Q:

How do you get approved for a credit card?

A:

Quick Answer

To get approved for unsecured credit cards, applicants must maintain good credit scores or have someone with good credit cosign their applications, according to Forbes. To obtain secured credit cards, applicants make deposits to establish lines of credit.

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Full Answer

Applicants for unsecured credit cards can improve their credit scores and increase their chances of approval by keeping balances on any existing cards to a minimum, advises BankRate. Consumers can also improve credit scores by paying bills on time and not making multiple credit applications in a short time period. They can also improve credit scores by leaving old accounts that have been paid off on their credit reports, as it shows a positive history of paying debts. Applicants also improve their chances of getting approved for unsecured credit cards if they make small purchases on one existing line of credit rather than spreading those balances over multiple lines.

Applicants for secured credit cards make deposits to banks issuing the cards, and the lines of credit issued are equal to deposit amounts or higher, depending on applicants' credit scores, advises Forbes. Consumers can also increase the lines of credit on secured credit cards by making additional deposits, or in some cases the banks that issued the cards increase the lines of credit based on good payment histories. Consumers who choose secured credit cards from banks that report to the major credit bureaus can improve their credit scores through making regular payments, thus increasing their chances of getting approved for an unsecured credit card.

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