Here are some basic guidelines to help you find the best credit card offer for your particular situation. Credit cards are big business and are issued by stores, banks, and credit unions. It pays to check out the credit card lender just as they check your credit score. Why try to do business with a company that has a history of complaints and unscrupulous business practices. Use the Consumer Protection agency to check on the credit card issuer.

The annual percentage rate is very important to you. Don’t get lured in by a low introductory rate that can increase after 90 days, 6 months, or a year. The practice of offering a low interest rate to get your business is widespread. It is best to stick with a fixed rate.

Stay away from cards that charge an annual fee. Why pay for something that hundreds of other lenders will give you for free?

Most credit cards have a higher interest rate on a cash advance. Avoid cash advances on your credit card. But also be sure you understand how the interest on a cash advance is calculated and what the interest rate is for a cash advance.

Make sure you understand fees. Credit card companies charge late fees, over credit limit fees, and some may even increase interest rates for late payment. Avoid credit card lenders who have the Universal Default Clause in their credit card contract. This allows the credit lender to raise your interest rate for late payment.

Credit Card Guidelines – Find the Best Credit Card is a post from: Select Credit Cards

What is a Credit Score

Your credit score is a three digit number that is assigned to you based on your credit and payment history. It is designed to help lenders predict the likely hood that you will pay your debt and has a great effect on your Credit Card Offers. The score that most people are familiar with is FICO, but there is a new scoring method called the Vantage Score that the main credit bureaus are trying to get accepted.

The numbering system is set up like the grading system we are all familiar with from our school days

Vantage                        FICO

• A = 901 – 990             800 – 850
• B = 801 – 900             750 – 799
• C = 701 – 800             700 – 749
• D = 601 – 700             650 – 699
• F = 501 – 600             600 – 649

The majority of people who have credit fall into the B category with just over 25% of the credit population having a B credit score. Anything under 600 is just bad for both scoring systems.

You can see if you wanted to know what are good credit scores then from 700 and above will get you into the good credit score group. What is the highest credit score depends on the scoring system with 90 being the highest credit score using the Vantage score and 850 being the highest credit score using the FICO credit score.

Your credit score is important because it affects your ability to qualify for a loan in the first place, and once you are approved for a loan it affects the interest rate the loan you get. A high credit score makes you eligible for the lowest interest rates and you will get the best offers from credit card lenders, mortgage companies, and auto loans. On the flip side, if your credit score is low, then you will have to pay higher credit card interest rates, higher interest car loans, and you won’t get the lowest rate mortgage offers when buying a home. The worst case is, if you credit score is very low or nonexistent, then you may not qualify for a loan at all. In this case you will pay premium fees and may have to apply for a bad credit, credit card. So all in all the credit score has a huge impact on your financial life.

What is the credit score and how is it determined? The credit score is calculated by a computer using a complex algorithm. The data it uses to determine your credit score is based on your credit history plus other factors. These other factors include:

• Payment history, satisfactory
• Payment history, derogatory
• Payment history, delinquent
• Credit used, percentage
• Credit balances, current
• Credit balances, delinquent
• Length of credit history
• Types of credit
• Recent credit
• Credit inquiries
• Credit available

The main credit bureau data bases at Equifax, Experian, and Trans Union are used in the calculation to score your credit history and generate your credit report. My credit score is based on history of paying bills, which includes late payments and paying of the balance early. It considers how many credit accounts you have open, the type of credit accounts, how much of your available credit are you using.

Credit Card issuers use your credit score right at the credit card application to approve or reject your credit application. A high credit score may help you get instant credit card approval and low interest rate credit card offer. A low credit score may cause your credit card application to be rejected and cause you to pay high fees, high interest rate, and be approved for a lower line of credit.

The predictability of the credit score allows credit card companies to take a proactive approach to marketing. This is why we get all those credit card offers in the mail. Many of these are less than scrupulous because offers are often made to students, and young people with little or no financial experience. The interest rate on these type credit card offers are often exorbitant and ridiculously high and should be avoided.

