Best Credit Cards Based On Your Credit Rating

No one credit card is designed for everyone nor will it fit everyone’s credit needs. Credit card companies look at many different factors when they are approving or denying people for their credit cards, and one of the things that is most considered is your credit score. There are four main categories that people in America fall under in terms of credit scores. This score determines which kinds of credit cards you will be approve for and which types of credit cards you should apply for.



Credit Scores and What They Mean



When you look at your credit score, you’ll find a number in the range of 500- 800. This number determines the strength of your credit score and ultimately if you have poor or excellent credit. So, what is the score and how does it affect the types of best credit cards you can get approved for?



• Excellent Credit: if you have a credit score between 720 and 800 you are considered to have excellent credit. With a credit score like this you can apply for almost any type of card you wish. You will usually not have to pay any annual fees for the credit card, and it will usually have a fairly low interest rate and fairly high credit limit.



• Fair Credit: a fair credit score is one that falls between 640 and 680. Best credit card that are offered to people with fair credit will vary based on where you fall within this range. Your APR will vary from 16-24% on average. You may have to pay an annual a fee, but usually no more then $50. You can expect to get credit lines from $250 - $1000 per card.



• Bad Credit: bad credit is having a credit score of less then 620. You will be very limited on the types of cards available to you but they are still available. You will have to pay annually or monthly fees for the card. Average being $6 a month or $39 -$50 a year. Don’t expect an APR lower then 19.9% but they will usually be closer to 24.9%. Credit lines for each card are usually $250-$350 but in some cases can be as high as $500. The higher the limit the higher the APR, in most cases.



• No credit: believe it or not often having no credit is worse then bad credit.At least lenders know what to expect from a person who has bad credit, but when a person has no credit they have no idea if and when you will make their payments. Expect the worse but as you make payments you can build your credit quickly.



Applying for the Best Credit Card for You



You really do want to take some time and research before you just go out and apply for cards. The goals of filling out any credit card application is to be accepted for the card, So, finding out exactly what they are looking for and then applying for that card is best. Not only does getting denied look bad, it a waste of time and can bring down your spirits too. Increase the odds of getting a yes by knowing which card is best suited for you.



• Excellent Credit: for these for with excellent credit you have so many more options like free balance transfer and free APR for the first six months or a year. The most common banks to lend to people with excellent credit are Citibank, Bank of America, HSBC, and Capitol One. You almost never have to pay annual fees and the most common APR on purchases is 12.99%. You can also enjoy luxuries like cash advances as well.



• Fair Credit: the most popular cards for people with no credit are from Capitol One and HSBC. They will try to reel you in with an introductory rate of 0% APR for a few months. Rates vary from 10.9% to 24.9% and annual fees vary from $0 - $50. Credit cards companies will take in many different factors to hopefully give you the best deal they can. If you don't want to pay an annual fee for the card be prepared to have a higher interest rate. If you want a low interest rate, you’ll probably have to pay for the card.



• Bad Credit: for people that have bad credit you can choose from first premier bank card, Visa and Capitol One, These banks are known for offering credit lines to people with bad credit. Most not only have an annual fee but also a one time set up fee that you must pay. Interest rates and amounts of fess will vary depending on just how bad your credit really is.



• No Credit: Capitol One is definitely the leader in extending credit line to those that have limited to bad credit. Interest rates are usually 24.9% and an annual fee of $39 is quite common. This is still a great way to start building credit.



There are many different factors that go into credit score and it’s best to understand why you have a low score if you do. For some people it might be obvious why their score is low like a bankruptcy. However, if your score is low simply because you’re late making payments every month, this can be easy to fix, so just do it and you’ll see the benefits.



So, once you have pulled your report you can visit the website credit-land.com and get started. Then armed with the information of knowing what your score is you can search out the right card for you. Once you have found the credit card that will fit your needs you should take some time to fill out the credit card applications online.

You might get an immediate response, or they may email you once they have a decision regarding the card. The process is safe and secure, fast and easy. Creditland is an invaluable source for all things credit related.