Good Credit Credit Cards? What Are They?
Did you know that there is such a thing as “good credit” credit cards? To learn more about “good credit” credit cards, continue reading.
In the business world, business owners will always seek out those people they perceive to be good customers in order to sell merchandise to them or transact business with them. When it comes to credit card companies, this is true as well. Credit card companies will approve credit cards for those people they feel are reliable, have a good credit rating, and pay their bills on time.
The people who are perceived to be a good credit risk will be offered the best credit cards. These cards will include the best rates and the best incentives and bonuses. These “good credit” credit cards offer incentives such as low annual percentage rates (APRs), cash back bonuses, and no annual or monthly fees.
Most credit card companies cater to those people who fit into the “good credit” category. If your FICO score is 650 or above, you will usually win for yourself the title of “good credit” risk. This is desirable. If you are already there, keep up the good work! If not, keep reading!
If you like to carry a high monthly balance on your credit card, you can save hundreds, if not thousands, of dollars every year by having a “good credit” credit card. How is this possible? Well, if you calculate the amount you will save by having a low APR, little or no monthly fees, and no annual fee, it’s not hard to imagine the money you will save each month alone. The amount saved on interest charges by itself can run into hundreds of dollars if you have a “bad credit” credit card.
If you currently are not eligible for a “good credit” credit card, you can do some things that should, over time, help you to obtain one or more of these credit cards. Good financial practices will go far in this endeavor. You will need to pay your bills on time (every month), lower your income to credit ratio (pay off in their entirety, some, maybe even all, of your bills, excluding, of course, your monthly living expenses), and stay within your allowed credit limit (do not overspend).
By cleaning up your financial situation by following the suggestions above, you should begin to see your credit score increase monthly. What a great feeling! And, eventually, you, too, will be able to apply for and obtain a “good credit” credit card.
You should refrain for applying for one of these “good credit” credit cards until your credit score is over 650. The reason to wait is to make sure that you do not damage your credit score by applying too soon and being denied, the denial of which will then be reported to the credit reporting agencies.
After you have been practicing better spending habits and good financial practices for a while, you should access your credit report to make sure that your efforts are paying off. You may obtain a copy of your credit report from each of the three major credit reporting bureaus – Experian, Equifax, and TransUnion. These credit reporting bureaus are legally required to provide, upon your request, one free credit report per year.
Rebuilding your credit is worth the time and effort! Get started today!
Midland Credit Ruined my credit history. What I Did to Get Revenge. www.MidlandCreditDebt.com
