An individual with a score between 650 and 750 is said to have a fair to good credit score range and it is possible to get fair to good credit cards with this score. Just because they don’t have an outstanding credit history does not mean they can’t have a credit card. While it is possible to get a credit card even if the credit history falls in the bad range, the fair to good credit cards carry more benefits.
In order to get a high credit rating, one has to maintain a long credit history with bills being paid on time consistently. Another thing that improves credit rating quickly is if the expenses are large and they are cleared on time. A shorter credit history with payments not cleared on time will bring the credit score down just as quickly. Small credit card purchases with payments made on time are of little help in increasing credit ratings.
The benefits of fair to good credit cards are that interest rates will be lower than those with bad score credit cards, more credit will be given these card holders, and a few bonuses might also be added. For example, a number of credit cards offer 0% introductory APR or instantaneous approval. While there may be annual fees imposed, there may also be rewards programs. So to get the best deal, one needs to shop around and compare the interest rates and bonuses provided.
To get the maximum benefits however, one needs to move out of the fair to good credit cards range and move into the very good range. To do this, begin by improving the credit scores. This is done by maintaining minimum balances to their lowest, making sure to charge only what can be paid off, and making timely payments. Finally, make sure the credit being used sends reports to the foremost credit reporting agencies. Maintaining an outstanding account is useless if it is not reported to the appropriate agencies and is not reflected in the credit score.
Using fair to good credit cards to do shopping has many conveniences. First, there is the security of an extended warranty. This means that some credit card purchases may be extended to a 90 day return policy instead the typical 30 days. Second, if during the holidays a gift is purchased at full price and it is reduced afterwards, it is possible to get credit for the difference in the price through the crediting company. Finally, returning items is easier with purchases made through a credit card.
Possible Fair to Good Credit Cards
1. Orchard Bank
4. Student and First-Time Younger Adult Cards