Posts Tagged ‘Credit Card’
How Tough Is It To Get A Credit Card?
You’ll have no doubt by now heard all about how globally we’re in a bit of a fix with regards to money. At the moment (and for quite a while the Bank of England says) trying to get any form of lending is either impossible or extremely tough.
Whilst banks are not openly saying don’t come though our doors and expect any loans the number of credit approvals recently dropped to an all time low, so is it impossible to get credit these days?
It is true that many people will be turned down for credit cards especially if they have a poor record so the first thing you should do is check on your own credit report. This is done relatively easily as your credit details are held by three credit companies, they are referenced by banks and credit card suppliers when making a decision on whether you’re a risk or not.
It isn’t uncommon for these companies to misreport your status, sometimes they will mix up your report with someone of the same name and they may have a shocking report. So if you get your details held by them and they have inaccuracies then let them know and you may be able to look more favourable in the eyes of the banks and credit card suppliers.
In some cases banks are still pushing credit cards on some of their more reliable customers as they know that this person is good with money and may not use an overdraft frequently and keep themselves out of the red. By offering credit cards to these people they are hoping that they will become responsible card users and less likely to cost them in the long run.
Whilst it may still be tough to get mortgages, loans and other lending options credit cards are still being offered and advertised on television. The important thing to remember is that credit cards are best used for emergencies and is vitally important that they are paid off in good time to avoid crippling debts.
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Credit Card Beginners Guide
These days anyone can be approved for a credit card regardless of your income, race, sex, background. You just have to be 18 and a U.S Citizen. There is so many easy steps that you should learn and know before getting a credit card.
You probably remember the very first credit card you’ve ever had in your name. You where probably young and went to get a free checking account at your local bank. Your banker mentions the benefits of having a credit card and sells it to you, you sign up for something you didn’t even read about or know about. Well you just got your very first credit card and most people don’t know any of the small print that is tied to the card. So many late fees, high interest rate, annual fees, monthly fees, you name it! Well you just got what you wanted, the free checking account. The bank got what they wanted, for you to have one of their credit cards.
One of the first steps to having a credit card is to actually read fully all the papers you get before you sign. The key things to know is your credit limit which is a given limit on how much you can use on the card. And the interest rate, where the banks make their money in the end. After learning that simple step you can then sign for the credit card.
Step two – Balance your credit card spending. Most people just use their credit card and max it out without subtracting it from their income, the best way to manage your credit card is every time you make a purchase take it off your average weekly check. Following this important step will prevent you from going into major debt and maintaining a good credit score.
Step three – Use your card wisely!! The best way to build your credit card up is to just spend it on normal everyday living expenses right? Yes! This is right and the best way to do it, it is just like buying food with just your regular weekly check as you’ve been doing to survive right? Well Integrate step two into this step and you just taught yourself how to manage your credit card correctly and securely without worrying every month.
If you follow all three steps you will be able to pay your credit card off every month to avoid the fees and interest rates.
Don’t – Use your credit card on garbage things you wouldn’t normally buy such as extra clothes, games, accessories and junk you don’t need. Just use the card for everyday living and you will be fine.