There are literally thousands, of different credit cards out there for consumers to sift through. Some cards are extremely good, others; not so much. Finding the right credit card can be difficult, especially with so many choices, but most consumers understand one basic principle of credit cards: the lower the interest rate, the better.
The best interest rates on credit cards will be less than 10%, though these credit cards are difficult for many people to get a hold of. They are reserved for people with the absolute best credit scores — people whom banks and other credit agencies view as extremely safe investments. These are people who the financial institutions know are more likely to have the money to pay them back without any bumps along the way.
The best cards are called “prime rate cards” because these credit cards are often tied very closely to the prime rate set by the credit marketplace, one of the main factors used in determining the interest rates for loans and credit cards alike. These cards are going to have the lowest interest rates, and will almost never have any additional fees.
If you don’t already have a top notch credit score, then your chances of scoring a prime rate card isn’t good, but that doesn’t mean you can’t work yourself up to a point where you qualify. No matter how bad your credit is, it can be repaired given time and the right advocate on your side.
If you’re credit score is bad or even just average — you will want a prime rate card, then you need to remember that credit repair equals prime rate cards. There is no easy way to “cheat” the system, and having good credit is far more important than getting one prime rate card. Besides, if you repair your credit correctly and maintain a high score, then you won’t have to chase after a prime rate credit card because the banks and lenders that make these cards will start coming after you.
Credit repair can be done by anyone, and many people would be surprised by how quickly a score can recover if you do the right things. A friend of mine at one point in his life had about $3,000 in credit card debt in grad school, and late payments on his credit report from as early as two years before, and a score around 550. Not good. But he paid all his bills on time after that initial missed payment (and always added a little extra just to make sure he was over) and paid all his debt off so his balance was $0.
The result? In about four months of not having any balance, his credit score was a 729. That’s an excellent score, especially considering how close those last delinquent payments were. In addition to that, my friend had less than seven years of total credit history, meaning if the balance stayed at zero the score was only going to continue to climb and get better.
The point of is that it doesn’t have to take ten years to clean up a credit report. If credit repair is one of your tactics then a score can improve rapidly. Even if it takes more time, doing the right thing tends to have a snowball effect. Don’t be surprised if your score goes up five points in one month, then seven, then seven, then thirty-eight. More often than not — that’s exactly how it will happen when you represented by a reputable credit repair company such as Lexington Law.
When aiming for the best credit cards possible: all you need to remember is that credit repair = prime rate cards. It really is that simple. If you want the best cards, get your credit repaired and before you know it the companies will be flooding your mailbox with prime credit card offers and low interest financing.