Page 67 - Credit Builidng Toolkit By Adrean Yancy jr 3
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Credit Building Tool
· Search for a Card with Zero Annual · Consider the Application Process:
Fees: The credit card market is a bit Some issuers designed an application
dicey. This is because some of these process that is as fast as lightning.
cards offer incentives just to make sense Hence they pride themselves on how
of their annual fee charges. However, do fast and easy their application process
not be deceived by these incentives, as is. But if you're not careful with some,
there are still many cards that provide you could get stuck in the process. Most
more incentives and still do not charge issuers ask consumers to provide their
yearly fees. Social Security Number, tax I.D., and
some other details. Go for the issuer
· Fees and Penalties: Should you with the easiest process.
default in payment, what is the penalty
going to be? You must ensure that you · Online Utility: Most credit cards can
understand how a particular card works be used for online transactions like
to avoid unnecessary charges. Banks sending funds and making purchases,
and credit cards have various ways of but do not be surprised that some cards
taking advantage of ignorant users and allow zero online experience.
making money off their ignorance.
First, you want to find out what their · Look at the Company's Reputation:
penalties are? What is the penalty for This is a no-brainer; you do not want to
late payment or spending above your do business with any company that has
credit threshold? For instance, some a bad reputation or bad reviews. Hence,
companies have the policy of increasing you must find out the bank or card
consumers' interest rates for default in issuer's reputation and how trustworthy
payment, which could affect your they are before applying for a card with
interest fee. them.
· Credit Limit: If building your credit
history is one reason you opted for a
card, I am sure you do not want to
damage it any further. You do not want
to go beyond your credit limit. Your
credit limit is the maximum amount of
cash your credit card companies allow
you to borrow. It often ranges from
hundreds of dollars to some thousands
of dollars.
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