The majority of people who are living in the United States have what is known as a fair credit score. The ranging for a fair credit score is typically defined as having a score that is in the range of 640-680. If your credit core is below 640 most lenders will not offer you any type of loan. People who are lucky enough to have a score that are over 680 will most likely be offered the best interest rates available.
When a person has a credit rating that is considered fair it is usually due to them having one or two accounts that are in delinquent status. A person with a fair credit rating will also most likely have a bad debt to income ratio. It is important to keep in mind that sometimes when your credit is down rated that it can be due to error.
It is best that you always check your credit report so that you know that it is entirely accurate. You will especially want to make sure that you check your score after you have paid off a large debt. It is always best to negotiate with a creditor when it comes to loans that they will approve you for. Negotiating can sometimes give the creditor the idea that you are willing to pay back what you borrow. A good tactic you can use for loans with a creditor is to ask them if they will give you a higher down payment for reduced interest.
A large number of people who suffer from fair credit will convince themselves that it is just “good enough.” In today’s world the credit market has tightened up more significantly, and will lead to a person with fair credit dropping to bad credit after missing a few payments. There are a lot of credit card companies that have become more aggressive when it comes to slashing the lines of credit. These credit card companies will often try and increase the minimum payment that is required without telling you.
Just because you may have fair credit, it does not mean that you have to just settle for any type ofcredit cards. There are a lot of credit card companies out there that are willing to work with someone who has fair credit. Some credit card companies will even offer you cash back reward cards evenif you do have fair credit. One of the most widely known as used credit cards used by people who have fair credit is the Capitol One Cash Credit Card.
One of the defining features of the Capitol One Cash Credit Card is that you will receive a 1.5% reward on all the purchases that you make. This will entail that you will receive 1% of the money back that you make for each purchase as well as have 50% points that will add to your dividend on the anniversary of your membership.
The Capitol One Cash Credit Card is also very easy to redeem for you and will not require that you go through any programs. Some else to note about the Capitol One Cash Credit card is that you will not have to pay any APR on your purchases till June 2013.
Another credit card that is great to use for any person with fair credit is the Capitol One Classic Platinum Average card. The average card was built for those individuals who don’t specifically qualify for the cash credit card.
The annual fee associated with the average card is only at $39, but does not include any rewards. The card will also allow you to pick your own image to be featured onto your credit card. Something else to consider is that any rewards that you earn by using any Capitol One card does not expire and will be available to you anytime.
Another card that you may want to consider is the Credit One Bank Visa Card. The card will offer you a credit line that is up to $300, and has no enrollment fees. It will also allow you to choose your payment dates based off of the days you actually get paid. The card also comes with a feature that will allow you to check your credit score online free of charge.
The Visa Platinum Card is also a great choice for anyone dealing with fair credit. It allows you a credit line that is up to $1500. The card does not have any over the limit fee associated with it, and features text alerts that help you to monitor your bank account.
Another credit card worth noting is the Barclaycard Rewards MasterCard, because it has 0% APR for your first 6 months of purchases. It will also report to the top 3 credit bureaus in the country on a monthly basis, which will allow you a chance of rebuilding your credit.
You may also be interested in credit cards for bad credit.