I received a letter from American Express saying I'm approved and selected to get a credit card from them and no annual fee for the first year, does that mean I have good credit?
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answerbeggar - 33850 dollars
ANSWERS: 3
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Not necessarily. Those credit card companies are always wanting your money.
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probably; American Express is a littler choosier about who gets cards from them, but all the credit card companies are hurting right now.
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It means that you don't have terrible credit. But here's a dirty little secret: banks don't like people with excellent credit. As long as your credit score isn't abysmal, they can charge higher rates to people with lower credit scores. It's much more profitable to make loans to people with poor credit than with good credit. If you don't pay, they can take you to court and get a judgmost against you, and then get a lien against your property and attach your wages. It's really not such a big risk for banks to give credit to people who are bad credit risks. And the Republicans, bless their greedy little hearts, made is much more difficult a few years ago for people entrapped by these loan sharks to escape the trap they're in. And furthermore, it's that sort of thinking on the part of banks that caused the economic mess that the world is in...
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