for questions that relate to all forms of credit.

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1
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3answers
102 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 ...
9
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2answers
3k 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
1k 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 ...
12
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3answers
6k 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 ...
-7
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1answer
172 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
725 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
103 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 ...
14
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3answers
428 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?
7
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3answers
3k 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
224 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 ...
25
votes
8answers
2k 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
265 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 ...
5
votes
1answer
16k views

What are some good options for getting a short-term personal loan?

What good short-term personal loan options are there, for someone who will soon have ability to pay them off? (I'm looking for names of institutions, like "X lending company", Wells Fargo, etc.) I'm ...
8
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 ...
5
votes
3answers
3k 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 ...
1
vote
1answer
187 views

Why can I refinance my recent car loan at a lower rate than I had received originally?

I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time. I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
0
votes
1answer
103 views

Changing credit address to apartment address [duplicate]

Possible Duplicate: What kind of an impact does moving have on your credit (score)? I recently moved out of my parents house into an apartment in the city, and I've noticed it's way easier ...
1
vote
2answers
339 views

Online transaction - Money taken out late

I recently made a transaction online using my UK current account Debit Card (maestro). Essentially I deposited money into my online account, which can the be used to play games. The website informed ...
6
votes
6answers
2k views

Is it better to buy a computer on my credit card, or on credit from the computer store?

I am interested on buying a computer (approximate cost USD 600). I can pay for it either with my credit card, or apply for credit in the computer store. What are the advantages of using one form ...
4
votes
1answer
136 views

Can I attach my Canadian credit profile to my American credit profile?

I'm a dual citizen of the United States and Canada. I have a social insurance number (Canada) and social security number (US). I have a great credit profile attached to the SIN, but no credit profile ...
1
vote
1answer
93 views

contact information for Experian fraud

Someone managed to get my credit card # and ordered a credit card report from Experian. I've called the credit card company + have a new card with a different number on the way, but I need to talk to ...
3
votes
1answer
406 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 ...
10
votes
4answers
605 views

Did my salesman damage my credit? What can I do?

I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
6
votes
1answer
162 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 ...
9
votes
3answers
383 views

Payment Dispute, Is it worth it?

3 years ago I cancelled my T-Mobile account. I was charged a $250 cancellation fee, plus the amount due at the time, totaling $376.53. Recently I was contacted by a creditor saying I owed T-Mobile ...
0
votes
1answer
185 views

The meaning of “annual salary”

Let's say you're having a three-month job every year, and during those three months, your annual salary is $12*. (i.e. It's not an hourly job, but a full-time job -- you earn $3 during those three ...
4
votes
2answers
109 views

Should I refinance my mortgage now if I'm planning on taking another one soon?

I'm considering refinancing my current mortgage, which would probably lower my payments by ~$100/month. However, I'm also planning on buying a second house in the next few months, which means I'll be ...
6
votes
3answers
203 views

Ask for credit decrease

My wife and I are having problems budgeting with our credit cards. We are trying to use our debit card, but while we can focus for a short period we have problems getting the discipline to keep the ...
3
votes
4answers
2k views

Should I pay off my car loan within first year or wait until at least one year has passed?

I have the capability of paying off my car loan of around $15,000 by end of June next year, however this loan started this month. I have heard loans/accounts kept open for more than a year are on ...
5
votes
3answers
29k views

If something is coming into my account will it be debit or credit in my account?

I have made a small balance sheet on google docs for my monthly expenses and income. If something comes into my account, would that be a credit or a debit in my account? If I got 500 from somewhere, ...
0
votes
1answer
47 views

F-1 alien on OPT in the US transitioning into H1-B; do I have a road to credit?

I came to the United States on an F-1 Student Visa, and despite trying here and there, I haven't been approved for any credit in America. I have a fairly sizeable amount of credit under my name (and ...
4
votes
3answers
172 views

Average Mortgage Rate vs What I would get

So average mortgage rates are lower and lower. I.e. X-year mortgage rates are 4%. Lets assume I have a greater than average credit score and credit history, greater than average net worth, greater ...
1
vote
3answers
231 views

Is having a job almost mandatory for getting unsecured credit cards or line of credit?

I noticed that all applications for unsecured credit cards ask for your income details as well as any recurring payments like rent or alimony etc that you pay. This does not seem, to me, to be a very ...
6
votes
4answers
319 views

I keep getting denied for high utilization

The last 2-3 years, I have been using a student credit card, and have not had a job. I am a student, and I do freelance work. Before college, my mother gave me a credit card underneath her account to ...
10
votes
2answers
473 views

Can a company have a credit rating better than that of the country where it is located?

Inspired by this question. In one personal finance book I read that if a company is located in a country with credit rating X it can't have credit rating better (lower - i.e. further from AAA level) ...
6
votes
5answers
321 views

Why so much noise about USA's credit rating being lowered?

S&P lowered USA's credit rating from AAA (cool) to AA+ (a bit less cool). Suddenly, I hear about it everywhere: shares prices are down, oil prices change, news digests say "the new financial ...
8
votes
4answers
392 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 ...
7
votes
3answers
599 views

What type of credit or loan to get for job relocation?

I have never had a credit card. The only loans I've had have been student and car loans. Both of those I always paid on time; both are paid off. I have accepted a job offer and am now looking to ...
4
votes
6answers
4k views

Is it better to spread debt out on multiple credit cards or consolidate it to just a few?

Is it better to spread out my credit card debt so that each of my cards is at around 30% of my limit or is it better to consolidate it all to just one or two cards even if these end up being at close ...
6
votes
4answers
674 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
355 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
4answers
973 views

Leasing a car for a friend with low or poor credit history

Is it possible to lease a car in a friend's name who has low or poor credit history and lives in a different state than where I live utilizing my own good credit record? How does it work and what are ...
12
votes
11answers
2k views

Should I pay off the credit cards now or do the monthly payments thing?

I have 3 credit cards with a total balance of about $36k. Two of the cards are at 2% and the last one is at 0%. With the current payment structure, I'll be debt free in 25 months. I recently came ...
4
votes
2answers
307 views

Calculating the most optimal way to pay off credit cards

I have 3 credit cards which I am slowly paying them off. Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 ...
5
votes
2answers
215 views

Personal financial implications of joining or not joining a class action lawsuit

I received a very random piece of mail inviting me to join the "Settlement Class" for a class action suit again the now defunct (and part of BOA) MBNA bank due to bad practices involving raising ...
9
votes
2answers
117 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 ...
1
vote
2answers
40k views

What is the difference between Debit and Credit?

What is the difference between Debit and Credit AND purchase and sale? These terms are very confusing. I have some example questions to understand it more easily. If I run a shop and a ...
1
vote
1answer
647 views

How can I get credit inquiries bumped off my Equifax credit report?

I understand that there is a bug with Equifax such that if you pull your credit report enough times, you eventually will bump off older hard inquiries other than those for mortgages and cars. Please ...
2
votes
1answer
499 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 ...
3
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 ...