You don’t have to actually visit a bank to apply for a credit card. Need a cash back card or a travel rewards card, you can easily apply for it online. The information that you provide in the online application is verified against your credit score. Banks and credit card issuing companies have stringent requirements. Once you clear these, only then will they approve your card application.
Your credit score is gathered and your spending history is scrutinized. A high credit score (690 to 720) is an indicator, that you have the habit of settling your dues on time. This can be helpful when you are trying to get a new credit card. Plus, if you require any additional credit limit, a good credit history will always come to your rescue. So, the first step to ensure that your online card application goes through is by having a good credit score. If low, implement measures to improve your credit score.
Improving your credit score
Credit score can’t be increased overnight. It takes a good deal of time to change it to a positive value. Your application for a new credit card might have been rejected due to an unsatisfactory credit rating. You will need to put in a great deal of effort to ensure that you push up your score.
To do this, ensure that you pay all your bills on time. It can be your existing credit card bills, utility bills or any other debt. If you make sure that all payments are made on the due date. As your outstanding debts reduce, your credit score will improve. Also, do not make the mistake of withdrawing money from the card, if the bill is heavy. It’s best not to use your card till you settle your previous bills. Once the score displays an ascending trend, you will find it easy to gain approval with enhanced credit limits.
How to enroll for online credit card account?
Signing up is a one time, simple process. All you need is to provide your social security number and your bank account number. With a unique user ID and password you can access your credit card account online. You can choose to go paperless and have online credit card statements delivered to you. Plus, you can access transaction information, view and redeem your rewards, set customized account alerts and make payments anytime.
Credit cards are being used extensively. In fact, the economy has transitioned into a cashless economy. Banks and credit unions are moving the online way, and applying for credit cards online simplifies the process. If you are planning to apply for a new credit card, do it online and reap the rewards that come with swiping cards.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.