Credit card

The importance of credit rating today

Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards

The importance of credit rating today

SECURED CREDIT CARDS-Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card.

Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed.

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The importance of credit rating today

Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card.

With secured credit card, your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit. Therefore the company giving you the secured credit card has zero risk.

Secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history and you are able to make purchases just as if you had an unsecured credit card.

Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit,

routinely reports customers’ payment history to any of the three main credit bureaus namely Experience, Equifax and Trans Union.

This reporting to the credit bureaus will rebuild your credit history over time.
Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially.

By not applying for too much credit within a short period of time is another factor that will help in rebuilding your credit rating.

Additionally, even though secured credit is like prepaid cards, they do have certain fees attached. Benefits are similar to that of an unsecured credit card,

such as usually being paid interest on your balance in the bank, using Automated Teller Machines (ATM) to make deposits, withdrawals, and making purchases at participating merchants. Following the above steps will strengthen your credit rating.

UNSECURED CREDIT CARDS
Unsecured cards are issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one’s ability to repay loans.

These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate.

A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.

Customers should read the credit agreement to ensure that they understand their obligation to the creditor. Making payments on time will strengthen your credit rating. Unsecured credit cards has numerous advantages such as low interest rates,

high credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially.

By not applying for too much credit within a short period of time is another factor that will help in maintaining a good credit rating.

REBUILDING YOUR CREDIT
It takes time, patience, and consistency. If you consistently pay your bills on time, you will see an improvement in your credit ratings over time.

There are no quick fixes for improving your credit report except for mistakes or inaccuracies that can be corrected, hopefully in your favor.

Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven years. Therefore poor credit information will remain on your report for seven years.

The good thing is that as negative information disappears with positive information, this will definitely rebuild your credit rating.

Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in rebuilding your credit rating.

Applying for secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history, and you are able to make purchases just as if you had an unsecured credit card.

Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit,

routinely reports customers’ payment history to any of the three main credit bureaus namely Experience, Equifax and Trans Union.

This reporting to the credit bureaus will rebuild your credit history over time.

BUSINESS CREDIT CARDS

Business credit cards are very popular for small business owners because of the many benefits they offer.

Benefits includes 0% Intro APR on balance transfers, no annual fees, high credit limit, low interest rates, cash rewards, bonus miles, free online account management to choosing card design etc.

, At iCreditOnline.com we have some of the best business credit cards from American Express, Advanta, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval.

Why waste time going to a bank when you can get a decision in less than 60 seconds with secure online credit card application. Online Credit Card Approval with Online Credit Card Application is fast and easy!

STUDENT CREDIT CARDS
Having a student credit card while still living at home or attending school away from home can be an advantage.

It gives the student the opportunity to establish credit at an early age and to start asserting their independence. It comes in handy in case of emergency, it is less trouble and safer to carry a student credit card than to carry cash.

Parents find student credit cards to be very convenient.

They are able to make deposits to their children’s account while they are away from home. Students should be careful with their credit card receipts to avoid identity thief.

If you consistently pay your bills on time, obtaining students credit cards is a good way to established credit rating and start building a good credit history while in school.

Establishing and maintaining a good credit rating will make it easy to purchase a car, a home or obtaining a personal loan in the future.

For students who are not committed to their financial obligation, getting a student credit card is not a good idea.

Running up balances, finding yourself in debt, unable to make monthly payments will destroy your credit rating.
Student’s credit cards generally have high interest rates.

At iCreditOnline.com we offer some of the best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no annual fees and online account access.

Online credit card approval with online credit card application is fast and easy!

EXPLANATIONS OF SOME OF THE CREDIT CARD TERMINOLOGY
0% Intro APR Credit Card or Balance Transfer Credit Card – gives you the benefit of using this credit card without making any interest payment on the principal for a stated period of time.

This credit card is marketed to individuals with good credit rating who want to transfer balance from a high interest credit card to a 0% intro APR credit card.

Cash Rewards or Cash Back Credit Card – earns a percentage on purchases made. This reward or cash back is credited to your account.

Debit Card – takes the place of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as not being able to rent a car.

Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Verification of funds requires entering your Personal Identification Number (PIN) at a point-of-sale terminal.

Low Interest Credit Card – saves you money. Having a good credit rating qualifies you for some of the best low APR credit card offers.

Prepaid Credit Card – spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card.

Therefore the company giving you the prepaid credit card has zero risk. Generally people who apply for prepaid credit card are people with poor credit or unemployed.

Secured Credit Card – is secured by the amount of funds you have in your account. Your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit.

Unsecured Credit Card – is issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one’s ability to repay loans.

These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate and can receive instant online credit card approval.

A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.

Travel Rewards Credit Card – benefits may include travel accident insurance, free rental car collision/loss damage insurance, rebate on gasoline purchases, frequent flyer points or bonus miles towards airline flights, free quarterly and annual account summaries.


Instant Approval Credit Cards – Frequently Asked Questions

Instant approval credit cards online are becoming increasingly popular among consumers. In a fast-paced society, the speed of an instant approval credit card is sought after by many individuals.

