A credit card application form can sometimes be confusing. The card issuer will ask you for many pieces of information, and it helps to be prepared with the right information before you apply. Plus, if you fill out the application form incorrectly, then you might be denied for an account that you might otherwise have been able to receive.
Here are some tips to help you fill out your next credit card application:
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Supplying Personal Information
Some of the first things that you will have to fill out on a credit card application is your personal information, such as your name, address, email address and phone number.
The application will also ask you for your date of birth and your Social Security number. You must supply these pieces of information, as federal law requires card issuers to verify your identity before opening an account.
Selecting Your Employment Status
Next, card issuers will ask for your employment status, such as being employed full-time, part-time, self-employed or unemployed. Other options can include being retired or a college student.
You don’t necessarily need to have a full-time job in order to be approved for a credit card, so long as you can show your ability to repay the loan through other income or assets.
Providing Your Income
Credit card issuers will ask you to supply your total gross annual income, which helps them decide if you qualify for a line of credit, and for how much. Current regulations allow you to include your total household income, so long as you have a reasonable expectation of having access to it to repay a loan. This is designed to make it easier for non-working spouses or domestic partners to qualify for credit cards. 1
However, applicants between the ages of 18 to 21 must be able to show the independent ability to repay a loan from personal income, including regular allowances, as well as scholarships and grants. 2
Other sources of income can include money from investments or retirement savings, Social Security income, scholarships, grants and trust fund distributions. 2
Finally, you can also include alimony, child support or separate maintenance income — but only if you want this income considered as a basis for repayment.
Other Financial Information
Many credit card issuers will ask you to supply other financial information, such as the amount of your monthly mortgage or rent payment, in order to help determine how much of your income is available to make your payments.
Likewise, some credit card issuers will request your total available assets, which can also be used to gauge your ability to repay a loan.
Some credit card issuers will ask you if you would like additional cards for authorized users. This allows you to order a card for someone you will designate who can make charges to your account. However, as the primary account holder, you will be solely responsible for the repayment of all charges.
You can add additional cards for authorized users with your application, or make your request after the account is opened.
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By taking some time to understand how to fill out a credit card application form, you can take some stress out of the process.