Applying for New Credit Cards – Build Up Your Credit Reputation

12th Jan 2017

Whether making a purchase for small or big items, consumers are often met with the possibility of making their acquisition with the comfort of a managed small payment spread over time. However, acquiring the credit facility is no once off feat. It requires careful planning and financial management to build up a credit reputation. Before any organisation gives off merchandise on credit, they need to review the consumer’s profile. They then establish their trend or credit fingerprint. The user, therefore, needs to know how to build up such a profile. The consumer must also then start applying for new credit cards.

Build Your Credit by Applying for New Credit Cards

To this end, some organisations have set up opportunities that consumers can optimise on to set them on their journey in building up their credit profile or better still building their muscle in credit rating or ranking. The more one openly displays their financial management capabilities by way of leaving digital footprints; the more their credit ranking increases or rather, the fewer organisations consider them a credit flight risk.

The credit card company tracks the digital footprint through one’s use of a credit card. Credit rating companies will study the potentials credit management patterns. They do this by observing their ability to acquire credit even from others and their ability to stick to the repayment plan. The more others are willing to offer a potential credit, the better their ranking and the more willing higher credit institutions are to provide the potential customer with their merchandise. It’s like a show of integrity.

applying for new credit cards

More About Building Your Credit and Applying for New Credit Cards:

Getting someone to trust a new customer enough to give them credit is not so easy though and a number of these new potential customers are faced with the dilemma of who will give them that break. The new client needs not worry, however, because the solution is there. It reveals itself once one commits to study the patterns and seeks the right advice. Organisations such as ABSA, Barclays, American Express, Blue Bean, Virgin Money, FNB, and MasterCard, have created products that they target at the most suitable people and for people who want to begin to build their credit ranking.

The credit or money cards they offer have very low allowable credit amounts. It costs very little to apply for and activate these cards and have very low monthly administration fees. And while they offer limited benefits, they do allow one to show their prowess in credit management. Some of the products have a reward system installed on them. This system rewards one for purchases of very low amounts like R5.

The whole premise of credit ranking which these products are structured around is that one is trained to manage their credit a little bit at a time. The credited amounts on the products can be as little as R200. These amounts gradually increase as one completes repayment of the initial amount. The crediting organisation begins by giving credit of a very small amount. That would have very little impact in the event of repayment failure. However, for the customer, it provides positive effects on their credit ranking.

All info was correct at time of publishing