Credit Card Application Guidelines
When applying for a credit, the first step is to determine what type of credit you may qualify for. Credit card companies offer multiple credit cards for different levels of credit quality.
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Excellent Credit
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People with credit scores of 740 and higher may qualify for low-rate, no-annual fee cards with a generous reward program. These customers may choose the cards that fit their travel or shopping needs.
Good Credit
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People with credit scores between 660 and 739 may still qualify for a low-rate, no-annual fee card, but may have fewer rewards programs options. These customers may be better served asking their current credit card companies for a rewards program that fits their needs.
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Average Credit
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People with credit scores between 580 and 659 may still qualify for a new credit card, but may be forced to pay a higher APR and an annual fee. In addition, rewards programs may not be available.
Bad Credit
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People with credit scores less than 580 may qualify for a new credit card, but should expect a high APR and annual fee. A customer with a low credit score or no credit history should keep a credit card in order to establish a good payment history and improve her credit score.
No Credit
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People with little or no credit may not have a credit score. These customers will qualify for credit cards similarly to a customer with average credit. A customer with little or no credit should use a credit card sparingly to establish a good credit score.
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