How to apply for a credit card and get approved in 5 easy steps

Getting approved for a credit card primarily comes down to your credit score. So it's important to find a card that's a good fit for your credit profile, even if you have no credit at all.

Knowing your credit score and how to improve it is key, but it's not the only thing that matters when you apply for a credit card. Many card issuers have specific requirements and limitations that are also important to be aware of.

Below, CNBC Select shares everything you need to know about applying and getting approved for a credit card.

1. Understand your credit score
2. Find the right credit card for you
3. Gather the information you need
4. Know the application requirements
5. What to do if your application is denied

Your credit card application approval odds are closely tied to your credit score. The most widely used credit scoring model among lenders is FICO® Score 8, and to get approved for the most rewarding credit cards, you'll typically need a good or excellent credit score.

Your FICO Score is based heavily on your payment history and total debt, but other factors such as the age of your accounts and your credit mix come into play as well. FICO Scores fall into five categories:

• Very poor: 300 to 579
• Fair: 580 to 669
• Good: 670 to 739
• Very good: 740 to 799
• Excellent: 800 to 850

Improving your credit score is the simplest way to increase your chances of being approved for a credit card. Paying your bills on time and working to reduce your debt will strengthen your credit score over time.

Besides the scores, it's important to review your credit reports from the three major credit bureaus: Experian, Equifax and TransUnion. You can dispute errors you find to ensure the information contained in each report is accurate.

Services such as eCredable and Experian Boost could bump your credit score by allowing you to include more information on certain credit reports, including utility bills or cell phone bills. And you may want to use a credit monitoring service to keep a close eye on your credit report activity.

Once you know your credit score and are working to keep it as high as possible, it's time to find the credit card that best fits your spending habits and lifestyle.

Start by thinking about what you want in a credit card. Having a credit card opens all sorts of possibilities for earning rewards so ask yourself whether you want to earn cash back, points or miles on your purchases. Also consider what spending categories, such as gas, groceries and entertainment, are important to you.

In addition to the type of rewards a card earns, you can narrow your choices further by digging into which cards you have the best chance of being approved for. Secured credit cards typically come with fewer benefits but are easier to get approved for with poor credit or no credit. The Discover it® Secured Credit Card is a top choice because it earns cash back, has a potentially generous welcome offer and after seven months there's an automatic account review to see if you can transition to an unsecured line of credit.

If you're carrying a balance on a high-interest credit card, consider transferring it to a balance transfer credit card that offers no interest for a set amount of time, usually 12 to 20 months.

If you have good or excellent credit and you want to make the most of your credit card application, consider opening one of the best travel credit cards or take a look at the best welcome bonuses currently available. These cards are typically loaded with perks that more than justify the annual fee and earn valuable transferable points. For example, the American Express® Gold Card stands out for earning elevated rewards for dining, groceries at U.S. supermarkets and airfare. Plus, it offers various monthly statement credits and earns American Express Membership Rewards points which transfer to over 20 hotel and airline partners. Terms apply.

To complete a typical credit card application, the card issuer needs some basic information about you. For a consumer credit card application, you'll need to provide your:

• Full legal name
• Current address
• Social Security number
• Date of birth
• Email address
• Phone number
• Gross annual income

You may also need to share your employment status, type of residence and whether you have checking and/or savings accounts. If you don't have a Social Security number, some banks allow you to apply for a credit card with an ITIN (Individual Taxpayer Identification Number) instead. Your before-tax income can usually include a spouse's or partner's income if you're over 21 years old and you use that income to pay your bills.

For a business credit card application, you'll need to collect the same information you would for a personal credit card application and a bit more. Small business credit cards will consider your business's revenue and your personal income. Keep in mind, your personal income can include the profits from your business. Depending on your business's legal structure, you'll also need a business tax ID or EIN (Employer Identification Number). For a sole proprietorship, you can use the owner's Social Security number as the business tax ID. In this scenario, you'd enter the SSN at two different points of the application.

Aside from the income or credit score requirement to get approved for a card, many banks or specific credit cards have additional guidelines, especially when it comes to qualifying for a card's welcome bonus. So it's always essential to read a card offer's terms before applying.

American Express limits you to earning a welcome bonus offer for a specific card to once per lifetime. For example, if you've had the Delta SkyMiles® Gold American Express Card before, you could get approved for the card again, but you'd be unable to earn its welcome bonus. However, you could still qualify for a welcome bonus with a different co-branded Delta card like the Delta SkyMiles® Gold Business American Express Card or Delta SkyMiles® Platinum American Express Card because they are considered separate products. Terms apply.

Other cards restrict how frequently you are eligible for a welcome bonus. To qualify for the Chase Sapphire Preferred® Card's intro bonus, you cannot have earned a welcome bonus from any version of the Chase Sapphire card in the past 48 months. That means if you earned an intro bonus from the Chase Sapphire Reserve® three years ago, you'd have to wait another year before being eligible for the bonus on the Sapphire Reserve or Sapphire Preferred card. Most Chase credit cards are also subject to the Chase 5/24 rule, which means you generally won't be approved for a Chase card if you've opened five or more cards from any bank in the past 24 months.

If your credit card application is denied, the card issuer will send you a rejection letter outlining why your application wasn't accepted. This allows you to correct the issues, which could be a low credit score, too many hard inquiries or a high credit utilization rate. There's no clear-cut rule for how long you should wait until you reapply for the same card, but you'll want to address the reasons for your denial and a good rule of thumb is to wait at least three to six months.

You could also apply for a different credit card with a lower credit score requirement or one issued by a different bank. But before you do this, it's worth calling the card issuer to plead your case. Every time you apply for a credit card, you'll get a hard inquiry on your credit report, which temporarily lowers your credit score. So you'll want to exhaust all of your options for submitting another application. Some banks have dedicated reconsideration lines and you may be able to get approved by calling providing additional information or moving credit lines from existing cards you have with the same issuer.

Qualifying for a credit card largely boils down to your credit score. But regardless of what your credit score is, there's a credit card you're likely to be able to be approved for. That's true even if you have poor credit or no credit history at all.

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 review and guide is based on rigorous reporting by our team of expert writers and editors. 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.

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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

For rates and fees of the Discover it® Secured Credit Card, click here.

For rates and fees of the American Express® Gold Card, click here.