10 Things To Do Before Applying For A Credit Card
10 Things To Do Before Applying For A Credit Card: Taking These Steps Can Help You Make A Smart Choice And Keep Your Finances In Check.
10 Things To Do Before Applying For A Credit Card: Taking These Steps Can Help You Make A Smart Choice And Keep Your Finances In Check.
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Before applying for a credit card, it’s important to take a few steps to ensure you’re making the best decision for your financial health. Here are some key things to do:
1. Check Your Credit Score
2. Review Your Credit Report
3. Determine Your Credit Needs
4. Compare Credit Card Offers
5. Understand the Terms and Conditions
6. Consider Your Debt-to-Income Ratio
7. Prepare Your Financial Information
8. Avoid Multiple Applications
9. Plan How You’ll Use the Card
10. Know Your Rights
By following these steps, you can make a more informed decision and choose a credit card that fits your financial situation and goals.
Bank Name | Reports | Back Dates |
---|---|---|
Amex | ✅ | ❌ |
Barclay | ✅ | ✅ |
Bank of America | ✅ | ✅ |
Chase | Sometimes | ✅ |
Citi | ✅ | ✅ |
Capital One | ✅ | ✅ |
Discover | ✅ | ✅ |
HSBC | ❌ | ❌ |
US Bank | ✅ | ✅ |
Bank | Minimum Payment Calculation |
---|---|
American Express Personal | The greater of these: $40, 2% of the balance excluding interest and fees*, 1% of your balance plus interest and fees* |
American Express Business | The greater of these: $35, For a balance of $0-$25,000: 1% of the balance plus monthly interest and fees*, For a balance of $25,000-$75,000: 5% of the balance plus monthly interest and fees*, For a balance over $75,000: 10% of the balance plus monthly interest and fees* |
Bank Of America | The greater of these: $25, or 1% of the full balance plus the monthly interest and fees |
Barclay Bank | The greater of these: $27, or 1% of the full balance plus the monthly interest and fees |
Capital One | The greater of these: $25, or 1% of the full balance plus the monthly interest and fees |
Chase | The greater of these: $25, or 1% of the full balance plus the monthly interest and fees |
Citi | The greater of these: $25 or 1% of the full balance plus the monthly interest and fees, or 1.5% of the full balance |
Discover | The greater of these: $35, or 2% of the full balance or $20 plus the monthly interest and fees |
Santander | The greater of these: $25, or 1% of the full balance plus the monthly interest and fees |
Synchrony | The greater of these: $25, or $35 if you had any late payments within the last six months, or 1% of your full balance plus the monthly interest and fees |
Us Bank | The greater of these: $30, or 1% of your full balance plus the monthly interest and fees |
Wells Fargo | The greater of these: $15, or 1% of the full balance plus the monthly interest and fees |
RATIO | TRANSFER PARTNER | TRANSFER TIME | ENDS | TYPE |
---|---|---|---|---|
1:1 | Aeroplan Loyalty Program | Instant | July 31, 2024 | Airlines |
1:1 | Air France-KLM Flying Blue | Instant | Airlines | |
1:1 | Avios | Instant | Airlines | |
1:1 | Emirates Skywards | Instant | Airlines | |
1:1 | IHG One Rewards | 1 Day | Hotels | |
1:1 | JetBlue TrueBlue Rewards Program | Instant | Airlines | |
1:1 | Marriott Bonvoy | 2 Days | Hotels | |
1:1 | Singapore Airlines KrisFlyer | 12-24 Hours | Airlines | |
1:1 | Southwest Rapid Rewards | Instant | Airlines | |
1:1 | United MileagePlus | Instant | Airlines | |
1:1 | Virgin Atlantic FlyingClub | Instant | Airlines | |
1:1 | World of Hyatt Loyalty Program | Instant | Hotels |
Bank | Credit Bureau | Notes |
---|---|---|
Amex | Experian | For existing Amex cardholders, Amex does not pull your credit for new credit card applications. |
Avianca | TransUnion | |
Apple Card | TransUnion | They will first only do a soft pull to check if you qualify. If you qualify and accept the offer, then they do a hard pull. Some have had success avoiding the hard pull by freezing TransUnion after the preapproval but before the final decision. |
Barclays | TransUnion | |
Bank of America | Experian | If you freeze your Experian report, they will pull your TransUnion credit report. |
Capital One | Experian, Transunion, Equifax | If you freeze one credit bureau, you can still get approved (the credit bureau you freeze cannot be TransUnion). |
Chase | Experian | |
Citi | Experian/Equifax | Citi will usually pull your Experian credit report, sometimes Equifax, and sometimes both Experian and Equifax. If you freeze your Experian credit report, you can sometimes request the reconsideration department to pull your Equifax credit report. |
Citizens | Equifax | |
Discover | Experian/Equifax | Discover will usually pull your Experian credit report, sometimes Equifax. If you freeze your Experian credit report, Discover will be glad to pull from either TransUnion or Equifax. Chat with a rep after submitting the application. |
Elan Financial | Experian | |
HSBC | Equifax | |
