Many consumers have asked me this question “How does the Fidelity Credit Card issuers affect my credit rating? “, as many are finding themselves caught up in the web of debt caused by the recession. While many of the issues that have plagued Americans for the last few years have had a lot to do with issues on the personal front, the credit card issuers have found that there has also been a significant impact on their businesses. In fact, the worst effect has probably been on small business owners.
For the most part, small business owners have built their businesses around the business credit cards that they issue and use. In some instances, these small business owners have gone so far as to establish businesses around the specific credit cards that they issue to their customers. In doing so, the small business owner is using his or her card to build a credit history and future credit rating for themselves. Unfortunately, after issuing a series of credit cards to customers, the card issuer may decide that it is time to turn off the spigot and not issue any more.
How exactly does this affect your credit rating? In general, it will lead to lower FICO credit scores. For those consumers who have built credit rating on their cards, the hit will be much harder than for those consumers who do not have built credit rating on their cards. What is worse is the impact on the interest rates that you will see on your credit card. Yes, many of the cards will be affected by the interest rate, but your FICO score will take the brunt of the hit because the credit card issuers will view you as a higher risk. In short, the higher interest rates that you would experience if you did not have the credit cards, will now be applied to your new credit card status.
If you are concerned about this potential turn against you, don't be. The good news is that many of the credit card issuers have already started moving toward offering no interest rates to new customers. In fact, many of these no interest introductory offers are available only for a limited period of time in order to attract new customers to the company.
After this period, most credit card issuers will apply standard interest rates to the entire balance of the credit card. Yes, you will probably notice an immediate decrease in your balances. However, remember that the majority of individuals have credit card balances, and most of those people do not have an extremely high credit rating. Therefore, this temporary lower interest rate can be considered a blessing in disguise.
While there may be a temporary decrease in your FICO credit score due to these new interest rates, what you need to know is that this temporary lower rate will only last until the end of the promo period. After the promo period is over, your rates will once again return to their normal level. This does not mean that you should immediately jump on and close your credit card accounts. Instead, take some time to evaluate your credit score and credit report. If you find any errors, contact the credit card issuer immediately so that they can correct this information.
Now that you know that your FICO credit rating is not directly affected by these cards, you can focus on other aspects of your credit life. If you currently have a good credit score, you can use these cards as an opportunity to improve your credit rating. You can use the card as a tool to build up your credit score by making your monthly payments on time and repaying the full amount owed. In fact, this type of credit is a valuable tool that can help you rebuild your credit.
If, on the other hand, you presently have a very low credit score, then these cards may not be right for you. These cards typically offer very high APRs and high interest rates. This is the best way for someone with poor credit to get a credit card. For people with good credit, these cards can provide an excellent way to reestablish their credit by using them wisely and making all of their monthly payments on time.
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