Right now, there are some great credit card deals out there, and it would seem silly not to look into them. There are, however, a few things you should keep in mind as you do your research.
Always read the fine print. If you fill out an application to see if you can get a good deal, you might have given permission for a number of searches to be done on your credit report. You need to remember that the mark will stay on your record for a year.
Then, if you find a better deal, you may be turned down. You see, a new lender will only see searches, but they won't know why they are there. They might see this as proof that you've been turned down, have too much debt you can't pay back, or have been a victim of fraud.
So, remember this and be careful. Instead of applying for credit, get a quote. This should not show up on your record. If it does, it will show up as a quote and shouldn't hurt your chances of getting credit in the future.
Do not stop your search until you are sure you have found the best deal. If your credit history isn't perfect, this can be hard to do, but a good broker should be able to point you in the right direction. A company can't look for information about you without your consent.
Let's talk about credit cards once more. We all do it. After 6–9 months with no balance, you can move on. As long as you pay your bills on time and get rid of old cards (don't just cut them in half, you have to tell the lender), this shouldn't hurt your credit score too much. Unless you do that, you have too much credit. This might not be good for other lenders. Also, don't forget that lenders hope you won't switch at the end of the term and pay the higher rate. How do you think they make money besides that?
If you think that searches have hurt your credit score, you can talk to the credit agencies that have your information. Experian and Equifax are the most important ones. You can find out more about these things on my website. There are ways to fix this if there are any mistakes.
Colin Warburton CMap is the author.
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