When you are in the market for a credit card it is important that you find the best credit card for your specific situation. Banks and credit card companies have really begun to tighten up on who they will actual extend credit to so it is important that when you start applying for one that you apply for ones that your credit rating will get accepted for. Otherwise you are not only wasting your time but you are hurting your overall credit worthiness.
If You Have Good to Excellent Credit
When you have this high of a credit rating then you can apply for any card you want and creditors will be happy to extend you credit. You can also be choosey about the type of card that you want to carry. For example if you want a card that has no annual fee then with your rating you can either only apply for those that offer this option or you can even negotiate the term with your current company. The bottom line for you is that you can apply for and receive virtually any card that you want.
If You Have Fair to Good Credit
When you fall into this category you need to be careful which cards you apply for. A great suggestion for you is to go on the internet and look at the lender’s website. They will tell you exactly who should and who should not apply for a particular card. If the lender says only for excellent credit then look elsewhere and find one that you will more than likely qualify for. You will qualify for credit cards; you will just not have as many options as someone with stronger credit.
If You Have Bad to Fair Credit
When you are applying for a credit card you really need to do some research. Your credit worthiness is already suspect and applying for cards that you don’t meet the lender’s standards for will only make you less credit worthy. The good thing about your situation is that there are plenty of companies that specialize in cards just for people in your situation. You will need to really read what the companies are offering however because these cards tend to have many fees attached to them.
With bad credit finding the best credit card to help you improve your situation is what you should be looking for. For example find a company that reports to all three major credit bureaus. This way as you pay your monthly bills on time your rating will begin to go up. Then the next time you need to apply for credit you will have far more options then you currently have.
When applying for credit cards it is very important to apply for those that you can actually qualify for. Over reaching will only give you more denials on your credit report which will hurt your credit worthiness. Finding the best credit card for your specific situation is paramount be for you actually apply for one.
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