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Check your credit score before your apply for a new credit card

[Friday, October 22nd, 2010]

Credit offers are now flooding back after the economic downturn of 2009, filling the mailboxes of credit card customers. Whether you are one of those people who is looking for a credit card or one of those people who is getting tons of offers, you need to weigh your options and consider your credit score before you accept your credit card. This is because card issuing companies have tightened their terms for lending. By knowing the FICO score you will be able to know which credit cards you qualify for. That way you can avoid wasting time applying for other credit card deals that attract customers, such as the teasing low interest rates or deals for balance transfer but end up giving out cards with high interest rates to those applicants with credit scores that are less than satisfactory.

It is now easier than it ever has been to check FICO scores. It is free too. You can use the estimators available for FICO scores on the internet. If you think that your credit score is below normal, you have to take a more detailed look. There are sites like AnnualCreditReport.com where consumers can avail one free copy per year from each of the three credit ratings. If you believe there are any errors in the credit history, ensure that you get them corrected before you start applying for a credit card. One third of Americans have excellent credit score which means it is in the range of 750 – 850 according to FICO. If your score is in this range, you can get any credit card of your choice. Whether you want low interest rate credit cards, rewards cards or cash back cards is pretty much your choice. You can check online for the credit card offers available for those with excellent credit.

The good credit score range is between 720 and 750. Although this was considered excellent couple of years back, it is not sufficient now to get the best terms on loans or credit cards. The terms and also the credit card options for this range is not fixed and most of the cards offer an APR between 13 – 23%. The bad part is that the applicants cannot be sure what interest rate they are being approved for. A good idea in such a case would be to go for those credit cards which do not mention a range of credit cards.

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