For many households, one of the best benefits of having no annual fee credit cards in the wallet or purse are the initial bonuses that come with a new account. Many of these credit cards offer a 0% APR introductory period that will let you transfer a balance or make purchases for a specific amount of time without interest. In effect, this means you’re getting free access to your account so you can pay off debts without paying extra.
To get the best no annual fee credit cards, however, you’re going to need excellent credit. The average credit score needed is generally 700 and may be as high as 725. That means not everyone is going to qualify for the credit cards in this specific area right now. If your credit score is a little to low and you want to score some high quality introductory benefits, here’s what you’ve got to do.
Look For Problem Areas On Your Credit Report
One of the easiest ways to improve your credit score is to review your credit reports from all three major credit bureaus. US law provides consumers with one free credit report every 12 months from each credit bureau. Review these items in-depth and dispute anything in writing that you even think may be incorrect. Every dispute requires an investigation and any positive change in your favor will also reflect on your credit score in a good way.
Once you have done this, it generally takes about 60 days for the changes to take place. Once that happens, you may end up having a good enough credit score to take advantage of the best no annual fee credit card offers!
Review Your Public Records For Potential Issues
Sometimes the biggest hits to your credit report come from issues that are found in public records and not in your finances. It is a very common mistake to have someone with an eviction report, a judgment, a bankruptcy, or even a foreclosure have the same name as you and so the negative information becomes part of your credit profile.
The way to dispute these incorrect records is the same as it is with improper entries on your financial records. You may also need to contact the originator of the public records for them to adjust their files accordingly so the same error doesn’t repeat itself again.
Has Your Identity Been Stolen?
Identity thieves are savvier than ever and that can make it impossible to secure any no annual fee credit cards. They can be hard to detect today too thanks to improvements in the way they commit fraud. Instead of charging large amounts on one or two accounts, they’ll steal multiple accounts and make small charges instead. Always review your statements for inaccurate charges and include your cell phone, internet, and even your electrical bill for unauthorized access. These areas can affect your credit and ultimately your ability to be approved for a new credit card.
The benefits of no annual fee credit cards are clear, but you’ve got to have excellent credit to take advantage of the best benefits. Use these tips to maximize your credit and you may just see the boost in your credit that you need.