What is the importance of fair credit scores? - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What is the importance of fair credit scores?

What is the importance of fair credit scores?

Answered on | Updated on July 27th, 2011
The content is accurate at the time of publication and is subject to change.

Every single person is looking at having a good credit card and enough money to spend on all that they want. However, many people do not realize that credit cards are not always the ideal solution to a money crunch.  People often look to find a card that can be well suited to their needs. It is important to understand that you will get a credit card depending on how your credit scores look. If you have fair credit scores, you stand a better chance of earning a card that is affordable. When you have really good scores, then you need not worry at all about getting a card.

With fair credit ratings, you can get yourself a good deal. You just need to do some comparison shopping. Consumer credit scores are maintained by the three credit bureaus and every payment you make, every payment you are late or miss are all very faithfully recorded. A lot of employment issues and pending mortgage payments have made many people fall into the poor credit category. You may not always be able to have a really good credit score, but you can try and work at keeping the score at a fair level.

Fair credit scores are what most people end up having. Only a very minor section of the population has what is called as good or excellent credit scores. Everyone else is just in the fair score category. Credit card lenders would consider anything between 640-670 to be fair scores in most cases. Many offers that are preapproved or mailed out are mostly for those people with really good scores. Which is why, you should always check what offers you are eligible for and not fall for the promotional emails that are sent out claiming big things.

With fair credit scores, it becomes easier to talk to the banks and credit card agencies when you are looking to apply for a new card. You can explain the situation as a onetime offense and show that you have been maintaining a clean record since then. Having a secured credit card which sends reports of your usage to the credit bureaus will also show you in a positive light. With banks where you have a salaried account for years, explaining the situation is not such a complex affair. You can ensure that you stand in good stead with the credit bureaus and can get a good card, once you check your credit report carefully.

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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