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Author: Toni Phelps Article source: http://www.themusicbrokers.com/. Used with author's permission.
Before you rush out to find a card that fits your personality, you first need to determine which types of credit cards you may qualify for.
To help you understand what cards you may qualify for, here's a guideline:
You may only qualify for secured cards or guaranteed approval shopping cards if any of the following apply to you:
- You have bankruptcy on your credit report
- You have been rejected repeatedly for credit in the past 12 months
- You are in a low income bracket
- You have high debt that absorbs most of your income
- You don't have any good credit references
- In the past 12 months you were late paying major bills, such as mortgage/rent,
utilities, or were late making payments on existing credit
- You have a low credit score
You may qualify for a low unsecured credit limit credit card if:
- You've only been late once or twice paying major bills in the past 12 months
- You have at least one good credit reference
- You have at least average income
- You do not have debt that absorbs most of your income
- You do not have bankruptcy on your credit report
- You have a fair credit score
You may qualify for a high unsecured credit limit credit card if:
- You have never been late paying major bills in the past 12 months
- You have at least three good credit references
- You have above average income
- Your debt does not absorb most of your income
- You do not have bankruptcy on your credit report
- You have an above average credit score
If you aren't sure of your credit score, you should order a credit report or you can use the estimated prequalification guide at
www.creditfederal.com/credit-loan-prequalification.html
Now that you have an idea of what types of credit cards you may qualify for, you can begin your search to find your personality card. Listed below are examples of these types of credit cards:
Airline Miles Credit Card - this card is perfect for anyone who travels frequently. In addition to awarding frequent flyer miles to the user, this card can also offer discounts on airfare at participating airlines, such as Southwest.
Cash Back Credit Card - this type of card is ideal for people who rarely use cash when making purchases. By making purchases with the card, users can earn cash back based upon a percentage of their charges. Some issuers tailor the card to the user's personality, by allowing a higher cash back percentage on charges
they most frequently make. For example; if the user mostly makes charges at a grocery store, the issuer credits a higher cash back percentage for those purchases. Other issuers may offer higher cash back percentages for purchases made at participating retailers, such as Home Depot or Sears.
Business Credit Card - these are not only for large businesses, now even small businesses can get this type of credit card, and can get separate cards for employees who make purchases on behalf of the company. Again, some business credit card issuers will sweeten the offer by awarding discounts for purchases
made at participating retailers, such as Office Depot, or will award cash back percentages.
Retail Credit Card - if a person uses a credit card only at one particular store, a retail credit card can offer discounts on purchases. Examples of this type of card are: Sears Card, JC Penney Card, Wal Mart etc. Regarding the Wal Mart Card, users can get discounts on Wal Mart gasoline purchases, which is
quite beneficial during current high gas prices.
Shopping Credit Card - typically known as Catalog or Merchant credit cards, these allow even bad credit people to obtain an unsecured line of credit. Purchases are restricted to a certain merchant or a specified catalog, but nonetheless offer the ability to make purchases on credit. For people with very
bad credit, this is an excellent way to obtain credit. Just be sure to use a card that reports your timely payments to a major credit bureau so you can build your credit.
Other Rewards Credit Cards - you can find cards that offer a variety of discounts and free services, such as free music downloads, free roadside assistance, as well as protection against identity theft.
For nearly every individual personality and credit rating, their is a credit card issuer who wants you to become their customer. Be sure to read all the Terms and Conditions, so you know exactly what you will get before you apply.
Article by Toni Phelps, http://www.CreditFederal.com
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