A credit rating evaluates the credit worthiness of a current or potential credit card user. Between receiving an application and approving potential customers for a credit card, credit card companies take many factors into account, but none as much as the credit rating of the applicant. If you’re not sure what your credit score is, then be sure to check out our free credit score estimator tool.
A credit score is primarily based on information found in a credit report. Credit reports come from a consumer reporting agency, like Payment Reporting Builds Credit, INC. Credit scores do more than just decide if an applicant is worthy of a credit card or not; they determine the rate of interest, the spending limit and if the applicant may qualify for a loan in the future.
Contrary to popular belief, salary and requests for your credit score do not have an impact on your credit rating. The following are the only things taken into consideration when formulating a credit score: number and severity of late payments; type, number, and age of accounts; total debt; and public records. Most credit scores fall between 600-750, and anything over 700 suggests good credit management. If you have good credit, the best thing to do is to continue making payments and avoid delinquent payments.
If you have a low credit score, there are a variety of things that can be done to create a positive credit history. You must always be sure to use your complete name on credit card applications, pay your bills on time, set up a budget (and live within it) and review your credit report 60-90 days before a major purchase. Before long, you will be well on your way to a good credit score. Becoming an educated consumer is the first step away from bad credit and towards impeccable credit score.
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Disclaimer:* Each credit card offer is subject to the terms and conditions provided on the online application. We have taken every precaution possible to ensure all information is precise and secure. That being said, all credit card offers and information are subject to change and therefore cannot be guaranteed. Please click the credit card that makes sense to you based upon your credit score and/or desired card features or bank provider.