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How Credit Card Companies Define the various Credit Rating Levels of ApplicantsWith regard to credit ratings, there are different categories in that individuals will fall. These include poor credit, fair credit, good credit and excellent credit scores. The better the credit score of the individual, the more likely it is that the individual won't receive favorable credit card offers but have their applications for all those offers accepted as well. Credit card companies have category levels by which to group credit card applicants within and each company has their very own special criteria which must be met to ensure that the individual to fall within a particular category. The following will provide an over-all summation of how the companies determine the group of an individual and what makes someone fall inside the excellent credit rating category, for instance. How Credit Card Companies Determine Great to Excellent Credit RatingsThe most advantageous category of borrower for the credit card issuers is the individual who falls inside the good to excellent credit rating. Obviously, one who has perfect credit is highly desirable to credit cards company and will almost always be accepted for credit cards. In general, one who has a credit rating of 650 or greater falls inside the good to excellent category and many credit card issuers will offer cards to these people. The main determining factor for credit card issuers in the decision-making process related to issuing charge cards is the individual credit score. Additionally they look at factors such as work and annual income. How Credit Card Companies Define Poor to Fair Credit RatingsPerhaps the less desirable types of credit ratings are the bad credit score and fair credit rating. For these categories of individuals, obtaining a credit card could be more difficult to do as their credit scores might not be as high and therefore they is going to be declared by the company to become more of a lending risk. In common, those who have less than a 650 regarding credit scores may fall within the fair to bad credit score categories. Factors such as prior delinquency upon payments and/or bankruptcy, may put the person into a less desirable category because again, the risk is higher for that credit card company. Each credit card company will have their own determining factors with regards to application acceptance and which individual drops into what category. How to Determine Which Category You Fall IntoThe easiest way to determine whether your current finances puts you in the bad, reasonable, good or excellent credit rating category is to choose credit cards company and then determine what their specifications contain. This can be done by online to peruse their website or calling the organization directly to see if they have certain requirements with regards to financial categories of credit card candidates. It is also a good idea to understand what your individual credit score may be as this will determine if you fall within the actual bad, fair, good or excellent credit score category. Just keep in mind that every time you obtain a credit card, an inquiry will appear on your credit report and this may have a negative overall impact whenever you try to apply for credit cards and loans later on. Therefore, do the necessary research first after which only apply for those cards that truly interest you.






Kerry Hedden is among the owners of http: //www. weoffercreditcards. com/ and believes that everyone should have credit cards and use them responsibly. That is why you won't only find the best credit greeting card offers on our site but great articles and advice for with them wisely. We offer 100% original as well as free content articles which may be used and published.

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