Getting a Low Interest Credit Card with a Positive Credit Report

Credit Cards are a common item in our everyday life. Almost everyone above 21 has a credit card nowadays, even people who has bad credit. Credit Cards are directly linked to your credit report. When you abuse your credit card, your also negatively impact your credit standings. This can have substantial impact on your future applications for other credit facilities.

Banks and Credit Companies reward credible and trustworthy credit card customers. Customers who pay on time are important to banks as we provide stability to their cash flow and ability to loan greater amount of money. Low Interest credit cards are often only available to customers who have a good track record i.e. a positive credit report.

Don't Let Your Credit Card Destroy Your Credit

Banks and lenders will use your credit report to screen all their credit card applicants. Most banks and lenders have a portfolio of credit cards that they can offer you. Naturally they will offer their best products to their best customers, and these customers have positive credit reports. Your credit report is hence an critical factor for your credit and it can determine the whether the banks or lenders will offer you that low interest credit card. Paying your bills on time is now of the key factors that determines your ratings.

The majority of people are responsible borrowers and would not want to damage their credit report. Paying your bills on time and maintaining positive reports will demonstrate to the banks and lenders that you are a credible person. If you have too many credit cards, this can also damage your credit reports, even if you pay your bills on time.

Having More Than One Credit Card Can Have Negative Impact

When you rely on too many credit cards, lenders may see you as a likely candidate for overspending. Banks and lenders will fear that you will hit the spending limit on all your cards and be unable to pay them. Although this is not from an unlikely scenario, you will be tempted to spend beyond your means with the availability of fast credit. Try to maintain only a few essential credit cards.

Something else you will also need to keep in mind is the fact that it can be really easy to miss a payment on your credit cards. Although this doesn’t sound bad, it can have a very negative look on your credit report. If you start missing payments or paying them late, the lender will eventually enter it in your credit report. This can have a negative impact, lowering your beacon score and eventually bringing down your overall credit rating.

If you play it safe and only get one or two credit cards and keep a track of how you use them, you won’t need to worry. Your credit report should always be a primary concern, and you should always do your best to ensure that it stays free of negative ratings. If you keep up things up to date - you’ll enjoy the benefit of a positive credit report. And perhaps that low interest credit card

Jared L