for questions that relate to all forms of credit.

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5
votes
1answer
159 views

How bad is it to have a lot of credit available but not used?

I had a very financially astute reason for getting my first credit card: it was freshman orientation day at college, and one of the banks was giving away free t-shirts to new credit card customers. ...
4
votes
4answers
174 views

I am turning 18 and I am a Student, I need strategies on building great credit soon. Where should I start?

I am High School student in the top ten percentile and I am turning 18 in a few months. I need strategies on how to build and maintain a great credit score quickly. I have had the same job for over a ...
3
votes
1answer
82 views

Does being added as an authorized user help credit score?

My wife and I both filed bankruptcy 15 months ago, and are slowly getting our credit back. We both got a credit card from Capital One. Does adding each other to the other's card as an authorized ...
3
votes
4answers
232 views

What can I do to rebuild credit and get out of financial trouble?

My wife and I are in some financial trouble. We are in our early 30s and our credit is terrible. We both have student loans, we have old credit card debt (though we have no current credit cards). ...
3
votes
1answer
52 views

Personal Line of Credit and Credit Utilization rate

Let's say I have a Personal Line of Credit for 20,000. If I use 80% of it, will it have the same effect (on Credit Scores) as that of a Credit Card with 80% utilization?
1
vote
1answer
101 views

How will the New credit reporting rules affect people who are already struggling financially?

With the new credit reporting rules in place in Australia and the implications of having a black mark against your file for just being 5 days late in making a payment, whether it be credit card or ...
3
votes
1answer
53 views

Can I claim a dependent care credit for a dependent autistic adult?

I am preparing 2013 tax return forms. Here is the thing: I took the kid to autism therapy several times, and a related conference. I also took the kid to an autism training organization and paid the ...
1
vote
2answers
73 views

Effect of early pay off and using again for credit card

I'm using below 30% of available credit and paying off all amount early. What will happen if I use some amount lets say again below 30% and pay it off again before the due date. Does it considered as ...
4
votes
1answer
126 views

What risks am I taking if my well-off close friend is asking to use my credit to flip a property?

I have very good credit that I've worked hard to obtain. My friend has flipped a few properties and made some good money doing so. He wants to pay me a fee along with any taxes I'll endure if I put a ...
2
votes
1answer
92 views

Lending money to a friend, can I get it back?

I had a friend who was in school and I was always paying for his things. They went from small things such as meals at McDonald's to concert tickets and tickets for haunted houses. We ended up dating, ...
-4
votes
1answer
64 views

Do I need to repay back my line of credit in the form of monthly payments?

When I take a line of credit, do I start making monthly payments, like with a mortgage? Or do I make a lump sum (principal + interest) payment at the end of the term of the line of credit? Or is there ...
4
votes
2answers
407 views

Does paying off a car loan increase or reduce a persons credit score?

I know that closing credit card accounts reduces the number of open credit lines, and paying off a car loan would also reduce the number of credit lines. I have had the car loan for over 3 years, it ...
3
votes
1answer
32 views

How important are records of fraudulent applications?

How important is it to try to get copies of the fraudulent applications/materials used by the thieves? This appears to be a consumer right according to the FTC, but the companies seem not to want to ...
3
votes
1answer
56 views

Any reason to be cautious of giving personal info to corporate fraud departments?

Given that someone is a victim of identity theft, I'm wondering if fraud departments of companies where identity thefts occurred should still be considered totally trustworthy, as in send them what ...
1
vote
0answers
64 views

A friend is trying to buy a house & needs cash quickly. Which option is better: cash advance, balance transfer, or what? [closed]

It's an emergency cash need for a friend. I was trying to analyze based on the various options what is the best way to go about this. Friend needs to arrange funds in a week. Please compare based on ...
2
votes
3answers
128 views

What is the best way to fix my credit?

My credit has been really poor for a lot of years. I really want to be able to have better credit but everything I do does not help. Can anyone give me any insight on how to fix it up?
5
votes
1answer
246 views

How does Bill Me Later check a person's credit using DOB and Last four SSN digits?

