But keep in mind, you’ll likely have to pay a balance transfer fee of 3% to 5% of the transferred balance first. Once you’ve paid some of it off, your credit utilization should drop. So if you have high credit card debt, you can use a balance transfer credit card to eliminate some of it. Credit bureaus like to see your utilization under 30%. Your credit utilization - how much of your credit you’re using - contributes to your credit score. There are also programs like Experian Boost that can help increase your credit score free of charge. However, you could also improve your score by eliminating credit card debt with an intro APR offer, increasing your credit limit or utilizing a credit builder loan or secured credit card. The simplest and easiest is to pay your credit card bill - and any other loan you may have - on time each month. There are a number of ways to increase your credit score. If your report looks correct, you can begin working to build your credit. If you find incorrect information on your report, you can dispute it with the credit agencies to have it removed. Once you have your credit report, check it for discrepancies. Through the end of 2023, you can get a free copy of your credit profile from each of the three major credit bureaus - Equifax, TransUnion and Experian - through. In addition to checking your credit score, you should also review your credit report in detail. Here’s how to tell where your score falls: FICO American Express, Discover and Bank of America all let cardholders check their credit score.ĭepending on the service you use to check your credit score and the credit bureau you pull your report from, it might use either the FICO scoring model or the VantageScore model. Or if you already have a credit card, check to see if your issuer offers the ability to monitor your credit score. You might have access to your credit report and credit score through a free service such as CreditWise from Capital One. The easiest way to know if you have fair or average credit is to check your credit score and credit report. How do you know if you have fair or average credit? To increase your credit score and gain access to some of the best credit cards, focus on making regular, on-time payments and avoid charging up to your credit limit to keep your credit utilization low. But if you’re interested in earning rewards, look for a credit card that will work well with your regular spending - and avoid cards that might encourage you to overspend. Though you can find credit cards with competitive rewards and welcome bonuses for fair or average credit, if your credit falls in this spectrum, it’s more important to find a credit card that will help you build responsible credit habits. How to find the best credit card for fair and average credit Overspending could lead to credit card debt But given the troubling trend of Petal suddenly changing terms for certain users after promising a “no-annual-fee” card, we would recommend that new users proceed with caution before applying for this card. Not all users have been downgraded, and the no-annual-fee Petal 2 is still available to new applicants and remains an excellent card in its own right. However, there have been recent reports of Petal unexpectedly downgrading existing users of the Petal 2 card and Petal®️ 1 “No Annual Fee” Visa®️ Credit Card to a version of the Petal 1 Rise card, which carries an $8 monthly fee for a total annual cost of $96 (Note: This is different from the version of the Petal 1 Rise available to new applicants, which currently carries a $59 annual fee.) (Yes, you’ll have to provide some financial data.) And it’s a good pick for anyone worried about eligibility, because Petal may use its own proprietary Cash Score - which analyzes your income and expenses - in addition to weighing your credit score. The card also offers the ability to earn up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments, plus bonus cash back at select merchants. Credit limits run from $300 to $10,000, based on creditworthiness. The Petal 2 Visa Card, issued by WebBank, has no annual fee, no late fees, no returned payment fees and no foreign transaction fees.
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