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FCIC Credit Matters

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future on your own. A positive credit history is an asset not only when you apply for a credit card but also when you apply ...

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FCIC Credit MattersPage 1CREDIT MATTERSAmerican Express Company in cooperationwith the Consumer Information CenterInformation was prepared with theassistance of the Federal Trade CommissionRevised August 2000A credit card is a great financial tool. It can be more convenient to use and carry than cash and it offersvaluable consumer protections under federal law. At the same time it's a big responsibility. If you don'tuse it carefully you may owe more than you can repay damage your credit rating and create creditproblems for yourself that can be difficult to fix.Chances are your mail is full of offers from credit card issuers. How do you know if the time is right fora credit card? Here is some important information that may help you determine whether you're ready forplastic what to look for when you select a company to do business with and how to use your credit cardresponsibly.Qualifying for a Credit Cardq Establish a Credit Historyq If Your Application Is Deniedq Get the Best Dealq Kinds of Credit Accountsq Protect Your Creditq You're Responsibleq Federal Protectionsq For More Informationq Please note that this guide was designed primarily for a U.S. audience. While many of the general topicareas may be relevant in other parts of the world specific details are U.S. based.Qualifying for a Credit CardIf you're at least 18 years old and have a regular source of income you're well on your way to qualifyingfor a card. But despite the invitations from card issuers you'll still have to demonstrate that you're a goodrisk before they grant you credit. The proof is in your credit record. If you've financed a car loan or otherpurchase you probably have a record at a credit agency (CRA) (The most common type of CRA is thecredit bureau). This credit history shows how responsible you've been in paying your bills and helps thecredit card issuer decide how much credit to extend.Before you submit a credit application get a copy of your report to make sure it's acc ...

Source: www.pueblo.gsa.gov

 

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