By Contributing Author
A credit card can be a useful tool or a mortal weapon if you do not use it responsibly. Indeed, it allows you to keep track of your expenses and manage your cash flow every single month, but if you do not handle your money with care then you might start experiencing a significant financial imbalance sooner than expected. Any adult has the possibility to get a credit card. In fact, the process can be fast and easy: you just complete the application and wait for the approval. Of course, the application demands relevant information concerning your financial status so apart from name, date of birth and SSN (social security number) you also need to include housing situation and income. However, this only applies to those who meet eligibility requirements. Credit card issuers, either banks or credit unions, provide strict guidelines that you need to follow religiously in order to qualify for a credit card.
Your credit score represents a decisive factor for credit card issuers
If you want to determine your odds for receiving the much-desired credit card, then you should first analyze your credit score and credit history. Poor credit represents a clear sign for card issuers that you are not trustworthy and responsible enough in order to benefit from a traditional credit card. Nevertheless, you should not panic because there are credit cards for bad credit available out there. We are talking about secured credit cards, which have the purpose to help you rebuild your credit score, but you do have to put down a deposit in order to prove that you are able to make your payments. While using the secured credit card, credit bureaus will stay up to date with your financial activity. Just make sure that you do not make a wrong move and you might have great chances of obtaining a traditional credit card. Secured credit cards are perfect for students or those people who do not have a stable job.
Other factors that might influence credit card issuers ‘decision
Besides age and credit rating, other factors might impede you from getting a credit card as well including residency status, employment status and income vs. expenses. Obviously, credit issuers prefer permanent citizens. However, even if you are a temporary resident, you can still apply for certain types of credit cards. In this case, you need to consider other factors that might influence the approval, such as your visa. In addition, you need to provide passport details so make sure that you keep it at hand. Moving on to employment status, if you have a full-time job, credit issuers automatically see you in a more favorable light because it shows your capability of repaying the credit spent. If you have a part-time job or if you are self-employed, do not immediately assume that you are not eligible for a credit card. In what concerns income vs. expenses, credit card issuers will demand information regarding your income, existing debts and spending habits to assess your capability of managing more credit.