Currently, I'm looking to open Bill Me Later account. I notice that it only asks Date of Birth and last 4 digits of SSN. According to this website, The first three digits are based on the state ...
2
votes
1answer
64 views

As a Canadian citizen working in US, can I claim my Canadian university tuition tax credit in US?

I'm a Canadian citizen and started working in US on TN visa since November 2013. I have a fairly large amount of tuition credits from my graduate studies in Canada. Now, that I have my first job ...
3
votes
1answer
111 views

Is it to my advantage to refinance with an LPMI option (Lender-Paid Mortgage Insurance)?

My fiance and I bought a house in April 2013 using a FHA loan, 30-year fixed. We only had to put down 3.5% so of course a good bit of our monthly payment is PMI. I got a call today from the same ...
4
votes
1answer
69 views

How can a UK citizen recently living in the U.S. establish a U.S. credit rating?

I am a UK citizen who has been living in US for the last year. About 6 months ago (although maybe less) I got a Social Security Number for the first time. I have been renting an apartment under my ...
1
vote
4answers
175 views

Why hasn't public key encryption or one time password been introduced to battle online card fraud?

With all the identity theft and card fraud in the world. Even though some One time password measures have been put in place in the banking system where the cardholder verifies the transaction with a ...
7
votes
3answers
418 views

Opening American credit cards while residing in the UK

In order to introduce the context of the question, I am a UK citizen with a good credit rating and no debts who currently resides in the UK, and do not currently own property in the US. In reference ...
3
votes
2answers
182 views

Is the age of my parents' credit card helping my credit more than the balance is hurting it?

I am listed on one of my parents' credit cards with an account age of 37 years. I am 28. This makes my credit history very very old — 37 years old — and significantly older than my oldest credit card. ...
14
votes
3answers
6k views

What happens to my credit history if I pay before my credit card bill is generated?

I've read that keeping one's credit card utilization below 20% improves your credit score. If for some reason I have an expense that is greater than 50% of the credit limit and I pay by credit card, ...
3
votes
2answers
334 views

Do credit checks by mortgage companies affect my credit score?

My wife and I are applying for a mortgage and I have been using a median score that I had run in April of this year. We are getting ready to lock in our rate, but speaking with one of the mortgage ...
3
votes
2answers
427 views

What is a reasonable credit limit?

Given my existing credit score and annual income, how do I calculate what a reasonable credit limit for me should be? I'm really looking for an order-of-magnitude estimate. e.g. should it be 40% of ...
9
votes
2answers
405 views

No Late Fee Credit Cards - What is the gotcha?

For weeks now I've been seeing ads for the Citi Simplicity card and Discover IT Card all over (be it on the NYC subways, TV, magazines, etc.) which boast a couple of features but I'm very curious ...
3
votes
3answers
2k views

Does a cash advance hurt your credit or (official) reputation in any way?

Does a cash advance hurt your credit or (official) reputation in any way? Does it appear in records at all, and would it be frowned upon if it did? What if the cash advance were taken at a casino? ...
2
votes
3answers
134 views

Building Credit with Credit Card

I recently got my first credit card (although I have had a debit card for a long time). It has a $1200 limit. In order to maximize my credit building, which of the following is the best method (or, ...
3
votes
2answers
181 views

Getting my first Credit Card

What should I look for when getting a credit card? My background: Small IT Business(just me) College Kid Currently just have a Debit Card with a Credit Union. (should I go with a bank?) What I ...
2
votes
1answer
71 views

How to pay comingled personal and business credit card charges for small corporation

If I used my personal credit card for a business expense, may I pay that portion of the credit card bill with a business account check?
1
vote
1answer
72 views

Can a foreigner filing US taxes as resident claim Lifetime Learning credit?

