- Congratulations you have been pre-approved!
- Have you gotten one of these card offers in the mail lately? Just because a 'pre-approved' card offer is sent does not
mean that you are automatically qualified, nor does it mean that it is the best offer you can find. Credit card companies
have been cutting back on sending offers to just anyone. Banks target their offers to those who are more likely to
respond, in many cases that means they are targeting those with slightly damaged credit who are more in need of new
credit.
In these times of tight credit, many folks still need to apply for new credit. What can you do to make sure that your
application goes through with the smallest hit to your credit score?
First you must do some research. Check out plans, rates, and terms on the Internet. You can also read about those in
magazine and newspapers but those offers may not be as up to date as those online.
The 15 questions you want to ask are listed below:
1. What is the limit available on this card?
2. What is the interest rate on purchases?
- 3. Is the interest rate different for cash advances or balance transfers?
4. What limits and fees apply to cash advances and balance transfers?
5. Are interest rates fixed or variable?
6. How long is the grace period? (A grace period is the time you have to pay back the charge without accruing interest)
7. Is there an annual fee?
8. Is there a per use or transaction fee?
9. Is this a specialty card with points and awards?
10. How does the reward program work?
11. What types of penalties are there for late payments or over the limit charges?
12. What special offers are available?
13. Can I get a better rate if I do transfer a balance from another card?
14. What is the best way to apply for this card? (Online, paper application, over the phone)
15. Are there any preconditions for applying like drivers license, proof of date of birth?
- Use these questions to help you sort out the best card offer. Select one card and apply for that. More that 2 new credit
applications in 6 months will most likely cause you to lose a few points on your credit score. So do your research, make
your choice, apply for the card, and then when you get it in the mail – Use it wisely!
Credit Article by Linda Adams - The Clean Credit Queen
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