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Find Out the Things to Consider Before Applying for a Credit Card
If you think you can easily apply for a credit card without any thought and foresight, then you need to think again. There are many applicants who feel that there is no harm in applying for this bank card. But, before applying for such plastic money it is important to consider some essentials to avoid trouble later.
It affects your credit
Many people apply for these cards without knowing that they can affect their credit rating or credit score. If you have this type of bank card, you’re probably aware that it shows up on your credit report as a “credit inquiry.” Although, one or two inquiries on a credit report will not really affect the rating, many inquiries in a short period of time can significantly lower your score. According to experts, if a person has multiple inquiries on their report, their credit score drops by 10-20 percent, depending on their past credit history. So, if you are on the borderline of bad versus good credit, applying for these bank cards may not be fruitful for you as it can have a major impact on your score.
Applying for a credit card can cost you money
It is very important for the applicants to do their homework properly before applying for this plastic money otherwise they will have to pay for it. For example, if the cards have a processing fee of 99 dollars and an annual maintenance fee of 50 dollars, if you get accepted for such cards, it is a huge loss for you because you have already borrowed 150 dollars without buying anything.
Avoid applying online
There are many applicants who often make the mistake of applying online for such cards. It is true that applying for such cards online requires you to share your personal information and it can be risky at times. Some hackers may misuse your personal information for their benefit. However, the chances of hacking with a reputable company’s website are very less. So, if you want to avoid such hassles then it is always better to apply offline than online to save time and energy. Reputed companies also have phone numbers so applicants can call them to apply over phone.
Shop around before applying
It is very important for applicants to shop around before applying for such cards so that they are getting the best deal possible. There are some reputed banks that offer special rewards for opening an account, while some also offer zero percent introductory interest rates. So, before applying you must check such deals to enjoy maximum benefits.
Remember, applying for this plastic money is similar to applying for a loan, so some thought should be given before proceeding with the application. All these essentials must be considered before applying for a credit card.
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