Credit Reports

Not all credit cards are created equal. Before applying be sure to do research and read the fine print of the application so you know what you are signing and committing to. If you have a high credit score you will have your choice of credit cards to choose from. For those who have a low credit score, the options will be limited. Shop around before applying so that you don’t apply for cards that you know won’t approve you. Excessive credit inquiries can damage credit.

If you have a low credit score you will be paying a higher interest rate. Accept it and work to repair your credit to change that. In this case it will be especially important to pay the credit card balance before the interest charges are assessed each month. So when shopping around you will want to find out at what point each credit card company charges interest. It can vary from immediately to 3.5 weeks. Choose the company that has the longest amount of time. When credit scores are really low, the only option may be to have a secured credit card. That is when you provide a deposit that is held by the credit card company until predetermined criteria are met, that shows you can be trusted to make payments.

Those who have a high credit score have the option to really shop around for the most desirable credit card. When researching credit card options, evaluate the importance of the following:

• Interest rate
• Points available to earn
• Annual fees
• Billing dates
• Special interest or cause that may benefit from card use
• How/when interest fees are assessed
• Safety of bank issuing card
• Bonuses and discounts
• Miscellaneous benefits
• Qualifying requirements
• Income requirements

By researching the credit card options available to you, the number of credit applications will be reduced. With that the credit inquiries that will be logged on your credit report will also be reduced.