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Credit Rating Scores and How They Affect Credit Card Applications

May 10, 2008
Is your mailbox always stuffed with bunches of credit card offers? This happens to pretty much everyone. It's gotten easy for most people to apply for a new card, because there are so many companies that are eager to benefit from your spending.

Getting approved, however, is a completely different story. Even though you receive their credit card offers, most credit card companies have strict requirements. One of the requirements is that you have good credit rating scores.

If you don't have good credit rating scores, you can still improve them. However, it won't happen immediately. Like anything else, you have to work at it if you really want to improve your scores. Once you have a good credit score built up, you'll find it easier to get approvals for your applications.

So how do you improve your own credit rating scores and become eligible for approval from the credit card companies? There are three things that you can do to get things moving along.

One of the best things you can do right now is always pay your bills on time. To maintain good credit rating scores, and to get approved for a new credit card, you need pay all your bills before they're due.

But of course, things happen and maybe one day you'll make a late payment. One late payment isn't the end of the world, though. You can get your credit rating scores up again over the next several months, if you make a point to pay your bills on time.

Have you ever been tempted to cancel old credit cards you never use? As odd as it may sound, this is really not the best thing to do. Each and every credit card you own just keeps contributing to your credit score. A credit card shows potential lenders that you have funds to pay them back if necessary.

So the second tip is to keep old credit cards, but don't use them, even if you are still paying on them. As your bills are paid, your score will increase, which will make it easier to apply for a new card.

One last thing to remember: Don't max out your credit card limit. It's a bad practice no matter how you look at it. If you use up more than fifty percent of your limit, your score will probably drop as a result.

By staying below 50% of your credit limit, you will have an easier time managing your bills and maintain a better credit score. By following these tips and arming yourself with a better understanding of how credit rating scores work, you have a much better chance of being approved for a new credit card. Good luck on getting your score up!
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Worried about How to Build Credit? Visit our website and uncover how to increase your credit score ratings painlessly and stop the stress.
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