credit rating

Credit Rating

What Is The Credit Rating I Need To Get a Low Interest Credit Card?

Credit Rated Credit Cards


Credit cards have now become an integral part of our life. The entire concept of credit cards hovers over the fact that it allows you to make purchases without carrying cash and provides an additional protection against unauthorized purchases.

What one needs is a credit card score according to the bank’s minimum criteria to be eligible for a credit card.

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Bank Credit Rating

Banks will always verify to see whether you are a potential lender who regularly pays the interest before issuing a credit card. Credit card rating is a good indicator that clearly deciphers the fact whether the potential lender can service the debt he or she is appealing for. However, credit cards are just a part of your overall credit rating.

Any kind of loan including a study loan, car loan, furniture loan, house loan, etc., will also form a part of your credit report. Paying these loans on time will count in your favor. You are also better off if you are having a stable income to qualify for the loan. Hence a credit rating sums up your entire credit history into one three-digit number.

Best Credit Rating Credit Cards

Most people are denied credit cards due to unfavorable credit rating. Prime credit cards are only permitted to applicants with credit scores of say 720 or more. Even a recent late payment can deny the approval to these credit cards. Let us shed some light on the various credit ratings and the cards that you can avail for these ratings.  Find the best credit cards for you and your credit rating.

Credit Score Rating

You will be under one of the following four categories while you are applying for your credit card:
• Superstar Credit (rating> 780)
This rating takes into account all kinds of loans from study to car to mortgage and credit card loans. This rating is hard to achieve at a young age as it requires 5 to 10 years of on time payments. Credit cards from premier banks like American Express, Chase, and Citi are reserved for people in this group.

• Good Credit (rating> 700)
You will be approved for most of the credit cards if you have a credit rating over 700. This implies that you are using your credit card for at least two years and have paid your debts on time without having too many accounts. 0% intro APRs card like Discover it or the low interest credit card like Capital One Venture falls under this category.

• Average Credit (rating 600 to 700)
You credit card score falling within this bracket will prevent you from applying for many prime credit cards. Your credit rating falls under this bracket when you have just started using your card and missed one or two payments. However, Capital one has some low interest credit card to satisfy your need.

• Poor Credit (rating <600)
You need to take special assistance to get approved for credit cards if your credit rating falls under this category. Credit rating below 600 implies that you are missing your payments overtime or you have incurred a huge debt.

Thus it is better to have a score of 700 and above for securing your low interest credit card. Keeping a track of your credit card rating prevents you from incurring debts and loans.

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