What It Means To Have A Good Credit Card
Posted at by ifydcat on category CreditI never saw myself getting conscious about my credit card score. All that I wanted was just purchasing things, buying things online, booking plane tickets and I never bothered knowing how my credit standing was especially that I didn’t have to carry cash to get what I want. I came to realize though that a good credit score can give me benefits financially and socially. A good score can make things easier while applying for a loan, insurance and financial related transactions.
Businesses and other companies would require good credit score before they can release or even give a person’s request. As time goes, credit score information may be accessible in the internet by just one click. This could also be a possible requirement when a person will purchase or loan a car, a house, or money. This is sometimes used by employers too before they hire someone.
How would you know if you have good credit score? Reading through the 5 elements below would tell you.
Payment history, verify the transaction made in your credit. Payment dates and over dues are something that lender would look at when they check your credit score. Meeting deadlines and late payments show a behavior that can trigger bad credit score. Outstanding credit balance, verify your limits in your credit card. Stick to your credit limit and don’t go over it. Verify how old your credit card is or how long you have used it, this will show how important a credit card is for you and how loyal you are to your company. Acquiring a new credit card in a short span of time, this shows how you are able to work with 2 credit cards and how you manage your expenses. Apparently, this also means that you might show disloyalty with your credit card company or you have no control in using your credit card. Having unique credit cards for multiple transactions, this means you have a good credit score but then owning multiple of the same credit card type means you don’t value your card, bad credit score.
A credit card score breakdown is composed into 6 ranges: 700 and above, 680 to 699, 620 to 679, 580 to 619, 500 to 619, 500 to 580, and 499 and below. The highest number states that you have a good credit score and the lowest number states you have bad debts.
Hence, the benefits in having a good credit score are important because this information can be used everywhere. This information may be accessible online in the near future for business convenience. This credit score is also used for loans, insurance, shopping and anything that handle finances. One thing to watch out for in having a good credit score are the credit card rewards.
Written by Andrea Bourne. Find out the latest information aboutln penge hurtigt and slip ud af RKI.