for questions that relate to all forms of credit.

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8
votes
3answers
3k 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 ...
4
votes
2answers
545 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. ...
17
votes
4answers
28k 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
3answers
642 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 ...
4
votes
2answers
2k 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
889 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
6k 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? ...
4
votes
3answers
384 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
322 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
102 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
133 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
3k 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) ...
16
votes
4answers
531 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, ...
12
votes
2answers
999 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
266 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
2k 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 ...
8
votes
2answers
844 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
107 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
votes
2answers
4k 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 ...
9
votes
2answers
2k 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 ...
14
votes
3answers
7k 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
188 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
772 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
111 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
votes
3answers
444 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
votes
3answers
4k 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
249 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
282 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
19k 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
2k 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
213 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
109 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
412 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
141 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
97 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
437 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 ...
11
votes
4answers
653 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
170 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
404 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
200 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
215 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 ...
6
votes
4answers
40k 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
55 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
179 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
254 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 ...