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What is credit?

Credit is the reputation you have earned for paying your bills on time that makes it possible for you to receive loans, etc. with the understanding that you will pay for them later.

What is a grace period?

A grace period is the amount of time after a due date of a bill that may pass before late fees are applied. Grace periods are usually 10-25 days and may depend on the company.

Why are some credit cards not available in particular states?

In some states, like Wisconsin for example, consumer laws favor consumers and that restrains some credit card issuers. Whether or not a particular credit card offer is made available to Wisconsin residents or residence of other states depends entirely on the bank and varies with each credit card issuer.

How do credit card companies come up with pre-approved credit cards?

Before the bank mails out a pre-approved offer, they get a list of potential candidates from the credit bureaus. The bank sets certain criteria and then the credit bureau gives them a list of people who meet those criteria. Once the list is compiled, they send out a mailing with enticing offers and special deals to everyone on the list.

Why is credit important?

If you are looking for a loan, credit card, or low interest rates, having good credit will increase your chances of getting one of these. If you have credit problems, it may be hard to acquire a loan when you need it the most.