for questions that relate to all forms of credit.

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3
votes
0answers
65 views

Are credit card compnies required to send income info to Feds? [duplicate]

I requested a credit line increase with BOFA. I am self-employed, and they asked for my expected income. I got the credit line increase, and the rep said he was required to send the income information ...
0
votes
1answer
65 views

How do credit card companies make money from cardholders who do not carry a balance? [duplicate]

How do credit card companies make money from cardholders who do not carry a balance? It seems credit card companies are eager to offer their services to borrowers even if they have a tendency to pay ...
5
votes
3answers
231 views

Have plenty of cash flow but bad credit

I had financial issues back in 06-08 (when the nation in general also did). I had debt I couldn't pay, and I had to sell our house short. I since then have not purchased anything I couldn't pay cash ...
1
vote
2answers
52 views

Does closing accounts lower one's credit score?

Does closing accounts lower or increase one's credit score, or does it depend?
1
vote
0answers
110 views

Bank in another state asking family member questions about me upon opening a line of credit

Today my aunt let me know that she tried to open a line of credit with a credit union she uses in the state she lives in (a different state than I live in). She told me my name came up and they ...
4
votes
2answers
180 views

Is there any downside to opening credit card accounts and then leaving them inactive?

I currently have a single credit card. I don't really use it at all, maybe $50-500/month on it which I pay off. In checking my credit score, which is already near 800, I got a pretty good ding for ...
0
votes
2answers
65 views

Is any credit reporting agency less likely to remove a disputed item than the others?

Between TransUnion, Equifax and Experian: is any agency more anti-deletion than the other agencies? I have two items to dispute: one I can prove is incorrect and the other an unpaid credit card that ...
3
votes
2answers
69 views

Is having “credit” needed for a young adult's prospects?

I barely know anything about what credit is or why it is good to have "good crdit". All I know is that one needed a credit card to have a credit history, and I assume obeying the rules of the card ...
3
votes
4answers
145 views

What is the preferred way to set up personal finances?

I'm trying to figure out how to set up a personal finance system that is simple. I want to know things like: How many bank accounts should I have and what kinds, and how much (percentage-wise) of my ...
5
votes
2answers
49 views

Abroad good credit as minor supplement for U.S.-based credit bureaus and their algorithms?

So I have good credit in the U.S. But I have impeccable credit in Singapore where I lived for past four years. Is there any chance I could convince one of the credit bureaus in the U.S. to consider ...
0
votes
1answer
58 views

Credit card for low CIBIL Score? [closed]

I have CIBIL score of 628. I want to improve it using credit card. I applied in one bank but they declined it. Is any bank provide credit card for this score in India?
0
votes
0answers
59 views

Optimal Credit Card Utilization? [duplicate]

I was wondering what percentage of credit card utilization is optimal to improve credit? Currently I have a "good" credit rating, but there is always room to improve.
0
votes
1answer
191 views

Personal Loan without CIBIL check? [closed]

I have Low CIBIL score. Its take another 1 year for me to improve CIBIL score. But now I have to apply for a loan Rs.100000. I am salaried employee in private sector. And my CIBIL score is 628. Is ...
1
vote
1answer
46 views

Demat & Trading account will reduce Cibil score?

I have opened Trading Demat Account before 2 years. But i used only 2 months. Will it reduce cibil score?
6
votes
2answers
211 views

Will paying off an old $8 collection hurt my credit?

Let me explain a little more. I was the victim of a car accident and medical bills went through the roof. I had about $16k racked up, then my settlement finally kicked in 3 years later and paid it all ...
1
vote
1answer
125 views

Can you pay off lease early?

If I pay off lease amount early for a car, is there any impact on my credit? Let's say I'm paying $400/month for 36 months, which is 14,400 total. If I pay 14,400 within 6 months, are there any ...
1
vote
1answer
52 views

Maximizing credit benefit of paying off my partner's student loans

My partner has approximately 8,000$ of student debt which we'd like to pay off. I have poor credit (or rather, no credit) and we have figured that paying it off "on my credit" would benefit both of ...
3
votes
1answer
135 views

Are “credit freezes” possible in Canada?

