What are the things you need to know when you have... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What are the things you need to know when you have fair credit?

What are the things you need to know when you have fair credit?

Answered on | Updated on June 11th, 2011
The content is accurate at the time of publication and is subject to change.

Credit rating is one of the most critical factors in every aspect of our lives. Having a good credit rating will help in a number of ways. However, for various reasons individuals can fall into the fair credit bracket very easily. All it takes is a couple of delayed payments or missed payments to go down further from fair credit to bad credit. But all is not lost even if circumstances have led to a drop in your credit rating. There are ways in which you can rebuild your credit rating.

Card companies generally go by a lot of details such as the amount of debt as well as credit history, repayment capacity or the creditworthiness of an individual before approving a card. Delayed or missed bill payments will reflect on your card and bring down your credit rating. Hence, you have to make a conscious effort to apply for a card if you have a fair credit rating.

There are plenty of cards that are available for those with fair credit rating and one need not settle for a card with the most unreasonable terms. There are numerous cards that do offer a fair deal for those with fair credit rating. Making a bad choice can hurt your score even further, so ensure that you do enough research before applying.

There are lots of regular cards that you can get if you have fair credit but you may not be able to avail the rewards card if you have fair to average credit. But you can work on your credit rating and adopt the various methods to bring up the credit rating and once you have reached a good credit rating, then you will find plenty of offers that may be hard to resist.

Building credit takes time and you will have to be prepared for that. It may take several months or even a few years before you can get a good credit rating. It is a slow process but something that is worthwhile. Once you reach a good credit rating, you must ensure that you remain there and monitor your finances and avoid making costly mistakes. The rates and offerings will vary and you have to do some negotiating with regard to your annual fee and interest rates.

Follow some simple tips and make timely payments and maintain account balances below your credit limits. This is one good way to get started with your fair credit credit cards.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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