By learning how to make your credit rating better you increase your likelihood of qualifying for the best credit card offers.
Your credit report is one of the best indicators of your ability to pay your bills and credit card issuers take it very seriously. Improving your credit rating can be done but initially you will need to find out where you are at with your credit. There is varying criteria that you must meet when your credit score is added up.
The Importance of Your Credit Record
You can get a good idea of how a person's ability to pay is by looking at their credit history. When the credit card company sees a good credit history they can feel more confidence with your payments to them. Now if the history of your credit reveals that you don't make payments on time or are skipping payments your credit score will reflect very poorlyWith a poor credit score you are deemed as high risk to the credit card companies.
If you are assessed with poor credit your cost to use a credit card is incredibly high. You see, having poor credit is disastrous because your interest rates on a credit card, mortgage, auto loan, business loan, etc. will shoot through the roof.
Checking Your Credit Score Report During The Credit Card Apply Process
It would be wise to retrieve your FICO score or credit score to see what credit card companies see
You won't need to be concerned about being negatively affected if you check your FICO score yourself. An excellent service that provides insight into one's credit score is MyFICO.com. Recommended by Suze Orman herself. Using MyFICO.com's service you will be able to run your FICO score with all three credit reporting companies: Transunion, Equifax and Experian. MyFICO goes beyond just providing you the FICO score it goes in depth as to reasoning behind your score whether it is low or high and how you can increase your score.
Your 3 FICO scores each from a different credit reporting bureau will be different but the scores will be close. Creditors will usually take the average or median score of the 3 bureaus. Every person is unique and has a unique financial situation.
If you take the recommendations of MyFICO.com to heart and apply them immediately you will see a major difference in your FICO score when it updates. You will then be able to apply for credit cards at lower interest rates saving you a lot of money.