In today’s age of instant connectivity, applying online for credit cards has become par for the norm. At any given time, there are a large number of online vendors such as credit card companies, banks, stores, as well as credit cards designed for debt consolidation that offer a range of services. Given the sheer width of online presence of credit lenders, it is very important to do due diligence so that you can get the best terms and conditions available, when you apply for credit online.
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According to comScore, roughly 76% of credit card holders used their credit cards online in 2010, a rise of 5% from the year before. With consumers increasingly turning to the Internet for their transactions, online credit applications are aplenty.
What to Do Before Applying Online for a Credit Card
Financial lenders such as credit card companies are becoming very stringent in their lending. They religiously use the applicant’s credit score and credit history to determine whether to extend credit, the credit card interest rate, the credit limit, annual fees, among others.
It is very important to find out where your credit score lies. Under federal law, you are eligible to one free credit report per year. You can access your credit report from AnnualCreditReport, find out what your credit scores are, and then apply for credit cards that you are more likely to be approved for.
Multiple Card Applications Hurt Your Credit Score
It is usually advisable to limit the number of credit card applications to those that have the most favorable terms and highest possibility for approval for your credit scores. If you have high credit scores, you are more likely to be approved for a line of credit with low interest rates, rewards, and low annual fees. On the other hand, if you have fair, low or no credit history, the scenario of approval, and good terms and conditions, becomes more precarious.
In either case, you must be aware that multiple inquiries about your credit history will have a detrimental impact on your FICO scores or credit scores. This is because the three credit reporting agencies Experian, TransUnion, and Equifax will interpret such inquiries as efforts to increase your debt. Additionally, if you fail your credit checks, your credit scores will be hit quite strongly.
Try to limit your applications to those credit cards that you are most likely to qualify for.
Information You Need to Apply Online for a Credit Card
Credit card companies today use advance technology that can give you an instant online approval for your credit card application, sometimes within seconds if you have a high-speed connection!
Any credit card application requires you to be either 18 or 21-years-old, depending on your state of residence. Credit card companies verify this information using your social security number.
All applications will need the following information:
- Phone number
- Office number
- Annual income
- Social security number
In some cases, you might be required to provide proof of income or a co-signer, if you have no credit history at all or have fair to low credit scores.
Online Applications for Credit Cards are Usually Safe
Most online applications with reputable lenders are done using secure servers on their websites. In most cases, these applications are completely protected. While lenders try to keep their sites secure, there are occasional breaches of security.
Security breaches are unusual and don’t happen often.
In addition, your personal information is securely encrypted, which means that the data is scrambled and can be read only by the credit card company, whose application form is being used.
An increasing number of credit card companies are creating easy-to-navigate websites with instant decision technology for credit applications. So using online applications are an easy and reliable way to explore your options and get the right credit card that will suit all your needs.
One of the most secure ways to find the right credit card is the FREE credit card chaser tool that will get you a decision in minutes!
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