Credit Card Applications - Top 10 Tips

1. Match the credit cards for which you apply to your habits. Before you apply for a credit card, take note of how you generally handle your bills and expenses. If you can't stand to owe anyone money and MUST pay bills the moment they come in, then the APR on your credit card won't matter much ? but you may find that selecting the right special rewards credit cards UK merchants offer will give you a leg up with discounts and cashback on the purchases that you'll make anyway.
   
2. Know your credit score before you apply for a credit card. Your credit score will affect whether you're accepted for a credit card, which credit cards you can apply for and the annual percentage rate that you'll be offered. You can get your credit report for a small fee from one of the three major credit reporting agencies.
   
3. If you're turned down when you apply for a credit card, you have a right to know the reasons. You also have a right to know which credit reporting agency the credit card company obtained your credit report from. You're also entitled to receive a free copy of your credit report from that agency so that you can see what's in your credit report.
   
4. Before you apply for a credit card, check your credit report and see if there are repairs that need to be made. When you apply for a credit card, UK credit card companies check your credit report. It's important that you check it regularly to be sure that there are no errors, and correct them promptly and IN WRITING if there are.
   
5. Don't apply for too many credit cards. Remember, every time you apply for a credit card, the credit card company requests your credit report, and the reporting agency notes that a request was made. If you apply for many credit cards, it can appear that you're irresponsible with credit, even if you have no late payments or charges on your report.
   
6. Having more than one credit card can be a good idea, though. In general, many financial advisors recommend the following:
   
   a) A rewards or discount credit card for everyday small purchases that will be paid off for each billing period. The additional advantage of making everyday purchases on a credit card is record keeping and the safety of not having to carry cash.
   
   b) A low APR credit card for larger purchases which will be paid off over time. The low APR keeps your interest charges lower.
   
   c) If you have an car, a credit card specifically for petrol purchases. Many UK credit card companies offer credit cars that give you discounted prices or cashback when you use them to pump your petrol.
   
7. Be wary of store credit cards. The APR charged on them is often nearly twice that of a major national credit card. Unless the card offers membership benefits that offset the higher interest rates, you're better off to apply for a credit card that allows you to make your purchases anywhere.
   
8. Do your research. When it's time to apply for a credit card, a visit to www.moneyeverything.com can help you find all the information that you need to choose the best credit card for you.