1
vote
4answers
110 views

Will canceling one of my CapOne credit cards hurt my credit score?

I have 2 CapOne credit cards, they show up as 1 account with both their credit limits combined on my credit report. My question is; Could I cancel one of those cards and apply for a better rewards ...
3
votes
1answer
150 views

Amex Backdating

Reading recently online I have discovered many people talking about Amex "Backdating". Apparently when you open a new card with American Express, they report the age of the account as the same age ...
2
votes
2answers
107 views

Does paying bills or shopping with a credit card build credit better?

Okay, so the only reason I got a credit card was to build credit; Right now I use my credit card 3 times per month to buy gas, then I pay it off as soon as the bill is due. Would it make any ...
3
votes
2answers
130 views

Does it make sense to check your credit score before applying for a first credit card?

Should someone that has never had a credit card before check his/her credit score before applying?
4
votes
2answers
96 views

How does a FICO score start out?

Right now I have 0 credit since I've never had a credit card before, I recently applied for a credit card and got approved so I can start building my credit. I hear that 500-600 is considered very ...
1
vote
1answer
81 views

How much will 3 hard inquiries effect my credit score?

I recently started to build credit, I applied for a CapitalOne card and got approved, about a month earlier I saw the option for Bill-me-Later on eBay, so I had checked if I was eligible, but I ...
2
votes
3answers
316 views

If I want a Credit Card offered through a different Credit Union should I slowly transition my banking to that CU?

The first bank, and subsequent credit card, I got was while in College. Its a small Credit Union that I only bank with now through Shared Branches. It works for me though and my credit score is ...
3
votes
2answers
98 views

Old Cancelled Cards

I was living abroad during the credit crisis, and a few of my credit cards were cancelled for non-use during the crunch to tighten credit. As a result, I have one older account and several newer ...
1
vote
6answers
395 views

What is the best use of “spare” money?

Here are some cliff notes about me: 30 years old immigrant (came to the US late 2009), so no established credit (got a $900 credit card with my bank finally last year) No spouse, no children. Just ...
2
votes
2answers
112 views

How will my credit score be affected by a large purchase that raises my utilization if I pay it in full?

My Fiance and I realized that we need to start looking for homes and need to be pre-approved for a home loan. My fiance has better credit then I do, but mine is in good standing. We want to make ...
1
vote
1answer
227 views

Credit score getting lower - but I'm doing everything right?

My credit score has dropped considerably in the past year from ~700 - ~600. This is my first credit card so far, and have only used mainly debit in the past. Thing is, I'm not sure why it's ...
2
votes
2answers
204 views

Any problem if I continuously spend my credit card more than normal people?

I continuously use my credit card for my friends' expenses. Normally I could spend 20~30K USD each month to get more points/cash back. I don't have large credit limits so in most time I'll put cash ...
3
votes
1answer
121 views

Do I build credit at the same rate when my wife and I share a card?

I searched for this question and found a similar one but wasn't able to find the answer to specifically what I'm asking. My wife and I share a credit card. I believe that she's actually the primary ...
9
votes
4answers
593 views

Figuring out an ideal balance to carry on credit cards [duplicate]

Until recently, I was under the impression that it's bad for your credit history to not pay all bills on time and in full. However, a banker recently told me that it's a good idea to carry a small ...
3
votes
1answer
137 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 ...
1
vote
2answers
95 views

How can I have credit cards without having a credit history or credit score?

Is your credit history/score like a criminal record? I mean is it always with you? Also, are there other ways to get credit cards besides with a bank? I want inside my credit score without having a ...
3
votes
1answer
83 views

How is credit-card utilization calculated when you have more than one card?

I know that your credit utilization affects your credit score, but I have a question about how exactly this is calculated. Suppose I have two credit cards: Card A has a credit limit of $1000 and ...
8
votes
1answer
183 views

Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good ...
4
votes
1answer
144 views

Effect of debt utilization on FICO score: is it overall, or individual?

I am currently at 42% utilization in overall revolving, credit card debt between three cards. My total credit lines equal $27K. I am looking to buy a house by the end of the year and I am working hard ...
1
vote
1answer
112 views

Credit Card vs Personal line of Credit

I have a question regarding the effect of opening a Personal line of Credit. I know for a fact that opening a new Credit card reduced the "Average age of credit history". Will a personal line of ...
8
votes
3answers
225 views

Does a balance transfer from a credit card affect our credit score?

If we do balance transfers from our credit card, pay more than the minimum payment within the due date and payoff the entire amount slowly within the specified time-frame, does it improve our credit ...
3
votes
2answers
242 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. ...
1
vote
3answers
1k views

Which is a better method for keeping my credit utilization low: spending less or getting a credit limit raise?

I'm currently a graduate student and since I want to build credit, I got my first credit card. However, the credit limit is really low (< $1000). I've been reading that I should always keep my ...
4
votes
3answers
1k views

Am I still building a credit score if I use my credit card like a debit card?

