Credit Card Solicitation on the Rise
It’s the start of a new year, and things are looking up for credit card companies. With the worst of the credit crisis behind us, many credit card companies have once again begun soliciting customers for new credit cards. If you are a consumer with a good credit score, chances are you’ve begun seeing an increase in credit card offers each time you visit your mailbox.
And, according to Synovate, a company that tracks credit card solicitations, credit card companies are marketing more than ever before. For example, in the last quarter of 2009, 398 million credit offers were sent to consumers; that’s a 46 percent increase from the third quarter of 2009.
One of the reasons credit card experts give for the increase in credit card solicitations lies with the new credit card legislation. Many creditors, wary of what lied ahead just months ago, stopped sending credit card solicitation. However, now that the credit card legislation is enacted and it is clear what creditors can expect, many of them have therefore begun marketing hard to consumers with good credit.
So, the question is: will you take advantage of these credit card offers? Your answer to this question will depend on two factors:
- Your Current Credit Score – If you have good credit, then chances are you will be eligible for most of the credit card offers that come your way. If you have seen an increase in your current credit card’s rate or fees then it may be a good time to once again begin exploring your options. Many creditors are offering great terms and conditions now, so it may be in your best interest to see what they can offer you.
- Your Financial Status – If you are coming off of any type of financial difficulty, now may be the time to repair your credit and start fresh. However, if you still find yourself struggling to pay bills and make payments, now is definitely not the time to begin looking for a new credit card. Instead, take this time to get your finances in order; it doesn’t make any sense to incur more debt during this difficult time.
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