Since I am married to a US citizen, I can make an election to file my taxes as a resident. Both me and my wife are graduate students and have been paying tuitions for 2012. If we file MFJ, can both ...
7
votes
2answers
1k views

How long after new employment before applying for a new credit card?

I am a recent grad and new employee. I currently only have a $500 student Visa credit card with my current bank branch (2 years). I began my employment at the end of January (just over 2 months ago) ...
14
votes
4answers
281 views

How can a person with bad credit climb out of it?

My ex-wife has always had issues managing money (mostly spending out of control and endless get rich quick scams) - which is partially why we divorced. As a result, she's had home foreclosure, ...
7
votes
2answers
612 views

Sign up for credit card only for rewards and benefits, then cut it up - pros? cons?

First off, I know red flags go up when credit cards are mentioned, so as a disclaimer, I am responsible with credit, prompt with payments, and I have a good solid credit score (says credit.com today). ...
1
vote
1answer
188 views

How can I get approved for a store credit card?

How is a person supposed to get approved for a store credit card if they have insufficient credit history? I just received a secured Visa card, but am wondering how long it will take to establish a ...
4
votes
2answers
1k views

How can I build up my credit history when I have nearly none

I am trying to build up my credit, but I'm not sure how to. Currently, I only have 2 minor things on my report. Both are not necessary good. I owe $75 to a company(which I plan on paying now that I ...
7
votes
2answers
375 views

How is your credit score related to credit utilization?

A few questions: Is it better to use your card and pay off the bill completely every month? [I prefer building the credit score over paying interest] How is credit utiltization calculated? Is it ...
1
vote
3answers
95 views

Credit Card Approval

Is there a formula banks and other creditors use for new credit card approval? Other than credit score of course. For example for a business credit card I imagine it would be something considering ...
6
votes
2answers
2k views

How do I fix my credit score when I have bad things in my credit history?

I am trying to improve my credit score and have been looking for companies to take charge of this effort. But I found them to all be shady at best so I have taken the task upon myself. I have not yet ...
8
votes
2answers
655 views

Do margins on a brokerage account affect your credit score?

If you have the ability to trade on margin, will this improve your credit history/score? If you refuse to pay the margin and lack the funds to pay for the money borrowed, I understand that it can ...
11
votes
3answers
2k views

How can banks afford to offer credit card rewards?

I understand Visa and MasterCard make money on transaction fees, but how much (if any) of those fees do banks see? Do banks make money on people who pay their bills on time, or are reward programs ...
-6
votes
1answer
110 views

Meaning of “credit”

From Wikipedia - Credit (Finance): Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately ...
6
votes
6answers
602 views

Is NO credit history the same as BAD credit history?

I found the following article which said If you don’t use a card at all, you have no credit history. That’s almost the same as bad credit history. 1) Do they mean the same? 2) If YES, why? ...
2
votes
2answers
91 views

Short-Term Credit for College Payments

I'm in somewhat of an odd situation w.r.t. my college tuition payments. My school bills me half of the annual tuition amount before every semester. However, my college funds are in an annunity that ...
13
votes
3answers
389 views

When applying for some jobs, why do they check your credit?

Why is it that some jobs check your credit score? Is this normal? Is it even legal?
6
votes
3answers
2k views

Is it a good idea to ask for a credit limit increase on a new credit card?

I just opened a credit card like a month ago. I have another credit card that I've been using for about a year now. But I was wondering if it is a bad idea that I raise credit on the new credit card ...
4
votes
2answers
193 views

How would a collection against me affect my credit

I went to a new city two weeks ago and rented a 2011 Civic in the meantime. On the last week of the rental, someone hit my car in the front bumper in a parking lot. The damage was a 2 by 3 inch dent ...
19
votes
8answers
1k views

Optimal way to use a credit card to build better credit?

I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
9
votes
2answers
240 views

Can I do something so $36 doesn't trash my credit?

I had a credit card that I rarely used a year ago. I don't remember exactly what circumstance came up to where I used it one day, but I did, to buy something for $36. Most of my bills are set to ...