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Redefining the Credit Scores to Garner Credit Card Approvals



Redefining the Credit Scores to Garner Credit Card Approvals

A new report released in November, 2011, suggests banks and credit card companies are courting those with less than perfect scores. This report shows that consumers with combined scores of less than 700 were now more likely to receive approval for a credit card; in fact, the number of folks who fit these criteria and who have received a credit card was up 23% from this time last year.

The study reveals more, too. The total numbers between third quarter 2010 and third quarter 2011 are almost identical, which suggests it’s those consumers who wouldn’t have qualified a year ago are the very ones who are moving the sector forward. TransUnion reports that consumers with credit scores more than 800 continue to drop in terms of new credit approvals, mostly because they’re not applying.

So, with this new report in mind, we put together a list of credit cards that generally require a “good” (versus excellent) credit score. If you’re in the process of rebuilding your credit history, this just might be perfect timing.

Discover More Card

This classic credit card has a lot of perks associated with it. From a 0% intro APR for six months on your purchases to an 18 month 0% intro APR for balance transfers, this can easily become a powerful financing tool, especially if you’re still paying off late fees with your other credit cards. The Discover credit card states “good” credit is what’s needed to qualify, but we encourage you to carefully review the terms and conditions for more information. The better armed you are going into the process, the more likely you’ll find success.

Chase Freedom MasterCard

We especially like this credit card offer because of the $200 bonus cash back after you make $500 in purchases during the first ninety days. It too requires a “good” credit rating and if you’re approved, you’ll want to consider enrolling in the Chase program so that you can take advantage of the revolving categories each quarter that can earn 5% cash back on qualifying purchases. Not only that, but when you shop through the Chase website, you can enjoy an additional 10% cash back on many of your purchases. There’s no annual fee associated with this credit card offer, making it worth a second look.

Slate from MasterCard

Another great financial product, the Slate card offers a bit of everything we’ve come to look for in our credit card offers. No annual fee, a 0% APR for up to 15 months and the very popular Slate with Blueprint that provides great tools for managing debt. You can transfer your balances from higher APR cards for additional savings. Keep in mind that any cash advances you take will be charged at a higher interest, currently at 23.24%.

Secured Credit Cards

If you’re concerned that your credit scores aren’t strong enough – maybe due to a foreclosure or repossession, you might want to consider a secured credit card offer. Usually, these cards require collateral in the form of a savings account, though you don’t use those funds except to secure the loan.

Your on-time payments report to the credit bureaus and allow you to work on strengthening your credit history so that you can qualify for the lower interest credit card offers that are dominating the financial market. A bit of planning now can mean big savings in the future.

We suggest you take a look at the First Progress Secured Platinum MasterCard. You determine your credit limit for amounts between $300 and $2,000 and it reports each month to the credit bureaus. Around the clock access to your account is ideal for those night owls, too.

Again, keep in mind that you’ll want to be sure you understand the dynamics not only with these credit card offers, but any other credit card you’re considering. Your goal is to improve your credit score and applying for too many offers can defeat your purpose; specifically, you can cause your credit scores to drop with too many applications. Choose carefully! Keep an eye out for high annual fees, excessive fees that you’ll pay for cash withdrawals or other services and do a bit of comparison shopping too.

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