The Best No Annual Fee Credit Cards For Good To Excellent Credit
|Best No Annual Fee Credit Card for Good to Excellent Credit||Benefits|
There are plenty of no annual fee credit cards to choose from weve just selected a few.
Bottom Line: If your credit card portfolio includes several cards with annual fees and youre trying to reduce these costs, you may want to find similar cards that do not charge annual fees. For example, the Hilton Honors Surpass® Card charges an annual fee, while the Hilton Honors® Credit Card does not charge an annual fee. There may be a trade-off in benefits that youll have to evaluate in the process, but you could save a lot on annual fees.
The Credit Score Needed To Buy A Car
According to Investopedia, the average credit score you will need to purchase a car is 661 and above15.
You may be able to find financing options with a bad credit score, but you will generally need a cosigner or more money to put down towards your car loan when you have bad credit since you are a nonprime or subprime borrower.
You should also consider the role insurance scores play in your car buying journey as credit scores help insurance companies assess risk when you apply for insurance. Make sure your credit score is correct with Experian or other bureaus before you apply for insurance.
Ask For Lower Interest Rates Higher Credit Limits
The first thing Wayne Sanford, owner of the Texas-based credit counseling firm Credit Bureau Investigations, recommends doing is contacting your current credit issuers to see if they can offer you a better deal.
Call up and say, I just checked my credit score and it was above 780, so why am I still paying this high interest rate? A good chunk of them will drop the rate down for you, he says. And if that doesnt work and youre carrying a high-interest balance, it may be a good time to look into a 0 percent balance transfer card deal, or look into applying for a new, low APR card.
While youre on the line with your credit card issuer, you also can ask for an increase to your credit line. If successful, this is a good win since it can make maintaining a great a bit easier if you tend to carry balances on your cards from time to time.
With a top score, youve already been good about not using too much of your available credit, but a higher limit gives you a bit more wiggle room should you wish to finance a larger purchase over a few months.
Tip:The higher you are up the mountain, the longer the fall, says Sanford. In other words, with a high credit score, even the slightest slip-up can cause as much as a 100-point drop. That said, dont start overspending just because you have a lower rate or a higher limit.
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Average Age By Credit Score Tier
The South has the worst credit, on average , whereas the Midwest has the best . In fact, three of the five states with the highest average credit scores are in the Midwest. With that being said, every region has at least one state whose residents boast good credit, on average.
So, while job opportunities, living costs and other local factors definitely affect credit-score averages, its also true that credit scores can flourish anywhere.
Negotiating With Your Creditors
Despite what many people believe, your creditors are not your adversaries and they are not working against you. Therefore, you should not treat them as such. Instead, your creditors are working with you in an attempt for both of you to gain a profit.
If you fail to do things, such as pay your bills on time, it negatively impacts the ability of your creditor to do business with you. While they should be understanding of any reasonable financial hardships that youhave undergone in the past few weeks or months, they can tell the difference between short term financial problems that were out of your control and blatant financial responsibilities on your part.
Ultimately, its your responsibility to communicate effectively with your creditor so that you can both benefit equally from your business agreement.
For an example, if you are forced to skip on a payment or to default on an entire loan the very first thing you need to do is to contact your creditor and talk about the Issue in detail with them. This action alone will tell them that what has happened is out of your control and that you are trying to correct the Issue in contrast to them believing that you are just behaving irresponsibly. In addition, this will also strengthen your business relationship.
Examples of how your creditor may be willing to help you after you have discussed your problems with them include the following:
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What A Fair Good Or Excellent Credit Score Means For You
The better your credit score, the more choices youll have when it comes to applying for a loan or credit card. Thats the bottom line.
If you have a fair credit score and are approved for a credit card, you may be offered a slightly higher interest rate. Your initial credit limit may also be on the lower side. But if you make your payments on time and demonstrate financial stability, you might be able to have your limit increased after 6-12 months.
If you have a good credit score, your chances of being approved for loans and credit cards increases. Youre also more likely to be offered a more competitive interest rate, as well as a more generous credit limit.
Finally, an excellent credit score makes borrowing money and getting credit cards much easier. Its also more likely to get you the best available interest rates and generous credit limits.
