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
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
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 ...
4
votes
2answers
406 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 ...
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 ...
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 ...
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
426 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, ...
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 ...
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
654 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 ...
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?
4
votes
2answers
192 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 ...
7
votes
3answers
954 views

What does high credit utilization really mean?

I've heard and read that high utilization of credit hurts, but what does that mean exactly? Does that mean high utilization month-to-month, or simply high utilization at all, even when paid off in ...
4
votes
3answers
2k views

Does paying off loans increase or decrease your credit score?

It's a pretty simple question, but I've read a lot of conflicting information on this. From my basic understanding of credit, I know that it's good to have lots of long-standing accounts. That's why ...
2
votes
1answer
238 views

My credit score went through the roof. Why?

3 months ago, my credit score took a massive dip. The consensus was that this happened because I no longer had any credit cards and thus no revolving debt. So I went out and got myself a new ...
5
votes
1answer
133 views

Will “rate shopping” affect my credit score?

I'm thinking of buying a car but I have a low credit score (649). I have a bank account that I've been using for the past five years so I thought I would apply at that bank first, get a quote and then ...
8
votes
4answers
220 views

I want to buy a house in a few years, what should I do now to improve my bad credit?

I have bad credit, score is in the mid 500s, and I have been paying off old debt accounts. There are still a few left to pay, but what I want to know is what will raise my credit score, how much can ...
5
votes
4answers
345 views

Can I cancel a credit card without negatively affecting my credit?

Some background: I have no debt, have never carried a balance on the card, and have never used more than 10-15% of the credit limit per month. I'd much prefer to pay with debit/cash, but I got the ...
8
votes
4answers
202 views

What effect will credit card churning for frequent flyer miles have on my credit score?

We've all heard about the people who have tons of credit cards - getting new ones for the sign-up bonus (25 to 50 thousand miles, typically), either never using them or charging minimal amounts and ...
9
votes
2answers
99 views

How to approach eliminating a record in my credit history that is hurting my score

I have a record in my credit history that shows a delinquency from 4/2005 that was paid off but was also marked as a "charge off." As of January 2011, this record no longer shows up in my file for ...
2
votes
1answer
317 views

Why is my credit score now being ranked on a scale of 501 to 990?

Over the years, I've run several credit reports on myself inching my way closer to 750 then 800 on a FICO scale. Then, using TrueCredit to analyze my report, as I always have, I suddenly notice I'm ...
2
votes
3answers
4k views

Will paying off a loan early hurt my credit?

I recently purchased a vehicle and took out an Auto loan from the local credit union. I have run into some extra cash and can actually pay off the car completely. I have a very little credit ...
4
votes
2answers
200 views

Should I try to optimize my credit score before applying for a loan?

I am considering shopping for a house somewhere this year, which of course would involve shopping for a mortgage. And mortgage rates depend on the credit score. My credit history is clean from ...
7
votes
4answers
127 views

Should I have accepted the offer to double my credit?

I recently received an "invite" from my credit card company with a limited time offer to double my current credit limit. That's right, double! I didn't reply, and they later followed up with an ...
8
votes
2answers
238 views

Can you calculate the ROI on your credit score?

I've heard it said from people who work in the industry that your credit rating isn't a measure of your ability to pay, but rather a measure of how profitable a customer you are. I've also heard ...