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Step 1
Establish a good credit history - Lenders like to see a history of on-time payments. Making consistent payments shows that you are a good risk. As your credit score increases, lenders are willing to lower your rates, and offer you more credit, because they are betting that you will want to protect your good credit.
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Step 2
Obtain your free credit reports - Your credit report documents items such as your name, address, and social security number. It also includes your payment history, types of debt you owe, existence of tax liens or court judgments and various other items. You should get a copy from one of the three major credit reporting bureaus and review it for accuracy. Many times there are numerous errors, which if fixed, could increase your credit score. This will help you qualify for a low interest credit card.
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Step 3
Pay Your Bills On Time Each Month - If your credit score is not exactly where you want it to be, paying your bills on time will help. A lender basically wants to know that you are going to pay them back. Credit is a loan, not a gift, and credit card companies are in this game for money. By sending in your payments on-time, you are proving that you are a lower credit risk, and therefore deserve a credit card with low interest rates.
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Step 4
Ask - One of the quickest methods of obtaining a low interest credit card is to simply ask your current card company to lower your rate. If you have been making timely payments many creditors will work with you and lower your rates in order to keep you as a customer. If you miss too many payments, or send them in late every month, you will almost never qualify.
Comments
bar10dr98 said
on 12/4/2008 Great advice, thanks!
sunshine11219 said
on 12/4/2008 good suggestions