Low Intro APR
No Annual Fee
Cash Back
Reward Cards
VISA
Mastercard
Business Credit C.
Balance transfer
Student Credit Cards
Frequent Flyer
Gold Cards
platinum Cards

Advanta
American Express
Bank of America
Bank One
Chase Manhattan
Discover

Bankruptcy
Slow Credit
Average Credit
Excellent Credit

Effects of credit cards and loan accounts can be positive. For example, retail charge cards can be a good way to establish or improve your credit. Because the card limits are generally low, you may pose little risk to the creditor. So, you may be approved with little or no credit history. Using these cards responsibly may help establish your creditworthiness for more significant credit (such as a vehicle loan or a mortgage) in the future. Unfortunately, the interest rate on charge cards is much higher than regular credit cards because of the higher risk involved. Use these types of cards sparingly.

Like retail charge cards, secured cards can be the first step toward repairing your credit history. With secured credit cards, you are required to deposit money with the issuer of the secured card that partially or completely covers the amount you may charge on your card. If you default on your card payments, the creditor may withdraw the money you have on deposit to repay the debt. In some cases, however, the card may be converted to an unsecured card if you make satisfactory payments for a specified length of time. Your secured card will help you establish or improve your credit only if you make the payments in a timely manner. Even though you have money on deposit with the card issuer to secure the debt, you must pay at least the monthly minimum to keep your credit history from looking even worse.

On the other hand, loans and credit cards can have a negativeimpact. First of all, applications for credit are reported to credit bureaus as an “inquiry” and remain on your report for 24 months. Lenders may become suspicious if they see numerous credit applications within a short period of time. Fearing that you may become overextended on the amount of debt you can handle, they may deny you credit simply because you've applied for too much.

Furthermore, late and missed payments will appear on your credit report. For each credit account you have, your credit report will contain a detailed history of your payment record over the last 12 to 24 months. Derogatoryinformation may remain there for seven years or longer, depending on the type of notation. Each time you're late making your credit card payment or miss a payment, you're undermining your credit history and weakening your chance to obtain loans in the future.

Finally, all open accounts with no balances also appear on your credit report, even if you don't use them. Because they increase your potential debt-to-income ratio, open but currently unused accounts can prevent you from obtaining new credit. To prevent this situation, get a copy of your credit report. If your report shows that you have cards you no longer use, call the issuing companies to cancel them.

These are just a few ways credit applications and accounts can affect your credit. To learn more, visit http://www.directlendingsolutions.com

Article Source: http://EzineArticles.com/?expert=Chris_Robbins

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Yes, low APR credit cards are on the rise. Many credit cards are competing for your business to give you the best and lowest rates available today. There are so many credit cards from you to choose from that they are doing all kinds of things to get your attention including lowering their interest rate and giving you no annual fees.

Why is this happening? Because there are so many credit card companies. They all want your business and this is an attractive incentive to get you to apply and own one of their credit cards. If you choose a low APR credit card over one with 19.99 percent you are sure to go with the lower APR.

The only problem is that sometime these 0% and low APR credit cards are only promotional ways to get you to apply and then later your interest rate will rise. Many credit card companies have low APR credit cards for a certain amount of time such as 3 months, 6 months and some up to one year. You will have to compare to find out which one keeps the lower APR after the promotional period to ensure you are getting the best deal around.

No matter what the reason low APR credit cards are here to stay as long as the companies are competing for your business. Just remember to compare everything they offer besides the lower interest rate. You may find that several credit card companies are now offering other wonderful incentives for you to apply with them such as reward programs.

No matter which company you choose, you will enjoy the low APR credit cards even if it is only for a limited time. You will be able to save money on your purchases because you will not have to pay any interest until the promotional period is over. Just be sure your balance is very low when the interest rate kicks in and you will be fine.