Improving Your FICO Score
The key to being approved for the best credit card offers is to have a solid credit score.
Your credit report is one of the best indicators of your ability to pay your bills and credit card issuers take it very seriously. The first thing to do is to assess your own credit history and then you can look into how to improve or repair it. There are different facets used to determine your credit score.
Your Final Credit Score Depends On Your Credit History
Looking at your past credit history tells us a lot about whether you are responsible or not. An excellent credit record reflects on your character and tells them that you are focused on paying them as scheduled. On the opposite end of the spectrum if your credit history shows that you never pay on time you are a high risk to creditorsYour low credit score show the bank / credit card issuer that you are irresponsible and a high risk to the company.
When one is classified as high risk the cost of borrowing money is astronomical. Not only will it cost you much more money to borrow money companies will even deny you any type of credit whether it be car loans, business loans, home mortgages aside from just a credit card approval.
Checking Your Credit Score Report During The Credit Card Apply Process
Before thinking about submitting your application for a credit card you need to get a good idea of what your credit score / FICO score is
If you check your credit score yourself it does not affect your FICO score negatively at all. MyFICO.com is an excellent service that returns your credit score an other details of your credit history. Do you know Suze Orman? It comes highly recommended by her. Using MyFICO.com’s service you will be able to run your FICO score with all three credit reporting companies: Transunion, Equifax and Experian. Not only are all 3 credit scores from the reporting companies included they also give you detailed info explaining why you have that FICO score and how to make your credit score better.
Equifax, Transunion and Experian will all generate different FICO scores. Creditors will usually take the average or median score of the 3 bureaus. Each person is infinitely different from another person financially.
Follow the instructions as laid out in MyFICO.com and with a little time you will see your FICO score jump up allowing you to apply for even better credit cards providing more features and lower APR.