The Credit Card Application
Before completing an application for a credit card you should be:
- Eighteen years old or older.
- Have a valid social security number.
Some major credit cards say you should be able to answer YES to these three questions:
- My credit history is clear of bankruptcy.
- My credit history is clear of seriously delinquent accounts.
- I have not been denied credit by this Credit Card Issuer in the past six months.
Application forms may vary but you should be prepared to give the following required information on the credit card application:
- Your name, date of birth and social security number.
- Your mother’s maiden name, your home telephone and E-Mail address. Some applications require a security word (like a password).
- Are you a United States Citizen and are you a permanent U.S. resident? Are you a full-time student?
- Your address, housing status (rent, lease, own), monthly housing payment and length of time at current residence. Some may ask the last name on the home phone bill.
- Name of your employer, your employer’s address, telephone number, length of employment and occupation.
- Your annual salary plus bonus and other household income.
- Do you have checking, savings or money market accounts at a financial institution?
- Do you want to enroll in optional Credit Card payment protection?
Make sure you confirm with a company that they are offering what you think they are offering. It's very easy to misunderstand some of the mysterious information there in the small print. Go over it with them, then ask if they can do better—their best offer may not be the first deal they offer you.
Understand key numbers before you sign: What is the APR, annual fee, grace period, penalties, late payment charges, over-the-limit fees and interest rates on any cash advances, and under what circumstances can the card company change your interest rate (or any other terms of the deal)?