The importance of credit rating today
The importance of credit rating today

But, it is important to understand as much as you can about instant approval credit cards before you choose to apply for one.

What are Instant Approval Credit Cards?

Instant approval credit cards are those that can be approved within a matter of seconds. To qualify for one of these instant approval credit cards, online applications are completed on a secure website.

Using the information gained from the application, the credit card company can determine instantly if you qualify for a credit card.

Am I Guaranteed to Get an Instant Approval Credit Card?

No. Instant approval credit cards are not secured credit cards. Therefore, they still need to look at your credit history in order to determine whether or not you qualify for a credit card.

If you have a poor credit history, you may be turned down for an instant approval credit card.

Whether or not you receive credit approval depends on the guidelines followed by the credit card company and your personal credit history.

Can I Still Be Approved, Even if it’s Not Instant?

Yes. Instant approval credit cards sometimes need more information than what can be gained instantly in order to decide if they will approve your application.

In this case, they will send you a notification letting you know that your application is being reviewed further.

In this case, you will generally still know whether or not you have been approved for the credit card within a week or two, which is still much faster than non-instant approval credit cards.

Can I Start Spending Immediately?

No. Although instant approval credit cards can tell you within seconds whether or not you have been approved for an instant approval credit card online, you will have to wait to physically receive the credit card before you can start using it.

Usually, your instant approval credit card will arrive to you within a couple of weeks, which is still much faster than traditional credit card application that typically take six to eight weeks.

Are There Any Differences in the Way Instant Approval Credit Cards Look?

No. Instant approval credit cards look the same as any other credit card. No one but you will know it was an instant approval credit card.

Are There Any Drawbacks to Instant Approval Credit Cards?

Maybe. Some instant approval credit cards do assess a processing fee for the convenience of receiving instant approval. If this concerns you, shop around for an instant approval credit card that does not assess these fees.

There are plenty of options available. Furthermore, you might want to reconsider applying for an instant approval credit card if you do not have a need to get the card right away.

If you can wait to receive the card, it better to apply for a traditional credit card in order to avoid paying unnecessary fees.

Do Instant Approval Credit Cards Have the Same Benefits as Other Credit Cards?

Yes. No two credit cards, whether they are instant approval credit cards or traditional credit cards, are the same. Therefore, they do not always include benefits such as travel insurance, purchase protection, and extended warranty coverage.

Nonetheless, there are plenty of instant approval credit cards available with desirable benefits such as those found on traditional credit cards.

Can I Participate in a Special Rewards Program with Instant Approval Credit Cards?

Yes. There are instant approval credit cards available that offer special cash back and rewards programs to cardholders.

If you are interested in participating in one of these programs, browse through the many instant approval credit cards available in order to find one that best suits your lifestyle and needs.


Credit Card Offers For People Having Bad Credit Ratings

Once you are in debt, naturally you have to settle any due amount. Otherwise, you will be known by other people as an irresponsible borrower.

The importance of credit rating today
The importance of credit rating today

Establishing a good credit history is very important especially if you want to make a credit card or loan application, or any application which involves money.

In today’s fast changing times, where most people want fast and easy access in almost anything, a credit card can be very useful. But how are you going to secure a credit card application if your credit rating is poor?

Different application forms have pre-established criteria. A typical example is a homeowner versus renters. Credit applications give more weight to homeowner applicants.

Other reasons why most people have poor credit rating include paying bills late, default payments, and those who have obtained judgments from the county court.

Credit files are usually kept by certain organizations, and judgments or bankruptcies are filed for a maximum period of six years. If you have this kind of problem, securing any credit application would be a great problem.

Companies which issue credit cards looks into the files kept by reference credit agencies before approving or disapproving any application made by individuals. Once a person applies for a credit card, the company will instantly check with different credit agencies for their credit rating.

If you’ve made a lot of credit applications and transactions, your credit report can become large, so it would be wise to ask for a copy of your credit report and check if all the items listed there are correct. If some information is incorrect, you can get supporting papers and have it changed.

If you have a bad credit rating, your credit card application will be most likely turned down, or if it is granted, you will have a low credit limit.

Most of time, these people will not benefit from incentives and low interest rates enjoyed by applicants with a good credit rating.

People with good ratings can enjoy an interest rate for as low as 5%, while those having a bad credit rating will be charged a rate of about 25%. You can actually see the big difference between the two cardholders.

A bad credit rating is not only given importance to a card application, but to securing loans as well. Almost any application which concerns credit will refer to your credit rating.

So if you are just starting to build a credit rating, make sure that you start on the right track, and stay on that track to be able to create a good credit rating.

Establishing a good credit history at an early age is an advantage, and not only that, you will learn how to be responsible in handling your expenses.

If you are badly in need of a credit card, you can check out companies which offer credit cards to people just like yourself.

Although it may not be the best, you can probably find it useful in other ways. Shop around and you may be able to find one.

If you’re one of those who already have a bad rating, perhaps it is now time to make a change. It’s never too late, start paying your bills on time. Although the change happens little by little, over time it will prove to be rewarding.



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