Credit card companies consider your credit score, credit history, income, and rent or mortgage payment when you apply for a credit card. These all affect your approval odds, but there’s one more. If you have a checking or savings account and haven’t overdrawn, it may be easier to get a credit card from your bank or credit union. Here’s why you might want a bank card and what to consider before applying for credit.
How bank credit applications may get you approved:
Visiting the bank where you already have an account may help your chances of getting approved for a credit card, especially if this is your first card. It’s always smart to shop around for the best credit card based on your credit score and financial capacity, but you may have extra incentives to start with the financial institution where you already have an account. This is true if you have poor credit but a good account. That credit issuer might take your recent credit card account history into consideration over other past credit setbacks. Depending on how good your banking relationship is, you may get a better interest rate, lower fees, a longer promotional financing period, or a sign-up bonus. Ask about new-applicant benefits. New cardholders may receive waived annual fees or statement credits. If approved, having a credit card at the institution where you already bank could make it easier to pay your monthly bill on time. You can transfer funds between accounts rather than between issuers, and you won’t have to set up a new profile on another issuer’s website. Never get denied for a credit card again. #credit #creditcards #creditcardtips #creditreport #creditscore
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About Limitless Culture and Mike Meza:
Hi, I’m Mike. I established Limitless Culture with a singular objective, to improve creditworthiness and provide credit education for regular, everyday people with fun and engaging content, DIY products, and (for some because no everyone needs it) monthly credit repair services for people with specialty disputing needs. I want to empower working-class people and their families to be able to take control of their credit files the right way.
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