Why it may be easier to be approved for a credit card if you already have an account with the issuer (2024)

When you apply for a credit card, issuers consider a number of factors, such as your credit score, credit history, income and monthly rent or mortgage payment.

Though these all influence your approval odds, there's another factor you might not be aware of.

If you already have a good relationship with your bank or credit union — meaning you have a checking or savings account and no history of overdrawing on your account— you may find that it's easier to qualify for a credit card with them.

Below, CNBC Select explains why you might want to apply for a card issued by your bank and what you should consider before applying.

How applying for credit with your bank may help you get approved

Visiting the bank where you already have an account with may help your chances of getting approved for a credit card because they already know you and may feel more confident extending you a line of credit, especially if this is your first credit card.

It's always smart to shop around for the best credit card based on your credit score and your financial capacity, butBruce McClary, a spokesman for the National Foundation for Credit Counseling (NFCC), tells CNBC Select that there are some circ*mstances where you may have extra incentives to start with the financial institution where you already have an account.

"This may be especially true if you have a less than stellar credit history but have an account in good standing," McClary says. "That credit issuer may be more likely to consider your recent account history with their credit card as an overriding factor against other past credit setbacks related to other accounts. The more recent your financial troubles, the less of a guarantee that your creditor may be as flexible as you might like."

Depending on how good your banking relationship is, it may even help you score a better interest rate, lower fees, a longer promotional financing period or a sign-up bonus if you are approved for the credit card. Make sure to ask about any benefits for new applicants. Some issuers waive annual fees or offer statement credits for new cardholders.

If you get approved, having a credit card at the institution where you already bank could also make it easier to pay your monthly bill on timesince you can simply transfer funds between accounts versus between issuers, and it removes the hassle of having to set up a different profile on another issuer's website.

What to look out for when applying for a credit card through your bank

Once you ask a representative at your bank about opening a credit card, you'll want to first review any card offers before officially applying. You should compare any card offer with what is advertised online or any offer you may have received in the mail.Remember, applying for new credit requires a hard inquiry on your credit report, which can temporarily ding your credit score a few points.

If you anticipate having a difficult time getting approved for a credit card and want to see what your bank can offer, it may help to know what CNBC Select ranked as the best credit cards for bad credit, fair and average credit and for building credit.

Below are just a handful.

  • Best for low deposit: Capital One Platinum Secured Credit Card
  • Best for low interest: DCU Visa® Platinum Secured Credit Card(Membership to the Digital Federal Credit Union is required.)
  • Best for no credit check: OpenSky® Secured Visa® Credit Card
  • Best for no fees: Petal® 2 "Cash Back, No Fees" Visa® Credit Card
  • Best for cash back: Capital One QuicksilverOne Cash Rewards Credit Card
  • Best for travel and for average credit: Capital One Platinum Credit Card

Don't miss:

  • Here's who's eligible for a credit card and what factors card issuers consider when you apply
  • These are the 5 best credit unions for all your banking needs in 2020

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit cards. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Information about the DCU Visa® Platinum Secured Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

Petal 2 Visa Credit Card issued by WebBank.

Click here to view the Cardholder Agreement for the OpenSky® Secured Visa® Credit Card.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Why it may be easier to be approved for a credit card if you already have an account with the issuer (2024)

FAQs

Why it may be easier to be approved for a credit card if you already have an account with the issuer? ›

Bank accounts also establish a relationship with the card issuer or credit union, which is sometimes a prerequisite for approval. And having an existing relationship with a bank may get you access to other benefits, such as waived fees or incentives.

Are you more likely to get approved for a credit card through your bank? ›

Apply at your bank or credit union. You'll be in a better position to win approval if you apply for a credit card at the bank or credit union where you already have a checking or savings account.

Is it easy to get a credit card if you already have one? ›

Check your credit score. You should be able to get another credit card if your credit score is high enough. If you do not currently qualify for a new credit card, you will need to work on improving your credit score.

Is it easier to get a credit card with your bank? ›

Applying for a credit card with your bank can make the process easier. The financial institution you bank with will already have your information available, and you may be able to quickly apply through your online account or in-person with a bank teller.

Does bank account balance affect credit card approval? ›

Your bank account information doesn't show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt.

How do you increase your chances of getting approved for a credit card? ›

You have several ways to improve your chances of credit card approval before you submit your application. These include regularly checking your credit reports and scores to understand your credit profile, paying your bills on time to maintain a good payment history and keeping your credit utilization low.

What credit score do you need to get approved for most credit cards? ›

A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).

Can I apply for the same credit card I already have? ›

Can you apply for a credit card you already have? With many issuers, yes. It is possible to have two (or sometimes even more) active accounts of the same credit card. Why might you want two of the same card?

How do I know if I'll get approved for a credit card? ›

Your credit score is the biggest single factor in whether you'll be approved. If your credit score is high, you should qualify for a relatively low-interest rate and better perks. If your credit score is low, you may qualify only for a higher-interest card.

