Applying For Credit
Making the right choice for you!
by Sr. Director, Michele Tufenkjian
Applying for credit cards is sometimes not a simple process! If you wish to apply for a card, you first must
know what your credit is like. For instance, if you are over-extended heavily or you have a history of constant
late payments, you probably will not be approved for a regular card. You may need to apply for a First Premier,
Capital One or Providian as they have different cards for people that have less than great credit scores. Keep in
mind if your credit is not good, and you are accepted for a card, you may have to pay a higher interest rate
because you are considered a "High Risk". Don't let this discourage you. Go ahead and get some credit
established in your name even if it is a higher rate.
After 1 year of excellent payment history, you are often able to re-negotiate a lower rate. The better your
credit gets, the more you can apply for a lower credit. All credit is "score driven". A score of 700 - 720 or
above is considered to be excellent! From 650-700 is pretty good but if its 650, it is usually starting to signal
that you may be over-extended or close to your maximum. Anything lower than 650, you will have to find a
card that is especially for those wishing to re-establish poor credit. Cross Country Bank and First Premier are
excellent cards for people that have poor credit, although First Premier also has cards for people with excellent
credit. They are perhaps the best 2 companies that help people with poor credit. You will have to pay a one
time processing fee, and possibly another fee, but well worth it to establish or re-establish your credit. Don't get
hung up on the numbers if your credit is not good.
Below are several cards that you can apply for. Of course, your bank is sometimes even better as you
already have a relationship established with them. Some people may need a co-signer (or co-