The Best Business Credit Cards For Good To Excellent Credit
|Best Business Credit Card For Good to Excellent Credit||Benefits|
If your business has high travel expenses, youll want to select the Ink Business Preferred® Credit Card over the Ink Business Cash® Credit Card, as the latter earns only 1% cash-back on travel expenses, while the Ink Business Preferred® Credit Card earns 3 points per dollar spent in this category.
If the majority of your business expenses do not fall into the bonus categories of Chases business credit cards, earning 2 points per dollar spent on all purchases with the Blue Business® Plus Credit Card from American Express might be an appropriate choice, especially since it doesnt have an annual fee.
Another no annual fee card that delivers solid cash back for your business is the Ink Business Unlimited® Credit Card. No need to keep track of bonus categories or quarterly promotions as the card earns 1.5% cash back on every purchase you make resulting in real dollars you can invest directly back into your business.
Bottom Line: Selecting the right business credit card to maximize earnings requires making sure your most significant business expenses match up with the bonus spending categories of the card youre considering and the rewards and benefits you receive offset any annual fees.
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Dont Cancel Old Cards
Some credit card holders think that they should cancel their old credit cards to get that last push toward a perfect score. After all, more cards mean more opportunities to overspend right?
The truth is that closing old lines of credit can harm your credit score. When you close a credit line, you give yourself access to less credit and automatically raise your utilization. For example, imagine that you have a couple of credit cards and they each have a $1,000 limit. You put $300 on one card each month your total utilization is 15% . You dont use one of the cards at all, so you decide to close it. Even if you still spend $300 a month, your utilization is now 30% because you only have $1,000 of available credit.
Is a certain card tempting you to overspend? Keep it in a locked safe or desk drawer instead of closing it to maintain your score.
What Percentage Of The Population Has A Credit Score Over 800
In April 2018, about 21% of the population had a credit score between 800-850, which represents the higher echelons of credit score possibilities.
However, that doesn’t mean that most Americans don’t fall into those “upper ranges.” In fact, by 2020, 69% of Americans had a “good” credit score at 670 or above. Americans have worked to get their credit into a better position than last year and even increased their scores three percentage points compared to last year.
How’d they do it? reduced by 14% last year and credit utilization also dropped 3.5%, to 25.3% in 2020.
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Protect Your Exceptional Credit Score
People with Exceptional credit scores can be prime targets for identity theft, one of the fastest-growing criminal activities.
Mortgage fraud occurs when a borrower, broker or an appraiser lies about information on the application for a mortgage loan. During the mortgage crisis, Experian estimated that first-party fraudlike loan stackingmay have accounted for more than 25% of all consumer credit charge-offs at the time.
Credit-monitoring and identity theft protection services can help ward off cybercriminals by flagging suspicious activity on your credit file. By alerting you to changes in your credit score and suspicious activity on your credit report, these services can help you preserve your excellent credit and Exceptional FICO® Score.
Average Cost Of Car Insurance In West Virginia: Full Coverage Vs Minimum Coverage
The cost of car insurance in West Virginia will vary depending on the coverage level that you purchase. A full coverage policy with 100/300/100 coverage costs an average of $1,016 yearly, while a liability-only policy costs an average of $519 yearly. A minimum coverage policy is typically cheaper since it only provides the minimum coverage mandated by West Virginia car insurance laws. Full coverage policies have comprehensive and collision insurance and are consequently more costly.
Average Cost of Car Insurance in West Virginia by Coverage Level
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What Is The Average Credit Score
Data provided by Experian revealed that the average FICO credit score for Americans was 711 in 20202.
According to Experian, this average FICO score may be a result of credit scoring factors such as fewer late payments or delinquencies on credit cards, shrinking debt , and a decrease in credit utilization.
There are other credit scoring models such as VantageScore, but the majority of lending decisions are made using FICO scores, so this review is focused only on FICO scores.
What Is A Good Credit Score For A Credit Card
Like other lenders, credit card issuers will consult your credit score to determine the risk of doing business with you before approving you for a new credit card. If you want to open a premium travel rewards credit card, you may need good and perhaps even excellent credit scores to qualify. For other types of credit cards, even some with 0% introductory APR offers, a good credit score may be sufficient to be approved for the card.
