You have applied for a home credit card, but you are worried that you do not qualify. Maybe your credit is less than perfect, or maybe your income is just too low to get the kind of interest that you need. Whatever your situation is, you can feel better knowing that you can still apply for a home credit card. The truth is, the majority of cards now offer cards to people who have poor credit. There are some exceptions, and you should do your due diligence before applying for one. In general, though, these cards can be a great resource for those with bad credit.
First, you should understand how the credit card companies to determine what your credit worthiness is. Basically, they look at your current debt load and what you have planned to do in the next year or so. They also take your employment history into account. In other words, if you have been unemployed for a long time, they will consider your job history to see how responsible you have been with your previous jobs. If you are the best candidate for a card, the credit card company will give you one with the lowest interest rates. This is the basic criteria that the credit card companies use to determine your eligibility.
The next step is to look at what kinds of offers you can get on a credit card. Some cards offer cash back or points programs, while others allow you to save on the interest or pay a certain amount every month. Even if you do not qualify for a cashback or point program, you may be able to get some sort of rewards or reduced interest rate on your purchases. Either way, you are only limited by your spending ability and how much debt you want to get rid of.
If you have a good credit score, you may find it more convenient to apply for a credit card from the bank than to go through a third party lender. The bank will process your application faster, and it will be approved without much hassle. They will also offer you a lower interest rate. While you will not get the same perks as the other companies, you will still have no worries when it comes to making large purchases. You may even find that you will qualify for an instant approval card which allows you to go through the approval process immediately.
When applying for a home credit card, make sure that you read all of the terms and conditions. Many times, these cards require you to pay a significant fee each month. While this fee may seem unnecessary, it is usually applied at the end of the introductory period, which means that you will have to pay a higher rate the rest of the way.
Be sure to only apply for credit cards that offer a low APR (annual percentage rate). These should generally be around 3%, so shop around to see which companies offer the lowest interest rates. Some credit cards charge a yearly membership fee that will accrue on a month-to-month basis. These fees may be lower than other offers but they are still not worth it if you do not plan on staying with that company. Remember, when choosing your credit card, you want to choose one with low annual percentage rates, low late fees, and a long zero interest period.
It is also important to keep in mind that when applying for your new credit card, you will want to make sure that you cancel your old card before applying for your new one. If you have a good track record with your current card company, then you may not need to cancel it. However, if you have not been making payments on time or have been sending money to your old card company, then canceling it now will increase your chances of getting approved when applying for a new card.
It is important to remember that when you apply for a home credit card, you want to be sure to pay off your balance every month. If you are going to be putting any money down for the credit card, make sure that you can pay it back within the 30 days to give yourself some breathing room. If you are a little unsure about what your credit score is, you can always get a free credit report from one of the three major credit reporting agencies online so that you can make sure that you are indeed working on improving your credit.