The top three credit card companies are, American Express, Bank of America, and Barclaycard. Each of these credit card companies lead the world in financial innovation and creative thinking. They are the best of the best and continue to provide their customers with excellence by expanding beyond traditional banking.
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The top three credit card companies specialize in providing superior customer service with excellent resolution records. A survey taken by J. D. Power and Associates shows customer loyalty is highest with these three credit card companies because of their ability to provide the best services with the most useful benefits.
Qualifying for a Top Credit Card
You need to find out what your most recent credit score is so you can be sure that you qualify for the low interest rates and other perks that the top credit cards offer. The Fair Credit Reporting Act, states that you can request your credit report once every 12 months.
The only website that is authorized by the federal government to provide you with reports from all three credit bureaus is AnnualCreditReport.com. Once you access the site, you select your state and are immediately directed to the application. Complete the application and submit.
Review your credit report carefully and make note of your score. A good score of about 750 or so from each bureau should be enough to qualify for a top credit card. You can go online and apply for a credit card with confidence knowing that your credit score is of good standing and your offers will be comparable.
Credit Card Options for Bad Credit
If your credit is not the best, you might want to consider applying for a secured credit card with a moderate maximum balance. Under normal circumstances, your credit history dictates your risk and this decides your interest rate and balance. At times, overzealous credit card companies will disregard your credit history and offer you a high maximum balance with interest rates that are just as high.
Beware of these types of offers. When your interest rate is high, it takes a long time to bring your balance to zero. People who have bad credit can control their maximum balance with a secured credit card because they must place a deposit using their own money to initiate the account.
Instead of receiving a loan from the bank, the deposit secures the credit card. You can make deposits at any time to raise your maximum balance, but most think twice before exercising this option. This is one of the reasons why secured credit cards are easier to obtain.
Ways to Rebuild Credit
Rebuilding credit takes time. You have to be patient and begin slowly. Remember, it took a while before your credit took a downward spiral; repair is completed in steps. Here are some actions to consider:
- First, look at your current financial status and determine how much debt you have. If you need assistance, you can seek the help of a debt settlement agency that can combine your payments into one monthly bill.
- Bill consolidation can help you reduce your debt quickly and every time you pay off a bill, your credit rating increases. They can also report your progress to the credit bureaus. Note, make sure the agency you choose has this option. Some will not take this step and you will need to contact the credit bureaus directly.
- Make sure you receive your annual credit report and complete a thorough review. Look for any new additions that may contain errors and make sure any old debts that have been satisfied are removed. If you notice anything suspicious, contact the credit bureaus immediately and ask them to investigate. If the negative information on your credit report is not valid, it can be removed. This will help your credit score.
- Apply for a secured type of credit card. To help reestablish your credit, you can try for a secured credit card with a low deposit. The deposit will act as your available balance and you can begin to use your credit card for small purchases. Each time you make your payment, the information is tracked.
If you make your payments in full each month, your payment history will be recorded as positive. This is passed on to the credit bureaus who will increase your credit rating. As mentioned before, the process does take several steps and a little time, but you can rebuild your credit if you have a solid plan.
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