Beyond qualifying for a credit card, your score can also have a significant impact on the APR and other terms of your account. Credit card issuers not only rely on credit scores to help them determine whether or not to approve applications, but they also use scores to set the pricing on the accounts they approve.
Take this list of top credit cards, for example. Youll notice that every credit card offer features not a specific rate, but rather an APR range. A card issuer might advertise an APR of 13.49% to 24.49%. The reason for that range is because the card issuer will base the final rate it offers you on the condition of your credit.
Defining a specific number that a credit card issuer defines as a good score is tough for two reasons:
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Maintaining Your Exceptional Credit
Its important to keep your balances low and keep your credit utilization under 30%. Its also wise to maintain a mix of installment and revolving accounts.
Of course, you also want to continue making your payments on time from here on out. Even one late payment can be very damaging to your credit.
Length of credit history also plays an important role in your credit score. Therefore, you want to keep your oldest accounts open and continue to show potential creditors that you have a long, positive payment history.
What Is A Good Credit Score In Canada
A good credit score in Canada is typically one that is 680 or higher. Of course, there are many different types of credit scores , and keep in mind that the credit scores a lender sees are usually different from those that you might have access to. Additionally, your Equifax credit scores might be different from your TransUnion scores. The image below illustrates the different credit score ranges in Canada and can help you determine if your credit score is a good credit score.
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How A Credit Score Is Calculated
Its impossible to know exactly how much your credit score will change based on the actions you take. Credit bureaus and lenders dont share the actual formulas they use to calculate credit scores.
Factors that may affect your credit score include:
- how long youve had credit
- how long each credit has been in your report
- if you carry a balance on your credit cards
- if you regularly miss payments
- the amount of your outstanding debts
- being close to, at or above your credit limit
- the number of recent credit applications
- the type of credit youre using
- if your debts have been sent to a collection agency
- any record of insolvency or bankruptcy
Lenders set their own guidelines on the minimum credit score you need for them to lend you money.
If you have a good credit score, you may be able to negotiate lower interest rates. However, when you order your credit score, it may be different from the score produced for a lender. This is because a lender may give more weight to certain information when calculating your credit score.
What Are The Average 817 Credit Score Car Loan Rates In 2021
For those that have excellent credit scores, they can ensure that they will qualify for just about any type of loan that they wish to take out, whether it is an auto loan or a mortgage. Personal loans are also something that are easier for them to borrow with such a high credit score. It is important to provide proof of your income when applying for any loan, though.
|FICO Credit Score|
All the calculation and examples below are just an estimation*.Individuals with a 817 FICO credit score pay a normal 3.4% interest rate for a 60-month new auto loan beginning in August 2017, while individuals with low FICO scores were charged 14.8% in interest over a similar term.
So, if a vehicle is going for $18,000, it will cost individuals with excellent credit $326 a month for a sum of $19569 for more than five years at 3.4% interest. In the meantime, somebody with a lower credit score paying 14.8% interest rate without an upfront installment will spend $426 a month and wind up burning through $25584 for a similar auto. That is in excess of a $6015 distinction.
The vast majority wont fall in the highest or lowest class, so heres a breakdown of how an extensive variety of FICO scores can influence the aggregate sum paid through the span of a five-year loan:
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Percent Of Credit Files That Dont Qualify For A Fico Score
The Ascent reports that data released in 2019 found 11 percent of Americans dont qualify for a FICO credit score5.
In order to qualify for a FICO score, you must have:
- At least one credit account that has been open for at least six months
- At least one account that has reported to credit bureaus within the past six months
- No deceased status on your account6
If you share a credit card or other types of credit with someone who has passed, this may account for the deceased status thats preventing you from receiving a FICO score on your credit report. Watch your credit with a credit reporting agency like Experian to report this.
Poor Credit Score: 550 649
This grand score is on account of several late or pending payments, numerous defaults on products from different lenders. This score can also be due to bankruptcy which is a scar that will remain on your record for a whole decade. Getting a new credit is near to a miracle for such individuals. It would be advisable for them to look up a professional finical advisor that will aid them in repairing their credit.
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