Some credit cards require good credit. These cards offer better interest rates and terms for the consumer. But you may not be sure that you qualify for them. How do you know?
The first thing to do is be aware of your general credit history. You should have a general feel for this anyhow. Details such as how often you’ve been late or missed a payment, and other such problems you are probably aware of. If you’ve had a lot of these issues in recent years, your credit may not be up to a good credit standard.
You should also look at how much debt you are carrying relative to your income. If this is out of balance, you will be seen as a greater credit risk, and so your score will be lower.
But it’s always a good idea to know more about your credit. You can get your credit report free from each of the credit bureaus annually, and you should consider taking advantage of this regularly.
There are of course other factors, such as how far back your credit history goes, how often you apply for new credit and other issues.
In general, a score of at least 650 is good. The trick is that the credit bureaus may not always show you your score when you get your free report. This is why you have to have a feel for what it all means before you apply.
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