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

Wed, 15 Oct 2008 17:25:19 +0000

Banks have been losing a ton of money lately in the financial markets. This is mainly due to a huge risk that was taken on people with sub prime credit scores, i.e people with credit scores below 620. Big banks like Chase, Bank of America, and Citibank have lost in the billions of dollars on risks taken on people with poor credit scores. This gamble has led to the bankruptcy of big banks, job losses, and some of the wors economic times in the history of our country.

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

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Finance: Credit Tips Articles from EzineArticles.com — Tue, 02 Sep 2008 13:34:20 +0000

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Remove a Judgment From Your Credit Report

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Piggybacking and Credit Repair

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How to Repair Credit by Yourself