It seems to be generally-accepted that "freezing credit" is preferred to credit monitoring. Freezing your credit seems simple: Freezing your credit is as simple as contacting each of the credit ...
2
votes
1answer
63 views

Can a bank make you convert your HELOC into a loan? [closed]

Can a bank make you convert your Home equity line of credit (HELOC) to a loan?
3
votes
3answers
310 views

Improve credit score by removing adverse account

So my wife and I are trying to improve our credit scores in preparation to buy a house. I don't have any adverse things on my report, but my wife has one. She had a US Bank account a few years ago ...
3
votes
3answers
150 views

Credit Card Interest

I already posted a query like this before here and I'm having another problem. As you can see in the link I provided, the one I marked as the best answer is stating that "You would need to pay the ...
9
votes
1answer
907 views

If Sears is canceling my account that hasn't been used in years, will it hurt my credit score?

I have a Sears credit card that I haven't used in 14 years. They have recently contacted me and told me that if I don't make a purchase by Nov. 30, that they will cancel my credit card. If they (not ...
1
vote
5answers
1k views

What does it mean to be 'in credit' or 'in debit'?

I always get this mixed up. My energy company says my account is 'in credit'. Does that mean I owe them money, or they owe me money? I thought it meant they owe me money but if that's case I don't ...
-1
votes
1answer
88 views

Invest in stocks or in your own company [closed]

One of the main rules in trading is that you shouldn't use credit to invest in shares. And I'm quite sure that if you go to the bank to ask for 50000€ and say that this will be invested in trading, ...
1
vote
1answer
145 views

Credit limit decrease in order to get a credit limit increase?

I just opened a new credit card because it gives me better cash back on the things that I purchase. However, it has a credit limit that is only 1/3 of that of my existing card. Just before I got the ...
6
votes
5answers
3k views

Can I pay $20 on my credit card daily?

Here's the scenario, I'm new to credit card and I'm a college student. I need to buy laptop for Fall Semester and my credit card limit is $800. The laptop that I want to buy is $700. If I purchase the ...
0
votes
1answer
74 views

How long does an account stay 'open' on your credit report

A few years ago I had very little credit history and my parents agreed to put me as an authorized user of their cards to help build my credit. I've since built my credit significantly and my parents ...
3
votes
1answer
135 views

If I take out a cash advance, how exactly do I get charged and does it hurt my credit?

I'm in a situation where I need $2500 (USD) in cash (for a money order/cashier's cheque). I'm considering taking out a cash advance on my new US credit card. My credit card agreement says the "APR" ...
2
votes
1answer
161 views

How far can a credit card balance go into the negative?

Hypothetically, if kept overpaying a credit card such that the negative balance kept increasing to absurd amounts, what would happen? For example, say I have a credit card with a line of $500. ...
3
votes
3answers
5k views

Finding out actual items bought via credit card issuer and not the store receipt?

When one goes to the grocery store, one receives a receipt that lists all the items one has bought, with the name of the item and its amount. On my credit card statement (BoA), I only see a charge ...
4
votes
2answers
210 views

How long should one wait before reapplying for credit card after account closure

I have recently come out of some financial trouble. I had about 4 collection agencies I owed money to and 2 credit card accounts that had been frozen and closed. I have now paid off both credit cards ...
4
votes
3answers
1k views

What could be the possible reason for my student credit card denial?

I have a SSN about 30 days old and I am a University student and just started my internship. I applied for a student credit card online ( the requirements were average credit which meant I can start ...
2
votes
1answer
82 views

How large is the market for Secured Credit Cards?

I've been looking around but I can't find a hard statistic on how large the secured credit card industry is. I just keep either finding advertisements or advice on them when I search. In fact I can't ...
0
votes
1answer
99 views

A credit report is a soft inquiry. Is a “credit score report” a hard inquiry?