Key Bank | Equifax | |
Synchrony | TransUnion | |
TD Bank | Experian | |
US Bank | Experian | If you frequently apply for credit cards, first freeze your IDA/ARS bureaus before applying for a US Bank credit card. |
Wells Fargo | Experian/Equifax | In some states, they pull Experian and Equifax. |
Order | Credit Card | Bank | Credit Bureau | Notes |
---|---|---|---|---|
1 | Chase Sapphire | Chase | Experian | Chase is very sensitive to recent inquiries. |
2 | Citi Premier | Citi | Experian/Equifax | Citi is also sensitive, but you can sometimes request to pull Equifax if Experian is frozen. |
3 | Amex Gold | Amex | Experian | Amex is less sensitive, and they don't pull credit for existing cardholders. |
4 | Barclays Arrival | Barclays | TransUnion | Less sensitive, but be mindful of one or two recent inquiries. |
Bank Name | Reports | Back Dates |
---|---|---|
Amex | ✅ | ❌ |
Barclay | ✅ | ✅ |
Bank of America | ✅ | ✅ |
Chase | Sometimes | ✅ |
Citi | ✅ | ✅ |
Capital One | ✅ | ✅ |
Discover | ✅ | ✅ |
HSBC | ❌ | ❌ |
US Bank | ✅ | ✅ |
Bank | Reports Business Cards? |
---|---|
Amex | No |
Bank Of America | No |
Barclays | No, Barclays business cards generally don’t report |
Capital One | Yes, except the Capital One Spark Cash Plus and Capital One Venture X Business |
Citi | No |
Chase | No |
Discover | Yes |
M&T Bank | No |
US Bank | No |
TD Bank | Yes |
Wells Fargo | No |
Issuer | Dun & Bradstreet | Small Business Financial Exchange (SBFE) | Experian Business | Equifax Business |
---|---|---|---|---|
Amex | Conflicting data points | Yes | No | No |
Bank of America | No | Yes | No | No |
Barclays | No | No | No | No |
Capital One | Yes | Yes | Yes | Conflicting data points |
Citi | Yes | Yes | Yes | Yes |
Chase | Yes | Yes | Yes | Conflicting data points |
Discover | Yes | No | Yes | Yes |
US Bank | Yes | No | No | Yes |
Wells Fargo | No | Yes | No | No |
Minimum Age | |
---|---|
Amex | 13 years old |
Barclay | 13 years old |
Bank of America | No minimum age |
Chase | No minimum age |
Citi | No minimum age |
Capital One | No minimum age |
Discover | 15 years old |
US Bank | 16 years old |
Wells Fargo | No minimum age |
Rating | Credit Score Range | Description |
---|---|---|
Poor | <580 | This credit score is well below the average score of U.S. consumers and demonstrates to lenders that the borrower may be a risk. |
Fair | 580-669 | This credit score is below the average score of U.S. consumers, though many lenders will approve loans with this score. |
Good | 670-739 | This credit score is near or slightly above the average of U.S. consumers and most lenders consider this a good score. |
Very Good | 740-799 | This credit score is above the average of U.S. consumers and demonstrates to lenders that the borrower is very dependable. |
Exceptional | 800+ | This credit score is well above the average score of U.S. consumers and clearly demonstrates to lenders that the borrower is an exceptionally low risk. |
Very Poor | Poor | Average | Good | Very Good | Excellent |
---|---|---|---|---|---|
579 | 619 | 679 | 719 | 779 | 800+ |
578 | 618 | 678 | 718 | 778 | 799 |
577 | 617 | 677 | 717 | 777 | 798 |
576 | 616 | 676 | 716 | 776 | 797 |
575 | 615 | 675 | 715 | 775 | 796 |
574 | 614 | 674 | 714 | 774 | 795 |
573 | 613 | 673 | 713 | 773 | 794 |
572 | 612 | 672 | 712 | 772 | 793 |
571 | 611 | 671 | 711 | 771 | 792 |
570 | 610 | 670 | 710 | 770 | 791 |
569 | 609 | 669 | 709 | 769 | 790 |
568 | 608 | 668 | 708 | 768 | 789 |
567 | 607 | 667 | 707 | 767 | 788 |
566 | 606 | 666 | 706 | 766 | 787 |
565 | 605 | 665 | 705 | 765 | 786 |
564 | 604 | 664 | 704 | 764 | 785 |
563 | 603 | 663 | 703 | 763 | 784 |
562 | 602 | 662 | 702 | 762 | 783 |
561 | 601 | 661 | 701 | 761 | 782 |
560 | 600 | 660 | 700 | 760 | 781 |
559 | 599 | 659 | 699 | 759 | 780 |
558 | 598 | 658 | 698 | 758 | |
557 | 597 | 657 | 697 | 757 | |
556 | 596 | 656 | 696 | 756 | |
555 | 595 | 655 | 695 | 755 | |
554 | 594 | 654 | 694 | 754 | |
553 | 593 | 653 | 693 | 753 | |
552 | 592 | 652 | 692 | 752 | |
551 | 591 | 651 | 691 | 751 | |
550 | 590 | 650 | 690 | 750 | |
549 | 589 | 649 | 689 | 749 | |
548 | 588 | 648 | 688 | 748 | |
547 | 587 | 647 | 687 | 747 | |
546 | 586 | 646 | 686 | 746 | |
545 | 585 | 645 | 685 | 745 | |
544 | 584 | 644 | 684 | 744 | |
541 | 583 | 643 | 683 | 743 | |
540 | 582 | 642 | 682 | 742 | |
539 | 581 | 641 | 681 | 741 | |
538 | 580 | 640 | 680 | 740 | |
537 | 639 | 739 | |||
536 | 638 | 738 | |||
535 | 637 | 737 | |||
534 | 636 | 736 | |||
533 | 635 | 735 | |||
532 | 634 | 734 | |||
531 | 633 | 733 | |||
530 | 632 | 732 | |||
529 | 631 | 731 | |||
528 | 630 | 730 | |||
527 | 629 | 729 | |||
526 | 628 | 728 | |||
525 | 627 | 727 | |||
524 | 626 | 726 | |||
523 | 625 | 725 | |||
522 | 624 | 724 | |||
521 | 623 | 723 | |||
520 | 622 | 722 | |||
519 | 621 | 721 | |||
518 | 620 | 720 | |||
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500 |
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