Credit cards are available to almost everyone who has a decent credit score. You might also be aware of the fact that people have more than one credit card with them. During the times of economic crisis credit becomes a huge factor for an average citizen. The recession that the global market is facing since the last few months has taken a toll on the credit card industry.

Many of the major banks are not issuing credit cards until and unless you are deemed to pay back the credit to the bank on time without fails.

Credit score is something that determines how well you pay your bills or if you have returned the money you loaned from some financial institution in a timely manner. It gives the bank or any financial institution an image of what kind of customer you might be. Your credit score are determined by major credit bureaus.

They calculate it depending on your payment history. In the US there are three major credit bureaus namely Experian, Equifax and TransUnion. They would check information like the amount you borrowed and if the amount was repaid on time and a few other factors.