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Credit Cards and Credit

Credit Cards
credit cards and credit

Building up your credit is an important step toward total financial health. Whether you're applying to increase your credit limit on a credit card or negotiating the interest rate on a new car or home loan, having a clean credit history will help you achieve your goals. When choosing a credit card, it’s important to customize to your lifestyle. Get credit card information to help you make the right decision.

What are the different types of credit cards?

Today, banks offer all kinds of credit cards. Standard credit cards include balance transfer and low-interest cards. There are also cards with rewards programs attached. With rewards cards, you earn points based on your usage, and you can redeem them for a variety of rewards, such as cash back, travel points, retail points and gas cards, to name few.

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Should I have a specialty credit card?

Should I have a specialty type of credit card? Specialty cards, such as business or student cards, are designed for people with very specific credit needs. These cards have many of the standard features—low introductory rates, cash back and airline rewards—but they also include perks specific to business professionals and students. For example, a business card might have features for increased credit limits, employee cards and tools for keeping personal and business expenses separate. Student cards are designed to help people who are enrolled in school build credit for the future. These cards often have minimal rewards, but if managed well can lead to more creditworthiness in the future.

Can I qualify for a credit card if I have bad credit?

Fortunately, there are even credit card options for people who need to repair their credit. Secured credit cards are designed to provide people with poor credit histories to rebuild a positive line of credit. There several aspects to keep in mind:

  • Secured cards require collateral for approval
  • Credit lines are usually low ($250.00)
  • Additional fees may be included

Advertiser Disclosure: TransUnion Interactive may have a financial relationship with one or more of the institutions whose advertisements are being displayed on this site. In the event you enter into a product or service relationship with any such institution through the links provided on the site, TransUnion Interactive may be compensated by such institution. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TransUnion Interactive does not include all credit card companies or all available credit card offers.

What You Need to Know:

There are various types of credit scores, and lenders use a variety of different types of credit scores to make lending decisions. The credit score you receive is based on the VantageScore 3.0 model and may not be the credit score model used by your lender.

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