It should not be a big surprise. People that do not have a income to be able to pay back their bills or a history of making poor financial decisions should not be given any kind of credit until they have paid back their past debts and are up to date on all of their bills. This was how it use to be done in the past and it will go back to that way.

The credit card companies like Chase, Bank Of America, and Discover have to make their applications to everybody much more tighter now. They cannot afford to give easy money to people who will just run up their credit cards to the max and then not pay it back. This is what was happening. Banks have gone back the lending requirements of the pre-2000s.

All discrepancies on your credit report that have not been paid like liens, judgments, and collections must be paid before any bank will offer you a low rate fixed credit card. Good luck finding a bank that will offer you a credit card with great terms with those things still showing open. More than likely it will not happen.

After all of those have been paid off and closed the next qualifying factor is going to be your credit score. Expect to be denied for a fixed rate credit card if you do not have a credit score over 700. It does not matter if your score is a 699. That one point will determine if you get one or not. Getting a credit score over 700 is not that hard to do. Its as easy as just paying your bills on time. That’s it. Not that hard. Send the bill in on time. Doing this easy task will keep you in the excellent credit range and you will have banks begging for you to do business with them.

Do not feel bad if you do not get accepted the first time around. Ask for a detailed response from the bank you applied with and they will tell you why you did not get approved for the fixed rate credit card. Fixed rate credit cards are the hardest to get approved on because of their favorable terms. Some times there will be sthings showing up on your credit report that only they see and you do not. Ask them what it is so you can get to work on clearing it from your credit report. It takes some times to clear it from your credit report so be patient. In the mean time, get in the habit of paying all of your bills in full every month and this will help increase your credit score over 700 to help you get approved on a fixed rate credit card.

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You Need A 700 Credit Score To Get A Low Rate Fixed Credit Card

The thought of a low fixed rate credit card will be very appealing to many. Borrow money off a lender and pay the exact amount back without incurring any interest charges. With the majority of banks now offering fixed 0% APR credit cards for new customers, more and more people are now finding themselves very attracted to the temptation of their banks lucrative deals.

All of these deals will not be so sweet forever, little or no interest rates will soar and without preparation, you could be subject to very high interest rates and find yourself financially out of control. When the 1st lender to offer this deal, they provided people the opportunity to transfer all their debt with a 0% interest rate on balance transfers. This fixed interest rate lasted for only 6 months due to other companies being keen to stay competitive. As you cannot go lower than the 0% interest rate, the only thing you can differ was the time period it stays 0% for which was competitively extended. Some U.S and U.K credit card companies now offer interest rates for a ridiculous 16 months. This kind of time period could help you transfer all of your balances to it and start knocking down the balance with larger payments saving you hundreds of dollars on interest. With any offer, you will need to check when the interest rate is set to rise so you can compare your quotes thoroughly, do not go for the 1st one you see.

For lenders to be in a position to offer such great deals there will always be a drawback which has to somehow generate their revenue. Generally, this will be when people withdraw cash, request statements or take part in any form of general banking which would normally cost nothing at a standard bank account. Do not think that transferring your balances from other cards is free either. The credit card companies can find out if you have a history of transferring balances from credit cards. What they do is offer you a low rate credit card with the 0% APR but charge you a one time transfer fee. This fee is usually 3% of the balance or up to $75. It depends on the card issuer but if you have a credit card balance of $7500 that 3% is a $225 one time charge. This should be treated the same as interest and some times it does not make sense to transfer the balance. Do the math first to see if transferring balances to a fixed rate credit card makes sense.

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