Fair Credit Credit Cards - Credit Cards for Fair Credit

Ho do I know if I have Fair to Average credit?

Most people only know of the one way credit issuers use to judge your credit. your credit score. Did you know that you can be approved for a great credit card even if your credit score is low? Likewise, you can be denied a fair to average credit card even if your score is fair to average.

Most credit card issuers are looking beyond the applicants credit score nowadays in order to approve more customers.

The primary ingredient card issuers are looking for is when approving credit card applicants is their capacity to repay the card. Another major player in the over-all decision to approve people is their stability.   Meaning, an applicant with a 680 credit score that carries a large amount of debt may be less attractive than a person that has lower score with a lower debt load. If you have a good job that you have been on a while and good discretionary income you are a better risk to the credit card companies than someone with higher scores.

When filling out your credit card application be sure to include all of your income that can be proved. Say for instance, second jobs, side work, social security benefits. If you have been on your job for a short time you may want to include a cosigner on your application.

nobody wants a cosigner, however if it can give you a 10% rate verses a 20% rate it may be worth biting the bullet and asking a family member or friend. Once you demonstrate a good payment history with that card it may be possible to use a balance transfer card to get an even lower rate card that is just in your name.

Keep in mind also, most credit card applications are approved electronically. This means that an underwriter rarely gets a chance to look at your application. If you are not approved, and you have something else to add, I suggest that you call the credit card company to explain the additional factor you have.

For example, if you have been on your current job for only a short time but you were on your previous job for a long time this may help your application. Another thing you may ask the card issuer to consider is assets that you have that are not included on your application. If you have a substantial amount of money in your 401k account or investment property telling the credit card company may help your application too.

We have listed below, what we feel are, the two best credit cards for each credit scenario. If you feel that your credit situation could go either way we suggest that you apply for both cards. If you are approved for a card that is better than the other you can always cancel the account or leave it open to build your credit.