What is a Credit Score is a post from: Select Credit Cards

Credit Cards are big business and the credit card lenders pull out all the stops in trying to bring you in as their next customer. The bait they use to get you interested include, no interest balance transfers to get you away from your present credit card company, Reward points, airline miles, and low introductory interest rates. With all this temptation to sign up for a credit card it is important to you to select the best credit card offer that suits your particular credit card application.

Here are the basic terms you need to understand to select the best credit card for your needs.

Annual Percentage Rate

The annual rate is probably the most important fact to consider when choosing a credit card. I think the best cards have interest rates in the single digits. Shy away from credit cards with high interest rates. Many store cards are 18% and over. I have had credit card offers that exceed 20% annual interest. Why get involved with these high rate  cards when there are so many credit cards available to you at 9% and below? The interest is charged on the outstanding balance. The interest rate is often different for an in store purchase, balance transfer, and cash advance.

Credit Limit

The credit limit is the amount of money that the credit lender will loan you. The limit is different for balance transfers, cash advances, and purchases.

Fees

• When selecting a credit card consider the fees. First off is the annual fee. Annual fees can range from $25 to over $200 a year just to carry the card in your wallet or purse.
• All credit card lenders charge an over limit fee. If you charge more than your approved credit line then expect a fee of $25 or more for exceeding that limit.
• Find out if the card company charges you for closing the account. Why pay $25 or more just to close out your account?
• All lenders charge a late fee and credit card companies are no exception. Expect a flat $25 charge or more but the fee isn’t the worst of it. Past due payments will get your account flagged and possibly cause an increase in interest rate.

Credit limits are based on your credit history, and ability to pay. An introductory limit could be as low as $200 with low risk customers getting credit limits in the thousands of dollars.

Grace Period

A very important point to understand is the grace period. This is the time allowed before interest is charged on the unpaid balance for purchases. Once the unpaid balance is carried over to the next month then interest is accrued. If the balance is paid within the grace period then no interest is paid. The grace period does not apply to the balance on cash advances, and balance transfers.

Secured Credit Cards

For those with no credit history and those with a poor credit history the secured credit card may be the only option. A secured credit card requires a deposit and credit is allowed up to the amount of the deposit. This is not really a credit card at all, but is more like a debit card, or a prepaid card. In contrast, the unsecured credit card requires no prepaid deposit.

Select the Best Credit Card is a post from: Select Credit Cards

Selecting a suitable credit card doesn’t have to be complicated. With so many cards available it is just a matter of  understanding the terminology so that you can make an informed decision. Credit cards differ in credit card rates, the annual interest charged. Cards differ in the fees that are charged. Some credit cards charge an annual fee and some offer no fee credit cards. There are rewards cards and low rate credit cards. You can find credit cards that specialize in bad credit, and there are prepaid cards that are not credit cards at all. We will provide up to date information on the best and worst credit cards and provide you with the information you need to make a good decision when selecting your next credit card. We will list the top ten balance transfer credit cards to help you locate just the card to suit your needs. In most cases you can apply for your credit card online. Online credit card application is quick and easy and they provide instant approval in many cases. Check out the Credit Card Offers available to you online.

Credit Card Instant Approval. If you are looking for a credit card and want fast credit card approval then check this out. Search the Internet online for to apply for credit cards with instant approval. Many banks are looking to offer a first time credit card to those with a good credit rating. There are many other companies that will match the bank and offer zero percent credit cards as a way of enticing new business.

It is now possible thanks to the Internet to get an instant decision on credit. By filling out an instant credit card application online you can get a decision back within minutes on whether you’re credit application has been approved. Shortly after You apply for credit cards you can also get your instant credit card through the mail.

Your credit status may be a factor to consider if you will be eligible for instant approval for credit cards. You need a good or excellent credit rating in order to qualify for the immediate approval. Some banks are now expanding their limits, or flexibilities as to who they will grant the immediate approval to. You can try to check even if your credit rating is not superb and you may just be in for a pleasant surprise.

Select Credit Cards is a post from: Select Credit Cards