Who Qualifies For Low Interest Rate Credit Cards?
Keywords: low rate credit cards, qualifying for credit, credit score
The only bad things about credit cards is that they mean debt and they cost you money. Depending on your interest rate this can be a lot of money. But if you qualify you can pay a lot less than you may be paying right now.
Once you have started to build up a credit history, you really need to look at what you are getting from your current cards. If the rates are high it’s time to reassess what you are getting.
The simplest way to get a low rate on your credit card may well be to call and ask for one. If you’re getting credit card offers in the mail already, use them for comparison of what you could be getting. And if the first person you talk to says they can’t lower your rate, ask for a supervisor. Persistence can pay off big time.
But sometimes you want a new card for one reason or another. Maybe the current credit card issuer you are with is not pleasing you. You need to know which card you are most likely to be approved for at a low rate.
Start out by getting your credit report. You can do this free once every year from each of the big three credit bureaus. Look it over for any problems. Clear them up before applying for anything - this will improve your odds of being accepted with a low APR.
Choose the card you want to apply for carefully. Some low rate credit cards will specify that they are for people with good credit only. If you have problems with your credit report these will probably only cause you to be declined. Being declined for credit is not the healthiest thing for your credit score.
Similarly, you should apply only for one credit card at a time. Odds are you do not need more than one new credit card anyhow. Once again, a lot of inquiries into your account can look bad.
Not all low rate credit cards will demand near-perfect credit. If you have problems with your credit, take a look at the cards for people who have credit problems and see who will still offer a decent rate. But remember that unless your credit is really bad you can probably get a card fairly easily, even without focusing on your problems.
Much as you may feel the need to have a credit card, it is not something you should rush into too quickly. The smarter you can be with your credit the easier it will be to have good credit.
Stephanie Foster blogs at credit-blog.findcreditonline.com on credit and other money topics. She also has a range of low rate credit card offers listed on her website at www.findcreditonline.com
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