In the post industrial era, it is difficult to survive without credit cards. Even if there is cash, you cannot stay in a hotel or rent a car without providing a credit card. But not all credit cards are equal. It is wise to compare credit cards to get the best interest rates and discounts relevant to you. However, the actual credit card options available may vary greatly depending on whether the credit score is good, good, or generally low.
Main credit grade
The most commonly used credit scores are generated by Fair Isaac Corporation and are called FICO scores. FICO scores range from 350 to 850, with high scores corresponding to better credit levels. The specific categories vary from creditor to creditor, but generally FICO scores are divided into four categories: excellent, good, average and poor. The excellent score is generally above 750. The good score is between 660 and 749. The average score is between 620 and 659. Scores below 620 are generally considered bad.
Credit rating and FICO score have a great impact on whether credit cards can be accepted and the interest rate to be paid. Similarly, depending on your credit score, the terms and allowances you can enjoy may vary. As you might expect, the best credit cards are for those with good or good credit, while those with poor credit usually seldom choose credit cards.
Excellent credit card
“If your credit is good, you can choose a credit card.” According to your preference, you can choose a smokeless membership fee or low interest rate card. If you travel extensively, a credit card from a major airline can offer useful benefits, such as free baggage delivery or early boarding. If you want to return cash or get compensation from a credit card, you can use a credit card with more compensation levels than anyone else. If you are stuck in the balance of a high interest rate card, a card that provides interest free balance transfer can save you a lot of money. Also eligible for a zero interest rate credit card. It also means a lot of money can be saved. The biggest concern is to avoid vertigo. This will affect the excellent FICO scores you have worked hard to establish.
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If the credit is good, the airline subsidiary credit card will not be available unless FICO score is at the high end of the credit good range. But you still have many attractive choices. For example, many merchants who offer cash back and credit card compensation are happy to welcome your business. If you want to compare three products, you can also apply for a zero interest rate credit card. You can also choose a balance transfer card. Although the interest rate you can get may be more attractive than the balance transfer card interest rate that customers with good credit can get.
Fair Card
If FICO score is within the fair credit range, it is almost impossible to obtain the qualification of airline affiliated credit card, zero interest rate credit card or balance transfer card. However, if FICO scores are at the high end of the fair credit rating range, especially compared with the average, you are more eligible for cash back or compensation credit cards. If you have a consistent record of paying on time, you can negotiate a lower credit card interest rate in a few months or a year.
Bad credit card
If your credit is bad, getting any credit card is a challenge. If the FICO score exceeds 600, you can apply for an unsecured card. However, the card may have high interest rates and high fees, but the credit limit is low. More likely, a secured credit card will be paid. Compare credit cards (warranty and unsecured) and correctly evaluate which card is best for you. The good news is that over time and with a good payment record, you will eventually be eligible for unsecured credit cards with reasonable interest rates.
