help you make sure your credit reports are as accurate as possible so that you’ll have the best chance of getting the credit card you deserve. Contact Dovly today.