Credit Reports & Credit Cards
Society and Credit Cards
Credit cards play a major role in our lives and in our economy. Everyone has a credit card! Credit cards are opened by mothers, fathers, grandparents, even college students. Getting your first credit card is part of adulthood. There are currently 631 million active credit card accounts in the U.S. That's enough for each person, from infant to elder, to have two accounts. Unfortunately, if you don't do your credit card research, you can end up in real financial trouble.
Applying for a Credit Card
When you decide to apply for a credit card, before you apply, you need to get a copy of your credit report. You are entitled to one free report per year; it can be ordered from any of the three credit bureaus. If there are any discrepancies, report them immediately, as any black marks will keep you from being approved.
Credibility and Credit Cards
Your credit report will work against you when applying for a credit card if it indicates include too many credit card applications, late or missed payments on bills, or bills in collection.
If you do have great credit choosing a credit card can be fun and benefit you with rewards. Remember to choose a card with low interest rates, and try to avoid annual fees if you can. It is probably best to apply for a credit card through your bank, as these tend to have lower interest rates, and will be more likely to approve you if you have been a long-time, steady customer.
Resources include: http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
- Understanding Credit:
