One of the biggest mistakes that people make when applying for credit cards is to apply for the wrong credit card. That’s right, the wrong credit card… and I’m not just talking about the wrong credit card as far as the interest rate, or the fees, or even the lack of rewards. I’m talking about the wrong credit card company for your credit history. That’s right, your credit history.
Oh, wait, you haven’t looked at your credit history lately? You don’t know your credit score? Then what are you doing even considering applying for a credit card. Applying for any credit without knowing your credit score is the quickest way that I know of to knock a few more points off your credit score, which makes it even harder to get the next credit card (or loan) and, if you’re trying to rebuild your credit, every point counts!
So, what should you do?
Check your credit score! Never apply for any type of credit without first checking your credit score, and then research the credit card company or loan provider to make sure that your credit profile fits within their typical customer base. In the event that your profile fits, then your application stands a better chance of being approved.
If it’s not a good fit, then look for other credit card options that fit your credit score range, and apply for one of those offers instead – building or rebuilding your credit takes time and effort. You can’t afford to inadvertently do more damage in the process!