I have a credit card through my local credit union. I am not sure if this is normal: Essentially, I am using my credit card like a debit card. If I anticipate any major purchases I will put money on ...
14
votes
3answers
9k 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, ...
6
votes
3answers
649 views

Should I cancel an existing credit card so I can open another that has rewards?

I have four credit cards. One has a cash back rewards, one a discount, and the other two do nothing for me. However, one of those two is my oldest card, so I cannot close that account. I would like ...
4
votes
2answers
664 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
484 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
4answers
3k 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? ...
3
votes
3answers
191 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, ...
7
votes
1answer
2k views

How quickly does decreasing credit utilization affect your credit score?

There is a lot of advice out there about keeping your credit card utilization above 0% but less than 20%. I'm currently carrying about 85% utilization on my card and have plans to lower it. How long ...
2
votes
4answers
2k views

Should rebuilding credit include getting multiple credit cards?

In short, I had bad items on my credit report that I found by getting a free copy of the trans-union report on myself. I contacted the numbers to the items on my unpaid/ bad list and after about a ...
0
votes
1answer
825 views

Do I have to spend money with my credit card to increase my credit score? [duplicate]

I opened my first credit card a few weeks ago. How much money do I need to spend with my credit card to increase my credit score? Do I even need to spend money with it to increase my credit score?
6
votes
4answers
411 views

Does making all one's payments through a credit card make sense?

Does making all one's payments (including house rent, etc.) through a credit card make sense, if privacy is not a concern? If I am planning to pay completely within no interest period (first ~45 ...
1
vote
1answer
73 views

Advise for closing secure credit card

I have a secure credit card with $300 limit in Wells Fargo bank. I was thinking that they will graduate my secure credit card to a regular one after a year. However, it turns out they do that only for ...
2
votes
2answers
56 views

Closing intermediary credit lines

So one consequence of closing a credit line is that it can adversely affect your credit history if it is your oldest credit line. But what about closing credit cards you acquired along the way that ...
7
votes
2answers
447 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 ...
4
votes
4answers
3k views

Pay off credit cards in one lump sum, or spread over a few months?

I am doing a refi + cash out on a rental home. The cash out is to pay off ~24K in credit cards. I am aware of secured debt/unsecured debt and how it is often not a good idea to refinance a home to pay ...
4
votes
2answers
752 views

How do the personal finances of additional cardholders affect your reputation?

I have excellent credit myself, but I have on my account an additional cardholder (family) whose credit isn't so spectacular. (They only use the card for emergencies and always deposit cash in my ...
8
votes
3answers
2k views

I am closing one credit card and getting a new one. What order should I do this in?

I currently have a MasterCard from a bank that I am unhappy with. I want to get another MasterCard from a different issuer. Should I close my current account then open the new account? The other way ...
3
votes
1answer
255 views

Does maintaining a low (versus zero) balance on a credit card improve your credit score? [duplicate]

Possible Duplicate: How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score? I've read in a few places some statistics to indicate that people with zero ...
4
votes
2answers
136 views

Is it good to get 2 credit cards for different bonus?

I currently have a pretty plain credit card, the First Tech Platinum, but I was thinking that I don't really get much out of it, so I started to looked into other cards with better rewards, and cancel ...
1
vote
1answer
4k views

How can I switch my credit card to another issued by the same bank, keep my credit history, and get the sign-up bonus for the new card?

I have one card, but would rather have another - they're issued by the same bank. I don't want both of them because they both have annual fees and I want to keep only one card with an annual fee. ...
3
votes
3answers
1k views

Will getting a second credit card help my credit rating?

I've heard that getting a second credit card can help your credit rating. I am wondering if this is indeed true. If so, why is the case? Much thanks in advance!
2
votes
2answers
133 views

How frequently should I request additional credit?

Assuming I simply want additional credit to improve my credit utilization ratio, how frequently (how long between requests) should I request the credit increases? What negative consequences should I ...
1
vote
1answer
105 views

To what extent should I seek additional credit? How much is enough?

I currently have 2 credit cards, each with a $2500 limit. I rarely exceed 20% utilization over the course of the month, and I don't expect any increase in expenses over the course of the next year ...
6
votes
3answers
7k views

Will it hurt my credit to accept a credit limit increase?

I got an email from Citi offering me a credit limit increase on my 4 year old card: Subject: Good News About Your Citi Card - Please Open Immediately It's our job to make sure your Citi card is the ...
6
votes
3answers
9k views

Should I close my BestBuy Credit Card? Will it affect my credit score and history?

I was young and stupid and opened up a Best Buy credit card 5 years ago. I bought a new laptop and also a lot more stuff during these 5 years. I have bought over 10,000 dollars worth of stuff and paid ...
23
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
1k 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 ...