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If you have a good or excellent credit score, you are in good shape when it comes to getting a credit card. This is because credit card companies, by and large, offer the best deals to consumers with the healthiest credit profiles. While other factors are taken into account, including your employment situation and your ability to repay, good credit gives you a huge head start if you’re hoping for some of the best rewards or travel credit cards out there.
But exactly what type of credit card should you expect or look for when you have good credit? While the exact cards change regularly, there are several rules of thumb that you can use to ensure that you are getting the best credit card when you have good or excellent credit.
Click here for the latest list of the best credit cards for those with good credit scores.
How do you know if you have “good” credit? There are many ways to check your creditworthiness for free. So this is a good start. For example, many credit cards offer free credit. However, you can also sign up for credit monitoring services that will track your creditworthiness on your behalf.
Although there are several common types of credit scores, your FICO score should be given your greatest attention as it is the most widely used by lenders. The FICO values range from 300 to 850 and are divided into the following categories:
- Excellent: 800 and above
- Very good: 740 to 799
- Good: 670 to 739
- Mass: 580 to 669
- Bad: 579 and lower
Most lenders consider a FICO score of 670 or higher to be “good” or “acceptable,” according to Fair Isaac Corporation, which created the FICO grading formula. So this is a good range if you are not already there, but you are entitled to the best deals if you are in the very good range or above.
Connected: How to Improve Your Credit Scores Instantly for Free with Experian Boost.
With good credit, you can qualify for credit cards that offer exciting travel rewards, lucrative cashback, or even VIP perks.
Most people with good or excellent creditworthiness can qualify for any type of credit card they want, such as credit cards. For example, cards that allow you to earn exceptional rewards or cards with world class benefits, and even cards with low-interest offers for purchases and credit transfers.
For the most popular CNN Underscored credit cards in each of these categories, see our guides below. If you have good to excellent balance, you stand a great chance of getting approved for any of the cards on these lists:
Good or excellent credit can also help you qualify for premium credit cards that offer unique perks, including VIP travel benefits.
For example, with good credit, you can qualify for a credit card that comes with airport lounge membership, automatic elite status with hotel brands or rental companies, or hundreds of dollars worth of annual travel credit. While these perks are typically associated with credit cards that have high annual fees, the perks can help you get more than enough value in return.
Connected: 9 of our favorite credit card benefits not to be missed.
When completing a credit card application, please note that as per the Consumer Financial Protection Bureau (CFPB) regulations, you can list your total household income, not just your own, when you apply for a card. This can make qualifying for a card a lot easier if you are a home-based parent with a working spouse, or if you only work part-time but your partner makes a generous amount.
Check to see if you qualify for one of these credit cards for those with great credit.
With so many credit card options, it’s important to know what to look for.
Before you apply for any of the top credit card deals, ask yourself what you are hoping for in return. The following questions can help you decide which credit card offer is best for your needs and goals.
- Do I plan to use a scale? Many of the top premium credit cards charge high APRs, which make carrying debt an expensive endeavor. If you need to have credit with you from time to time, consider a credit card that offers 0% APR on purchases for a limited time – usually between 12 and 20 months – when you first receive the card.
- Do I Need to Consolidate High Yield Debt? If you already have a lot of credit card debt, a new credit card may be the last thing you need. A new credit transfer credit card, on the other hand, can be used to consolidate and pay off debts for a limited time at an annual rate of 0%.
- Am I interested in rewards? Unless you need an introductory credit transfer or purchase offer, be sure to get a credit card that will give you rewards for everything you buy. In addition to receiving cashback or travel rewards for every dollar you spend, you may even be able to earn a generous sign up bonus.
- What kind of rewards would I find most useful? With so many options available, it’s important to take the time to decide the type of rewards you want to earn. If you travel a lot, a travel card that you use to earn points or miles may work best for you, while others may prefer to get cash back with a credit card that they can use to buy anything they want .
- Am I willing to pay an annual fee? Credit cards with the best perks usually have annual fees, although there are many great card options without one. If you want to pay an annual fee for a credit card, make sure the benefits or rewards you get for doing so are worthwhile.
Save money with these best credit card deals for those with good credit scores.
The best credit cards for good credit can be useful, lucrative, and worth pursuing. However, there are still a few pitfalls to watch out for. Make sure you are aware of the potential downsides to credit cards, including the following:
- fees: Annual credit card fees for the top premium cards can go up to $ 550. Therefore, it is important to know and understand all of the fees that you agree to pay. If you’re willing to pay a hefty annual fee on a premium travel credit card, make sure the benefits are worth the cost.
- Rewards program rules: The ways to redeem the rewards you earn on a credit card can be complex, and some programs have more rules than others. For example, redeeming airline miles often means understanding the rules and limitations of the loyalty program, while redeeming cashback earned on a credit card is usually much easier.
- High Yield Debt: Some of the best credit card deals charge the highest APRs. So keep the interest rates in mind when considering different cards. If you have short term debt, check out cards that offer 0% APR on your purchases instead of a fancy travel card.
When it comes to credit cards, make sure you pay your bills in full and on time to maintain your creditworthiness.
While a credit card can be a valuable tool when it comes to building credit or maintaining good credit, the opposite is also true. If you use your credit card irresponsibly, you could damage your balance and see your score drop in a hurry.
To get the most out of your credit card, you should consider the factors that were used to determine your creditworthiness. For example, your payment history makes up 35% of your FICO score and is the biggest determinant of whether you have a good score or a bad score. This is why it is so important that you pay your credit card bill and all other bills on time each month.
Another factor that affects your credit score is the amount you owe in relation to your credit limits. This is known as the loan utilization rate. Experts recommend keeping the amount you owe on your credit cards at 30% or less for the best results. This would mean that with a total credit limit of $ 10,000, $ 3,000 or less would be owed.
Finally, you should also check your credit reports for errors that could damage your credit, such as: B. Accounts that do not belong to you or incorrectly recorded late payments. If you do encounter any problems, you should take steps to report the errors to the credit reporting agencies so that they can be corrected immediately. Fortunately, you can check your credit reports for free through the AnnualCreditReport.com website.
Find out more about the best credit cards that you can get with great credit.
Check out CNN Underscored’s list best credit cards of 2021.
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