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Whether you have just reached the age where you are starting out in your working life, or have found yourself recovering from a financially strapped situation, it is always important to work on your credit worthiness. Having a good credit rating score is important for numerous reasons, some which do not involve making purchases at all. Using credit cards to build credit is probably the easiest way to manage and maintain a good credit score. Creditworthiness is more than just about buying what you can afford, but in how well you manage your finances. Achieving and maintaining a high credit score saves money because it is easy to take out loans at the best possible annual percentage rate (APR). Individuals with high scores are offered credit cards with no annual fees, low rates and sometimes cash back on the purchases they make. Credit Worthiness Is Not Just about Money Individuals looking to find employment at large companies are typically required to provide authorization for the business to pull their credit report. The human resources offices of these firms use this information to determine the character of the person they would choose to employ. Obviously, those with low scores might tend to be less dependable than someone that ranks high. Insurance companies routinely update the files of their policyholders with information gathered through their credit report. Statistics have shown that those with low scores have a tendency to file more claims with the insurance carrier, then those with a higher ranking. Based on this information, the carrier makes adjustments, up or down, of the policyholder’s premiums. Businesses providing consumers with credit cards always consider credit worthiness when determining if they can approve an application, or not. However, in these harsh economic times, many lenders have had to rethink how to market their credit card product. Fewer people are borrowing money, purchasing cars, or taking out mortgages on their homes. The Consumer’s Advantage over the Lender As more individuals struggle with their finances, the adverse credit industry continues to grow. While it might seem more difficult to borrow money with credit cards, in this market, the opposite is actually true. With less people interested in obtaining credit cards, lending institutions work to find creative ways to offer credit to potential customers. This usually involves offering highly competitive rates, removing annual fees and giving rewards and rebates as enticements. Analyzing Credit Creates Huge Savings Many existing customers, holding credit cards with the same financial institutions for years on end, do not realize they can obtain credit at competing companies for a much lower rate. As an incentive, many companies offer low or no interest rates on money transferred to the new account, from the old one. This can offer immediate huge substantial savings to the credit card holder. It is wise to take advantage of the current economic climate, and seek out credit information at rival lending institutions. By making a few simple adjustments in an individual’s financial portfolio, they can save money and improve their credit worthiness using wise credit card decisions. credit-land.com is a one-stop shop providing information, links and applications to competitive online top brand name credit cards. Providing the most up-to-date information, their site offers premium customer service and data to make the best decisions on which type of credit card works best for the individual consumer.
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