Credit Cardholders Are Improving Their Credit Scores
Qualifying for a credit card has become increasingly difficult under the dark cloud of the global credit crunch. The lending standards are getting tighter. If earlier credit card holders applied their energy to accumulating cash back or frequent flier miles, now they do their best to improve their credit scores. They understand that positive FICO score is their best guarantee of getting a credit card with beneficial features and terms in future.Just a year ago a customer with FICO score of 680 - 720 would get the best credit card offers with the best interest rates from many lenders. Now, as financial experts say, that bar has been raised to 720 - 750.The days of easy credit have gone. Many lenders are requiring higher scores to grant applicants credit cards. The reasons are obvious: the number of consumer defaults is rising. According to the American Bankers Association, in the last […]
Original post by Everything Finance