Emily Clarke

What Do I Need to Open a Credit Card?

Are you thinking about opening a new credit card? If so, be prepared to provide a lot of information. Whether this is your first card or not, lenders need to check your creditworthiness. Opening a credit card is a substantial financial move. It requires you to provide accurate information that lenders can use to accept your application, choose your interest rates, define your credit limit, and more.

Here's what you'll need.

Full Legal Name and SSN

Of course, lenders need your full name. They will only move forward with the application if you provide the name used on official government documentation, like a driver's license or passport.

You'll also need to provide a social security number (SSN) or individual taxpayer identification number (ITIN). Typically, lenders require one or the other.

Mailing Address and Housing Situation

Your mailing address is necessary because lenders need to know where to send statements. They may also ask about whether you rent or own. This question may come as a surprise. However, your rental or mortgage payments typically don't appear on your credit score. Those substantial figures could help lenders decide if you have the income to make payments.

Income Information and Employment Status

Your income and employment status plays a significant role in approving or rejecting your credit application. That information also determines your credit limit.

Lenders usually ask for gross annual income. Gross income is how much you make before taxes. They also ask for employment information and may request phone numbers or additional documentation for verification purposes.

Will Lenders Ask for Citi Bank Online Banking Info?

Many people looking to open a credit card for the first time wonder if lenders require banking information. Generally, they don't request specific details like that. Your income data provide enough information, so they don't request Citi Bank online banking info to look into your spending habits.

Lenders will do that when you apply for auto loans or mortgages, but it's usually not a part of the credit card application process.

Author Resource:-

Emily Clarke writes about cash advances, overdraft protection & finance apps. You can find her thoughts at financial app blog.