owlxxeyes asked in Business & FinanceCredit · 2 months ago

I might get rejected by my bank, how should I apply for a credit card?

I have a credit score of 588 and it is considered fair. It has increased this past month due to me paying my car payment on time. I really want to get a credit card but I am not sure if I should I apply for one through a bank? Or if I should apply for one that a credit score company has suggested for me? It is saying that if I get a credit card, it can increase my credit score.

Also, will it show up in my credit report as a soft or hard inquiry?

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  • Anonymous
    2 months ago
    Favorite Answer

    No point in applying for anything except a secured card with a 588. Discover secured is the best.  Any card will help your credit if you pay on time for a year or so. Applying is probably a hard inquiry which will ding your score a few points.

    Send in $200+ and get a discover secured. After a year or so they will send your deposit back. (Assuming you always pay on time)

  • Anonymous
    2 months ago

    being approved for credit is hard with "fair" credit in normal times. People are having limits cut or their cards closed entirely because of the pandemic. It is unlikely you could be approved and that inquiry will stay on your credit report for at least 2 years

  • Anonymous
    2 months ago

    Go to the bank and then consult with them.

  • ?
    Lv 5
    2 months ago

    you are responsible with your money are you and have a budget to afford what you borrow , dont you .

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  • 2 months ago

    Use your credit score company's suggestions for what you are eligible to apply for. You may be rejected by them, as well with a score that low. BUT--they may have a higher-interest or secured card you would be eligible for. DON'T try applying through your bank--they will almost certainly reject you. 

    Most of the time applying for a card is a hard inquiry. Yes, having a credit card can increase your score if you pay the balances on time, and keep them low if you carry a balance. And don't reject the idea of a secured card--they work slower than a non-secured card, but they DO work to raise your score. And the credit/spending limits are usually fairly low--it will depend on how much you can deposit for the security. 

    If you're using one of those companies such as Credit Karma to check your scores, check their website for tips on how to raise your score. The tips are usually very good and tailored to your situation. 

  • 2 months ago

    Go to the bank and then consult with them.

  • 2 months ago

    You shouldn't.

    If you apply, it will decrease your score.

    Applying allows shows up as a hard inquiry, and it always decreases your score.

    After applying even just once, it takes a year of not applying at all to bring your score back up to where it would have been if you did not apply.

    If you apply for a card are get rejected -- which you will -- it cannot increase your score.  A card can only increase your score if you are accepted for the card, which you won't be, but even when someone is accepted, the card does not increase the person's score immediately; first, the score goes down because that is what allows happens when someone applies.

  • Anonymous
    2 months ago

    I'd get a secured card with that credit. 

  • Anonymous
    2 months ago

    Applying for a credit card temporarily lowers your score as an application for credit. Owning an using a credit card properly slowly raises your score. Your car loan payments will slowly raise your score. Using the credit card as showing a balance could have a tiny effect down, but using the card and keeping it in good standing raises it. If you pay the full monthly statement balance after the close date begins a new cycle but well before the due date that is ideal.

    Only apply for a card that you know will be accepted.

    https://creditcards.lendingtree.com/credit-quality...

    You could wait until your score gets over 600 and then apply.  

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