What credit card is the easiest to get? ›

Easiest credit cards to get: Summary
  • Best for fair credit: Capital One QuicksilverOne Cash Rewards Credit Card.
  • Best for students: Chase Freedom Rise℠
  • Best secured card: Secured Chime Credit Builder Visa® Credit Card.
  • Best for bad credit: Capital One Quicksilver Secured Cash Rewards Credit Card.
Jun 25, 2024

Which bank approves credit card easily? ›

Comparing the easiest cards to get
Card NameAnnual feeFICO score required
Bank of America® Unlimited Cash Rewards Secured credit card$0No credit history
Capital One Platinum Secured Credit Card$0No credit history
Indigo® Mastercard®$0-$99 depending on creditworthiness300 to 670
Capital One Platinum Credit Card$0580 to 740
3 more rows
6 days ago

How to speed up credit card approval? ›

As lenders tighten requirements, improve your chances of getting a new credit card with these 4 tips
  1. Pay all your bills on time. ...
  2. Be able to show employment or some type of cash flow. ...
  3. Apply for a secured credit card. ...
  4. Monitor your credit score for any changes.

What bank is the hardest to get a credit card from? ›

Centurion® Card from American Express

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.

Do credit card companies look at your bank account? ›

Credit card applications often ask if you have a savings or checking account because they're considered a positive indicator of creditworthiness. Bank accounts also establish a relationship with the card issuer or credit union, which is sometimes a prerequisite for approval.

How to get a credit card fast? ›

You could be approved for a credit card right away if you apply online. That's if your application satisfies the lender's credit policies. If the issuer needs more information to decide, it could take longer. You could also get approved or denied quickly if you apply over the phone or in person.

Can I get a credit card with a score of 580? ›

Even with a fair FICO credit score of 580 to 669, you can find plenty of solid fair-credit cards to choose from.

Which bank approves a credit card easily? ›

Comparing the easiest cards to get
Card NameAnnual feeFICO score required
Bank of America® Unlimited Cash Rewards Secured credit card$0No credit history
Capital One Platinum Secured Credit Card$0No credit history
Indigo® Mastercard®$0-$99 depending on creditworthiness300 to 670
Capital One Platinum Credit Card$0580 to 740
3 more rows
6 days ago

What credit score do you need to get a credit card from a bank? ›

660 to 724: Credit cards for people with a good credit score

If your credit score lands in the 660-to-724 range, you have a solid chance of successfully applying for many types of credit cards, including some rewards cards.

Why is a bank more likely to offer you credit? ›

Answer and Explanation:

Banks are more willing to offer you credit the higher your ability to payoff a loan is. By having a co-signer with good credit, the bank is more convinced that either you or your co-signer will pay back the loan.

Does having a checking account with a bank help get a credit card? ›

Furthermore, because a checking account is often required to make credit card payments, having an account before you apply may help your odds of approval. If you have a checking account, you may be more likely to receive prequalified offers for credit cards.

Top Articles
Madden 23 Controls Guide (PS4, PS5, Xbox One, and Xbox Series X|S)
Madden 23 tips and tricks to dominate on the field | Digital Trends
Pollen Count Los Altos
Matgyn
Edina Omni Portal
Avonlea Havanese
Ret Paladin Phase 2 Bis Wotlk
Paris 2024: Kellie Harrington has 'no more mountains' as double Olympic champion retires
Ogeechee Tech Blackboard
Scentsy Dashboard Log In
Full Range 10 Bar Selection Box
More Apt To Complain Crossword
2 Corinthians 6 Nlt
Simplify: r^4+r^3-7r^2-r+6=0 Tiger Algebra Solver
Me Cojo A Mama Borracha
Abby's Caribbean Cafe
Hyvee Workday
Invitation Homes plans to spend $1 billion buying houses in an already overheated market. Here's its presentation to investors setting out its playbook.
Heart Ring Worth Aj
8005607994
R&S Auto Lockridge Iowa
Rapv Springfield Ma
15 Primewire Alternatives for Viewing Free Streams (2024)
Skycurve Replacement Mat
Is Poke Healthy? Benefits, Risks, and Tips
Lcsc Skyward
91 Octane Gas Prices Near Me
Otis Offender Michigan
R3Vlimited Forum
Gr86 Forums
Phone number detective
#scandalous stars | astrognossienne
Where Do They Sell Menudo Near Me
Best Weapons For Psyker Darktide
School Tool / School Tool Parent Portal
Aveda Caramel Toner Formula
Reborn Rich Ep 12 Eng Sub
Pawn Shop Open Now
Tokyo Spa Memphis Reviews
Game8 Silver Wolf
Fototour verlassener Fliegerhorst Schönwald [Lost Place Brandenburg]
8 Ball Pool Unblocked Cool Math Games
Wlds Obits
Cookie Clicker The Advanced Method
Why I’m Joining Flipboard
Davis Fire Friday live updates: Community meeting set for 7 p.m. with Lombardo
Vintage Stock Edmond Ok
Willkommen an der Uni Würzburg | WueStart
Jigidi Free Jigsaw
Canvas Elms Umd
Lux Funeral New Braunfels
Wild Fork Foods Login
Latest Posts
Article information

Author: Twana Towne Ret

Last Updated:

Views: 5313

Rating: 4.3 / 5 (44 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Twana Towne Ret

Birthday: 1994-03-19

Address: Apt. 990 97439 Corwin Motorway, Port Eliseoburgh, NM 99144-2618

Phone: +5958753152963

Job: National Specialist

Hobby: Kayaking, Photography, Skydiving, Embroidery, Leather crafting, Orienteering, Cooking

Introduction: My name is Twana Towne Ret, I am a famous, talented, joyous, perfect, powerful, inquisitive, lovely person who loves writing and wants to share my knowledge and understanding with you.