There are three major credit report bureau's who keep information on your past credit history. You should locate these companies and find out whats in your credit report before trying to aquire a credit card.
www.experian.com 1-(888) 397-3742
www.equifax.com 1-(800) 685-1111
www.transunion.com 1-(800) 916-8800
If you are ever denied recieving a credit card, the company who denied you is required by law to tell you the name, address and phone number of the company they got your credit report from. You will need to notify this company within 30 days of recieving your denial notice in order to see your credit report for free. Otherwise you will need to pay a fee before seeing your credit report. Seeing your report is wise to do, because your credit might not be bad, there just might be a clerical error in your report. If you tell the bureau the clerical problem they will fix it.
The higher your credit scrore, the better of a risk you are to lenders. If your credit score is low, you are considered a bad risk. If your credit history is bad, there are a few things you can do to bring your credit score up. You can get an in-store credit card. If the store reports your credit purchases and your ability to pay them back on a timely bases to a credit report bureau, your credit score will eventually go up. The more you borrow and pay back on time, the more your score will go up. It will take time and patience, but eventually you will be considered a good risk for financial lenders.
Another way to build your score is by getting a debit card, which can be had from your banking institution. A secured credit card is another tool for you to use to build your credit score. With a secured credit card, you are going to give the credit card company your bank account number and they will give you a line of between 50 and 100 percent credit. If you continue to borrow and pay this line of credit back on a timely manner, your credit score will rise.
Anyone over the age of 18 and with good income or a good credit history can get a credit card. Every credit card company will have different rules on who will be eligable for a credit card.
Some credit cards charge an annual fee some do not. APR means, annual percentage rate. This is measured by the cost of credit which is a yearly interest rate. This will fluctuate from year to year. Different credit card companies also have different incentives for choosing their credit card. Some have gas cards, some have money back, some have frequent flyer miles. It's best to do your research before signing up for a credit card. Find one that will best suit your needs and your spending habits.
