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Good terms: Applying for a credit card.

Published Date

We explain what happens when you apply for a credit card, and why you should be using Quick Check™ first.

Getting a credit card involves more than just filling out a form. When you apply for one, a lender is working behind the scenes to find out a few things about your credit history.

For example, ever try folding a fitted sheet? Well, the credit card application process isn’t all that different, in that it’s far from simple. There are a number of steps that a lender takes before deciding whether or not to extend credit to an applicant, such as checking their eligibility or verifying their identity. But unlike the weary folder, lenders don't give up before the job's done – at the end of the process, a decision is made. (Side note, if you can fold a fitted sheet, you’re our hero).

Below, we let you in on the benefits of using Quick Check™ – our handy credit card eligibility checker – before you apply for a Capital One credit card. Plus, we break down some common financial terms to help explain the connection between credit (scores, history and reports) and the application process.

The Application …

Credit card icon with checkmark

USING QUICK CHECK FIRST:
1. Fill out the short form with information about yourself, then select Check Now.
2. Get a soft hit on your credit report.
3. Wait a few seconds or sing "Happy Birthday" once.
4. See which Capital One credit cards you'll be approved for with 100% certainty†.
5. Apply without the fear of rejection.
Frowning face icon

WITHOUT QUICK CHECK:
1. Fill out an application form online.
2. Get a hard hit on your credit report after you submit your application. (This might affect your credit score.)
3. Wait for a response and cross your fingers.

Credit Terms Explained:

Quick Check: Our free credit card eligibility checker shows you which Capital One credit cards you’ll be approved for with 100% certainty†. It gives you the confidence to apply without risking rejection.

Hard hit: A type of credit check that can impact your score. This occurs when lenders look at your credit history when deciding whether or not to approve you for things like a credit card or loan.

Soft hit: A type of credit check that doesn’t impact your score. It's not tied to a specific application for a credit product. Rather, it's sometimes used to see if you're eligible for a credit offer. 

Credit report: Contains facts about your behaviour with credit, such as your payment history, available credit, plus the number and age of the credit accounts you have open.

Credit score: Typically a number between 300 and 900 – based on your report – that gives lenders an idea of how responsible you are with credit. The higher the score, the better.

† You’ll be approved for the credit card recommended to you by Quick Check, as long as:

1.  There’s been no change in your credit file information, personal information or financial status from the time you receive your Quick Check results to the time you apply for one of our credit cards;
2.  You’re at least the age of majority in the province or territory you live in;
3.  Your application isn’t flagged for fraud prevention;
4.  You don’t have an existing Capital One account; and
5.  You haven’t applied for a Capital One account in the last 30 days or had an account with us that was not in good standing in the last year. In good standing means not past due, over limit, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy.
 

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