On Experian's website (and, I imagine, the other two bureau sites) we have the option to obtain a credit report and a credit score report. The credit report is the report that we can get through ...
1
vote
1answer
86 views

How can certain credit card payment patterns affect my credit score?

My bank allows me to pay off any portion of balance at any time, even if I have not received my statement for those purchases yet. I'm wondering if the frequency, amount, or way that I pay off my ...
2
votes
0answers
107 views

How can I significantly increase my credit score using cash? [closed]

I would like to improve my credit score^ by throwing money at it rather than by waiting several more years for a ding to disappear from it. I've read several good questions and answers here about ...
4
votes
1answer
130 views

Long history of credit vs. many open accounts — where's the line?

I'm not an expert on credit scores, but I have done a good bit of research on how they're impacted by different variables. I know that a long history of a line of credit is seen as a positive; ...
53
votes
11answers
9k views

Should I open a credit card when I turn 18 just to start a credit score?

I spend about $20-30 a week on my debit card, with periodic $200-300 purchases every few months. I've thought about getting a credit card the moment I turn 18 and using it to buy everything, then ...
0
votes
0answers
61 views

Advice for applying for new credit with no history to lose

I have had a credit history for all of 7 months, and so I only recently (hypothetically) got a credit score. Now I would like to add a small loan and some better sources of credit to my wallet, and ...
4
votes
4answers
617 views

Achieving ideal credit card utilization above 0%

So everyone is aware of the general rule that you should keep credit card utilization below 30% of your credit limit. It's also a good idea to keep this utilization above 0%. It's very easy to stay ...
6
votes
2answers
295 views

“Correct” answer on Visa credit quiz doesn't make sense

I'll be turning 18 in a few months, and I'd like to get a credit card as soon as I can. I've been doing some research on the options available, when I stumbled across this credit quiz. I answered the ...
20
votes
6answers
4k views

How do I permanently opt out of having a credit history?

In the past, I activated a credit block (freeze) on all major credit bureaus and from reading information, this should prevent anyone from being able to report on my credit or gain access to it. ...
-1
votes
2answers
100 views

Automatically taking money from my Credit card monthly

I Live in the UK and am looking for a way to automatically take a certain amount from my Credit Card monthly. The first thing that came to my mind was Direct Debit, however it seems Direct Debit is ...
7
votes
2answers
374 views

How do I get myself out this disastrous situation

I put a car in my name and my fiancé was the co-signer for a lease because his credit wasn't good. Now we aren't together and he stopped paying and everything is on me. I also leased a new truck from ...
4
votes
2answers
1k views

Credit Limit Increase without asking = credit inquiry?

If my credit card company raises my credit without my input (meaning - I did not request the credit limit increase), does it result in a hard credit inquiry?
0
votes
1answer
44 views

Home Equity Line of credit features and overview

I have a very recent mortgage. I only have about 7% of equity on the home. I've made about 5 payments so far and everything is going smoothly. Now I have a family emergency requiring me to borrow ...
3
votes
1answer
1k views

What is the full formula for calculating a FICO 9 credit score?

I'm familiar with the percentage breakdown of how a credit score is calculated. I'm wondering what is the exact formula is that can be used to come up with a point value based on specific input ...
3
votes
1answer
169 views

How to bump up my credit for buying a house in a year (open another card or not)

Here's a rough breakdown of my non detailed credit report. I want to buy a house well condo in a year. I am in the 28% tax bracket. I have 20% or more down to avoid PMI. My question is this ...
0
votes
0answers
48 views

Estimating rates on potential loans without officially applying

Is there any way to estimate the rates on a potential loan without applying? I'm thinking of some calculator that takes into account: Loan type (auto/revolving/installment/mortgage/etc) Your income ...
-4
votes
2answers
2k views

What happen if I don't pay credit card and leave the country

I have a credit card debt of $600, five years ago in Newzealand. I left the country from then, now I live in Singapore. Will the Newzealand bankers come to Singapore and ask my bank to take money ...