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2007-04-24 02:38:54

Find the best credit card deals: how creditors size you up

To find the best credit card deals, you need to be able to know what creditors look for in their customers. This can be summed up in three different terms: capacity, character and collateral. How you stand in these situations will define if you are a good credit risk, a poor credit risk or you have no credit history that will allow for this to be held true. By analyzing this, they determine what type of credit card they can offer you, if any and what amount they can lend.

Good Credit Card Deals

To get the best credit card deals, you need to meet the qualifications offered by the credit card company. In capacity, the question is if you can repay the debt that you will likely produce. This means looking at your employment information, and determining how much money you have coming in and how many expenses you have to pay. They determine your credit line based on these factors.

In that of character, credit card company rules will differ somewhat from one Visa to the next MasterCard, but character is important. Do you make payments on time? Will you repay the debt that you borrow? Depending on your credit history, they will determine your character traits.

Another key element is that of collateral. If you don't pay them back, the credit card company wants to make sure that you have something that's of value to secure the credit card. This could be property or investments.

The interest rate or APR that is charged to you is often based on your credit information. By taking into account the way that you rate on these different attributes, lenders will determine if they will provide you with credit, what amount that will be as well as the low interest rate they will charge to you. This is all dependent on the amount of risk you pose to them. A low fee credit card is the best credit card deal. Being worthy of a good credit card deal is essential to affording most credit cards.

Fair Credit Rules

For all credit card deals, there are laws in place that limit the information that can be used. For example, the Equal Credit Opportunity Act means that you must be treated fairly and impartially. There is no room for discrimination. In addition, if you receive public forms of income such as social security, welfare or other benefits, you can't be penalized.

These laws including those that keep a creditor from discouraging you from applying for a loan, refusing you a loan if you qualify for it, and not providing you with accurate terms before you agree to the loan.

There are some rules that are specifically important to know about your credit card company. For example, it once was a practice to limit credit to those that were over a certain age. Today, this is considered discrimination therefore very specific rules are in place regarding your age. They may ask your age but they can not turn someone down based on your age (assuming that you are over the legal limit to sign a binding agreement which ranges from 18 to 21).

They cannot ignore your retirement income, close your credit account when you retire or reach a certain age or deny you the use of your credit based on age factors. Credit card deals can not be limited to you because of your age!

These laws do provide lenders with the ability to now how long your retirement income or other income will continue to come in. The amount that you are given is able to be adjusted depending on what happens to your income.

Other rules are in place for various other situations, such as public assistance and housing loans. If you are on public assistance, you may not be denied credit for this. But, your income standards still need to be taken into consideration and lenders will be able to insure that you meet their eligibility requirements. The same laws cover your interest in mortgages and home improvement loans. You can not be denied based on any of these discriminating factors.

If you want to find out way you have been denied credit, you can request this information from the lender and legally it must be provided to you.

To secure the best credit card offers, you need to be able to compare credit cards. Laws govern the discrimination of someone that is applying for credit card and therefore you should be able to find the best consumers credit cards for your needs. All credit card deals are subject to these laws! Your online credit card application will ask you questions, but you can't be denied for any of the reasons listed here.

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