How Credit Card Applications Can Effect Your Credit Score
Thanks to the Internet, it has never been easier to receive and
submit credit card applications. It can be very tempting to fill
out all of the online forms available to you. But be careful, it
could end up costing you--consider the following issues before
hitting that "send application" again.
Be aware of card offers promising "pre-approved" credit. You
may be a prospective customer, but you still have to apply for
credit. Each time you apply, the card company obtains a copy of
your credit report. All these credit card applications count as
inquiries that, if concentrated over a short period of time, can
negatively affect your credit
score
Do you know what your credit score is? Visit www.credit-repor
t-credit-score.com to find out free of charge and to receive
a free copy of your credit report.
With online credit card applications, you should also consider
the security of your personal credit information. Take Security
and privacy concerns seriously. Limit your online application to
card companies that use industry-standard practices for security
and privacy. Look for 128-bit encrypting, which scrambles your
application data and requires a de-scrambler to read it.
Additionally, the card company's Web server should use Secured
Sockets Layer (SSL) technology. Look for an online application
on a secure screen of the Web site. This is usually identified
with a padlock or similar icon, or has a URL that begins with
the word "https." The company should also clearly state its
privacy policy for handling your financial data.
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