Credit Cards For People With Fair Credit Scores

If you have fallen behind on a few payments, maxed out a few credit cards

, or have even just fallen on hard times, you credit score can suffer a bit. While you may still be better off than having a "poor" rating, you may be a bit wary about your "fair status".

People who are categorized with a fair rating may have a low income to debt ratio, may have difficulty paying back balances on revolving credit, or may have no more than two accounts that are currently delinquent.

These issues are the most common reasons that a credit rating would be downgraded. That being said, sometimes this happens because there is an error in your credit report, so you should always make sure your data appears correctly, especially if you have just paid off a balance.

Individuals who have been grouped into the category of those with "fair credit" must work a bit more to obtain credit and financing at a reasonable rate. So, what does this mean? Can you ever get a loan or credit card again? The simple answer to this question is yes! There are credit card companies out in the market today that specifically offer credit cards to people with a fair credit score. You just need to know where to look, what to avoid, and how to negotiate.

Believe it or not negotiating with a credit company can provide you with many benefits. The fact that you are willing to negotiate is often considered a plus in the eyes of creditors. You can negotiate better interest rates, reduced payments, or even a better billing cycle. A bit of planning and research will help you with this process and could just save you a great deal of money in the long run.

Even knowing this information and properly preparing for negotiations, it is important to remember that you may still be viewed as a bit of a potential risk when applying for a credit card. You may still be approved; however you may not receive the most optimal terms.

Typically speaking, credit cards for people with fair credit scores come with higher than normal interest rates, monthly or yearly membership fees, and lower available credit limits. While this may not seem ideal at the moment, you must think long term.

By applying for, and using a credit card for people with fair credit properly, you will be well on your way to rebuilding your credit. Making regular payments on time, paying off your balance, and keeping spending well below your limits will help to give your score a boost. You will be showing other creditors that you are responsible and that you are working hard to improve your financial situation.

The longer you are able to do this, the better your score will become. In time, your fair credit rating will be nothing more than a distant memory. Once you have rebuilt your credit to the point you can apply for a card with better terms, do so. Remember, you must still be responsible, and manage your credit wisely.

Credit Cards For People With Fair Credit Scores

By: Aubrey Clark

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