Credit cards are like jewels in some ways. Some can be very good, while others are just average. Some credit cards have a reputation for being very prestigious, hard to get, or both. Almost everyone agrees that these are also the hardest cards to get. Many people think that they can't get one of these cards if their credit isn't perfect or if they aren't a certain age.
The truth is that not many people have perfect credit, and age is not nearly as important as other factors when deciding whether or not to give someone a card.
Before you try to get one of the best credit cards, there are a few things you should think about. It's always a good idea to know where you stand ahead of time. This could save you the trouble of applying for a card you probably won't get.
How is your credit history? One of the most important things you need to do is answer that question. Get copies of all three credit reports that are currently being kept on you. This is the best way to see what your credit history looks like. Federal law says that each credit reporting agency must give each consumer one free copy of their credit report each year. You must ask for the reports, which you can do online.
Check your reports when they come in to make sure they have all the right information. If there are mistakes, make sure you follow the directions for how to fix them.
Before you apply for the best credit cards, you should also know how long you have had credit. To put it simply, the longer you've had accounts open, the better. Every company that gives out credit cards wants people who have used credit in the past. This is especially likely to be the case with the better credit cards. If your credit history is measured in months instead of years, you might want to wait to apply.
When most people think about getting a well-known credit card, late payments are the last thing they worry about. Your credit report will show how often you've been late with payments. Look closely at that. If you've missed a payment or two in the past, that usually won't keep you from getting a credit card that's better than average. But if you have a lot of late payments, it could happen.
You should also check to make sure that you haven't missed any payments. If you have any outstanding debts, you will need to take care of them as soon as possible before you apply for the new line of credit.
Don't feel bad if you find out you are not ready for that great new card. You can always work on your credit now and apply for the card later. Many people will find that they can clean up their credit reports with a little work and in as little as six months.
