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New credit card, check your scores first

[Thursday, October 28th, 2010]

After 2009, credit cards are back and there are so many offer available online and otherwise. There is however importance to carefully consider before jumping at an offer and do the most important step which is to check your scores.

When you know your FICO score, you have a better idea of which offers are suitable and you need not waste time on offers which seem to have teaser rates that will later turn out to be only for customers who have the best credit scores.

If you are fairly sure of your FICO scores being good, you can find out with ease which card offers will work for you and you needn`t waste time on balance transfer offers. You can get a copy of your scores at myFICO.com and also can use a free FICO score estimator online to find out where you stand. Make sure you also check your credit report for any errors that may be there.

Which card does you score make you eligible for?

FICO scores may be anywhere between 850 for the best scores to 300 in case people have bad credit. There are also divisions in this according to whether someone has average, excellent or bad credit. Excellent scores of over 750 are for about 20% of the American population and you can get the best offers in cards if you belong to this category.

Following the economic recession scores above 720 are not of the excellent credit category. Banks have more stringent standards and scrutiny in place to be able to get cards in the good credit category. Until approval applicants would not be able to know exactly what APR they are getting on their cards.

For those with Fair credit ranging between 650 and 720 the cards are lesser. Those in the higher end of the spectrum have more cards available to them and may get an APR ranging between 12.99 to 22.99 percent depending on their usage and how they have been doing.

For those who have bad credit, the situation is even more precarious with cards and terms that are not very clear or reliable.

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