Your Credit Rating May Rule You Out For Many Offers

Category: Finance, Credit.

When you apply for a credit card, one of the factors that come most into play in whether or not you are approved is your credit rating. Your credit rating may rule you out for many offers.

That s a fact that most people know well, but if you re wondering exactly how your rating actually affects you when you apply for a credit card, read on to learn more. Right from the top, your rating could rule you out of some top credit card UK offers. The top offers with low APR and high rewards are generally reserved for those with higher income and excellent credit histories. Every company in the UK has a number of different offerings, each designed for a different market segment. A high credit rating will qualify you for more card offers than a low rating. If you have excellent credit, have lived in the same place for more than three years, have worked for the same employer for at least two years, and have a history of handling debt responsibly, take the time to scan all the offers at comparison websites to find the one that offers you the most value. The higher your rating, the more likely it is that you ll be approved when you apply.

Your credit rating affects the APR that you are offered. When you apply for a credit card, you have one chance in three of being offered a card with a higher APR than that advertised. The typical APR that s listed by most card companies is the rate that they must offer to at least 2 of every three customers that they approve for that product. The lower your credit rating, the greater the chance that you ll be approved at a higher APR than the typical rate. If you suspect that your rating is in the middle ranges because you ve missed a few payments here and there, or been late once or twice, there are ways to raise your rating BEFORE you apply for a credit card. You can affect your rating before you apply for a card in order to qualify for a lower APR.

Pay down the balance on some of your cards, or reduce the number you already have for best effect. Your credit card application can affect your credit rating. It works both ways. Every time you apply for a credit of any sort, it puts a tick against your rating. The best advice you ll ever get is to check your credit rating BEFORE you apply so that you can apply for those credit cards for which you are most likely to be approved. If the number of ticks is excessive, or if you apply for many products all at once, it can lower your credit rating and make it harder for you to get a good deal with a low APR when you really want it.

Take the time to research products so that you re sure of getting the best deal for your purposes.

Read more...

Find The Best MasterCard Offers For Your Home Or Business Life Today - Finance and Credit Blog:

MasterCards are plastic money which is widely used and accepted all over the world. MasterCards are available through many banks and credit organizations.

What Will The Regular Interest Rate Be - Deanna Guess about Finance and Credit:

A 0% APR credit card always sounds like a great deal, but there are still a variety of factors that can make one offer stand out above the others. How Long Do You Pay 0% ?

There Are Three Main Ways: Debit Cards, And Charge Cards, Secured Cards - Alba Bonaparte's Finance and Credit blog:

There s no doubt that credit cards have become almost ubiquitous in modern life, with most adults now having at least one open account, even if they don t carry a balance from month to month. However, there s also no doubt that credit cards can be a very dangerous thing if not treated with respect.