 A credit card can provide opportunities for spending flexibility and freedom, whether you’re enjoying the convenience of online shopping, hoping to secure tickets to the summer concert, or simply building a safety net in case of an emergency expense.
For many, a credit card is also a sign of growing financial responsibility and the beginnings of independence. For those further along in their journey, credit cards can be useful too in helping to build up a positive credit history which can unlock bigger dreams, including home ownership.
In this article, we’ll guide you through the steps to securing your first credit card. We’ll discuss credit scores, types of cards, and how to submit your application. First-time applicants and those looking to build their credit score can follow this guide to understand the application process and take steps to make their application a success. With F&M Bank, you can begin the application process online today.
Step 1: Understand Your Credit Score
A credit score is a number creditors use to estimate how likely you are to repay your debts, and knowing your credit score before you apply is important. It can help you understand your options, including which cards might be right for you, the interest rate you might be eligible for, as well as perks that are available to you.
In general, a higher credit score means a lower interest rate, more flexible terms, and perks or rewards. The very best offers and highest spending limits are generally reserved for those with credit scores in the good to excellent range. Good or very good credit is considered 700 to 839, with excellent credit being anything above 840. Fair credit ranges from 600 to 699 and can come with interest rates or terms that are less favorable. Poor credit scores—those below 600—might mean you will need a secured card.
Note that scores top out at 850 and that your score may be slightly different with each of the major credit rating agencies. If your score needs a little work, F&M Bank has great resources to improve your credit so you can get the best terms possible for your situation.
Step 2: Determine the Type of Credit Card You Need
The right type of card depends on a number of different factors, including your spending style, income history, and your financial goals. While some cards come with great rewards like travel points or cashback on purchases, others may offer low interest rates or balance transfers. If you’re looking to rebuild credit, a secured card might be right for you. In some cases, a personal loan is a better option than a credit card, with installment and unsecured loans available through F&M Bank.
With perks like auto rental insurance, travel protection, and discounts, F&M Bank recommends its Visa Gold card for extensive travelers who can take advantage of its rewards across the globe. If you’re applying for your first card, F&M Bank recommends starting simple with a no-frills card like the Visa Classic. With no annual fees and low interest rates, it remains a powerful option for managing your first card.
Step 3: Research Credit Card Options
Sorting through the options to find the card that is right for you can be a daunting task. Here are a few things you’ll want to consider: You’ll want to review each card for annual fees, interest rates (APR), credit limits, and the rewards or perks that are associated with each card. Using a local institution like F&M Bank as your credit card servicer comes with the advantage of a personalized experience. Customer service members at F&M Bank can answer your questions to help navigate the application process and make recommendations that benefit you.
Step 4: Check Eligibility Requirements
Every card comes with its own unique set of requirements. Minimum income and employment history are common prerequisites that should be reviewed before applying. Matching your circumstances to the right card will ensure you get the best rates and the most useful rewards and bonuses.
Step 5: Submit Your Credit Card Application
With locations across the Shenandoah Valley, from Stuarts Draft to Old Town in Winchester, applying in person for a credit card with F&M Bank couldn’t be easier. Find a location near you. Applying online is also easy; simply log into F&M Bank’s online banking and select the card that best suits your needs.
However you choose to apply, prepare by gathering the necessary documents, like your ID and proof of income. Fill out the application carefully to avoid unnecessary rejections or delays in the process. Once you’ve submitted your application, it may take several days to verify your submission and make a determination.
Step 6: What to Expect After Submitting Your Application
While some cards offer instant approval, it is more common to submit your application and then wait a few days or sometimes weeks for the credit card company to make their credit decision. You’ll want to pay attention to emails or calls from the bank requesting additional information; responding to these in a timely manner will help to ensure a smooth process. If approved, a card will be sent via mail, and you’ll need to activate the card by following the steps that come with the card.
It’s possible that your application will be denied; if that is the case, you will receive a letter explaining the decision. You’ll want to carefully review the reasons and address them. You may need to tweak your application to request a lower limit or take some time to improve your credit score to meet the requirements before applying again. Our customer service representatives can go over the decision to help you understand which steps to take to obtain the card that is right for your circumstances.
Common Questions About Applying for a Credit Card
 How Long Does the Application Process Take?
Once you have collected the right documents and proof of income, the application takes less than half an hour to complete. A submission can be approved in as little as a few days but could take a few weeks, especially if the bank is waiting on a response to a request for additional information.
Can You Apply with No Credit History?
With no credit history, it’s possible to get a card, but the fees and interest rates will likely be very high and unfavorable to the borrower. Cards that are approved without credit history tend to be through store credit rather than a traditional bank and can often come with excess fees and minimal rewards.
What is a Secured Credit Card, and How Does It Help Rebuild Credit?
A secured credit card is a great option for individuals with poor or no credit. This type of card requires the customer to put down a cash deposit as collateral. The deposit amount becomes your credit limit so you can begin using the card. This helps to build credit because the bank or lender regularly reports your payment history and utilization to the credit bureaus. Regular use of the card and maintaining a low balance will help boost your score and establish good credit, making you eligible for standard, non-secured cards in the future.
Get Started Today
Once you understand your credit score, determine the type of card that is right for you, and research the options available, you’ll be ready to match the eligibility requirements and begin your application. After you’ve submitted your application, our team will review your information and update you on the status of your submission.
Ready to get started? Review F&M Bank’s credit card options now or visit us in person to begin the process; we’ll walk you through your options so you can feel confident you’ve chosen the card that is right for you.
F&M Bank has served the Shenandoah Valley community for over one hundred years. We prioritize local, sustainable community growth and consider ourselves stewards of financial wellness and generational impact. Learn more about our mission and values today.
