Tagged Questions
6
votes
1answer
75 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
3answers
108 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
85 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
299 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
33 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 ...
1
vote
1answer
29 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 ...
6
votes
2answers
122 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
708 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
127 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
280 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 ...
1
vote
1answer
133 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
106 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
302 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
316 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
108 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
61 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 ...
3
votes
3answers
2k 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
2k 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 ...
0
votes
0answers
38 views
Does utilizing over 30% of your available credit adversely affect your credit score? [duplicate]
Possible Duplicate:
How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score?
I am a college student with a $1000 credit limit on my single credit card. ...
18
votes
8answers
658 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 ...
6
votes
3answers
502 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 ...
2
votes
2answers
254 views
What is considered a low credit limit?
I was using a tool that suggest how I can increase my credit score. One thing was that it said my credit limit is "low." But it didn't say what "low" is.
What is considered a low credit limit?
0
votes
1answer
260 views
What percentage of your credit card limit should you use [duplicate]
Possible Duplicate:
What is the optimal ratio of used credit to credit limit for your credit score?
Does length of credit history or percent of credit used count for more?
I just read ...
2
votes
1answer
189 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 ...
8
votes
2answers
192 views
How does Paying credit card in full VS paying with interest will affect your credit score?
What is the effect of paying credit card in full or with interest on your credit score?
4
votes
2answers
127 views
How soon are credit reports available, after opening one's first credit account ?
They say that your credit reports are available after having an open credit account for 6 months. I've had a Citi Forward card for international students for 6 months and a week now, but I still can't ...
4
votes
7answers
1k views
Closing unused credit cards: how much will it really hurt?
I have three credit cards, but I only use the newest. I pay it off in full every month, and the two older credit cards haven't seen a single transaction in over a year. None have an annual payment, so ...
3
votes
2answers
109 views
What kind of an impact does moving have on your credit (score)?
Being an international student, the room I rent near campus has been my domestic home address since I came here to study.
Now that I am working at a place quite far from campus, I would like to ...
0
votes
1answer
107 views
Better ask for secured credit card rightaway or risk asking for an unsecured credit card first, the secured credit card later if it does'nt work out?
I had applied to DCU for a share-secured credit card, over the phone, but today I came to know they lost my application!
The application number they gave me does not turn up anything and when they ...
2
votes
4answers
87 views
How does a non-uniform utilization across your credit cards affect you?
I have three secured cards with me, one of which gives me rewards for gas and another for online purchases.
The third one is a Mastercard - I use that only where my VISA cards do not get accepted.
...
4
votes
3answers
105 views
What proactive measures can be taken before or when a lender closes your credit card?
A blogger and contributor here recommended Digital Federal Credit Union (DCU) as a possible lender in my search for cash secured credit cards to establish my credit history, and I got approved for one ...
2
votes
2answers
689 views
Is it a bad idea to have 3 secured credit card accounts open?
I initially signed up for a Wells Fargo cash secured credit card, last month, but lately with their changing the ToS and extra fee, I am worried about my choice.
People have asked me not to close ...
3
votes
1answer
82 views
How does it influence the credit score if the credit card was used in the past, but not in present
If I own a credit card and I used it for a while (say 6 months) and after that I decided to stop using the credit card and use my debit all the time.
How will this influence my credit score?
Being ...
13
votes
4answers
752 views
Is 0% credit card utilization worse than 1-20% credit card utilization for any reason other than pure statistics?
Much of the information I stumbled accross (including a short article written by an esteemed member of this site) around the internet indicates that having a credit card utilization of 0% is a ...
9
votes
3answers
176 views
Does getting more credit or credit cards improve your credit score?
I'm reading Ramit Sethi's I Will Teach You To Be Rich, and one of the tips from the first chapter is to apply for more credit card debt. He warns it's only for people like me who carry no credit card ...
4
votes
2answers
107 views
Should I look up my credit report or score before applying for a credit card?
Right now I have two Credit Cards, Amex and a Visa through Wells Fargo.
I am planning changing over to Chase Freedom card for their 5% cash back. Part of the sign ups, depending your your credit, can ...
8
votes
4answers
182 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
228 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 ...
7
votes
1answer
117 views
How does one's personal credit history affect one's own company's credit rating?
Quick background: I have no intention whatsoever on actually getting any loan. However, to accept online credit card payments (eg. via Paypal Payments Pro), merchant account providers determine ...
6
votes
2answers
335 views
Are there any consequences to having a negative balance on a credit card?
I have two credit cards, a VISA and a MasterCard.
I primarily use my MasterCard and only use my VISA when MC isn't accepted. I went about 18 months without using my VISA (I didn't use it at all in ...
8
votes
1answer
174 views
Effect of going over the credit limit on a credit card to your credit score?
If I have a credit card balance that is over the credit limit, and I don't go under within 30-days, the provider will report the overage to the reporting agencies. If you have generally good credit ...
8
votes
4answers
151 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 ...
10
votes
2answers
212 views
Should I keep recently opened Credit Cards that I don't use?
After investigating these questions (1 and 2) I am still in doubt in what to do with my current situation.
I have many credit cards because over the years I have been given better deals on them. So I ...
8
votes
2answers
1k views
Will upgrading my credit card affect my credit history length?
Background: I recently graduated from college. I have had a student credit card (Visa) with Wells Fargo since 2008 and it is my only credit card. Obviously, I do not want the history of this card to ...
6
votes
3answers
287 views
What should my credit limit be?
I have two credit cards (through the same bank). The first I got at age 18, and the 2nd I applied for while in grad school for better rewards. I use credit cards (primarily the more recent one) for ...
5
votes
2answers
128 views
Paid off oldest CC keep it open or close it?
Here is some context, I’m trying to rebuild my credit. I own a House, I’m financing a car and I have 14 credit cards, 4 of the 14 have been paid off within the past 2 months and have a $0 balance the ...
11
votes
7answers
1k views
What's the average credit limit?
For a number of reasons, I recently asked my credit card company for a credit limit increase. I was hoping they'd propose a new limit to me, but they instead the reverse happened: they asked how much ...
3
votes
3answers
1k views
Adding myself as a co-holder of my parent's credit card will build my credit history?
I have been in the U.S. since 2007 as a student, and only recently realized the importance of buliding my credit history.
My belief is that a credit card is the way to start building a credit ...
3
votes
4answers
201 views
Should I accept a credit card settlement?
I have pretty awful credit rating (570 last I checked) as a result of a foreclosure and a massive amount of credit card debt. One of the credit cards (BofA) to who I owe 17k has offered a settlement ...
10
votes
4answers
218 views
Is there value in using a credit card for the sake of using it?
We've recently (last 6 months or so) paid off several of our cards completely, and are working to pay down our last, highest utilized card. We don't generally need to charge much and can pay in ...
