Petal 2 Visa Credit Card 2020 Forbes’ Review

Anyone nurturing a fair credit history would be wise to consider the no-annual-fee Petal 2 credit card. It’s one of the only no-annual-fee cards available to those with so-so credit with the potential to earn up to 1.5% cash back, making it a rare specimen among unsecured credit cards aimed at building credit.

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Here’s the Average Credit Card Approval Rate by Credit Score

You should understand your chances of approval before applying for a credit card.

The fact that you need credit to qualify for credit might be the most frustrating credit-related dilemma, but there’s a close runner-up: The only way to know whether or not you’ll be approved for credit is to apply, but too many applications for credit can tarnish your credit score.

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Managing and Securing Your Credit Information

A credit report is a detailed account of your individual credit history, compiled by one of the three major credit reporting companies (Experian, TransUnion, Equifax). Creditors use these reports to evaluate an individual’s ability and willingness to repay debt. Banks, department stores, the IRS, the court system, doctors, hospitals, utilities, and other companies all submit payment information directly to the credit reporting companies.

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Debt Management vs. Debt Settlement

Out-of-control debt has a way of taking over your life. High interest rates can cause your balances to climb higher each month, and the higher balances hurt your credit score, making it more difficult to obtain financing for important household expenses or personal needs. As the debt grows, so does your stress.

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Establishing or Rebuilding Credit Scores: Options for Moving Forward

Your credit scores are prepared by FICO and other companies and are mainly based on your history of managing debts, such as whether you tend to make payments on time. Your scores play a significant role in your everyday life because the next time you apply for a loan or a credit card — or perhaps a new apartment or insurance —your scores could affect the final decision, including your costs.

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