NerdWallet: Get ready for these questions when you apply for a credit card

by | Sep 16, 2022 | Stock Market

This article is reprinted by permission from NerdWallet.  Applying for a credit card is usually pretty easy. But it helps to be aware of what information you need to provide. That way, you’ll know what to expect and can quickly learn whether you’re approved.

If you’ll be applying soon, you’ll have plenty of company. U.S. consumers submitted 140 million credit card applications in the lighter-than-usual pandemic year of 2020 and about 170 million in a normal year, according to a credit card market report by the Consumer Financial Protection Bureau. Plus: Unpacking the mystery of credit scoresWhat questions will I be asked on the application? You’ll have to supply a lot of personal information, so be prepared for that. Why? The card issuer will typically use the information to decide whether it will approve you for a credit card. The most obvious step with most credit cards is a credit check, usually with one of the three major credit bureaus. After all, the credit card company is extending you credit. It’s trusting you to pay for everything you charge to the card. In that way, it’s like applying for a loan. The exact information can differ among credit card issuers, but generally, here’s what you’ll have to supply:Social Security number We’ll talk about this one first because it’s the most sensitive information you’ll be asked for. In fact, with most credit card applications, it’s required. That’s allowed and normal, according to the Consumer Financial Protection Bureau. Your Social Security number is how the card issuer verifies your identity and checks your credit history. If you don’t have a Social Security number, you can instead provide an individual taxpayer identification number, or ITIN, which is similar. It’s safe to supply these numbers if you’re dealing directly with the issuer. Legitimate card-comparison websites will direct you to the issuer’s site to fill out the application. Nerdy tip: Some …

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