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February 5,2009

  • Your Credit Card Reputation, Pt.1
     – Do we care?  Should we care?

    Admit it, most of us do feel some disdain when someone publicly reports something bad about us that's not true. How about, if it is true? We still don't like it, do we? We don't usually launch an attack on a bad credit card score, though, unless we believe it could hurt us tangibly. In the past, unless we were planning to need a lot of credit in the foreseeable future, we didn't concern ourselves much about tracking our credit card rating. But, times have changed and, even if one doesn't plan on buying a house soon, there is more concern about how a bad credit card rating can hurt us.

    Face it, our credit card rating is a reflection on our financial reputation. There are many ways a bad credit rating can hurt us today (even in terms of job prospects and trustworthiness). Not only is a good score crucial to buying a new home but, also a car loan, a badly need credit card when cash becomes short and even an insurance policy.

    Just one ‘small oversight' like a late credit card payment can haunt you with 7 years of bad luck. In these days, it has become more crucial then ever because the credit card industry is becoming so strict and judgmental and because the credit crunch is spreading to other types of borrowing, as well. At this time, the lending banks record levels of credit-card debt write-offs.

    Because of all this, the credit card lenders have had to raise the credit score bar for potential borrowers. In just this past year, the average minimum score has been raised from 720 to 740 or 750. What this means is that a lot fewer people will be able to obtain credit cards at all. Most of those who are fortunate enough to get credit cards at all will find less-favorable terms in the future.

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