Questions tagged [credit]

for questions that relate to all forms of credit.

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1
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3answers
227 views

Can you build credit history without getting a credit cards or taking on debt?

As far as I know I have no credit history as I have never had a loan or credit card. I buy things using a debit card tied to my credit union bank account and prefer not to have a credit card at all. I ...
1
vote
2answers
160 views

if I/some credit card keep applying how low the score can get

This seems a hypothetical question. Suppose a person has a already low credit score( I suppose it can not be less than 300) . Question1: And if that person apply for 2 different credit cards at ...
0
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4answers
181 views

received a credit to the card used to purchase a trip —how do I access that amount into my own checking account

I received a credit to a credit card account I used to purchase a airline ticket. Trip was cancelled and the refund went into that credit card account and there is a zero balance, but a $560 credit ...
2
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0answers
76 views

Zelle accidentally sent me a “transaction credit”

The amount is the same that is deposited into my account for my full time job so I contacted my employers already as well. Now sure if Zelle can take the money back?
1
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1answer
91 views

Inappropriate credit report hard inquries

I'm an international student in the US. Three weeks ago I decided to buy a used car. I found a great option at an official manufacturer dealership. I wanted to buy it fully for cash. After a little ...
0
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2answers
124 views

checking credit report for disabled adult child

I am the legal guardian of my disabled 26 year old son. I want to check his credit report to make sure noone is using his identity. how can I do this?
3
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2answers
139 views

Negotiating with a collections agency to remove a valid, small debt from credit report

I just found out that my wife had a debt from a doctor related to our recent pregnancy go to collections. I found out because credit monitoring picked it up - I haven't heard from a collections ...
6
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6answers
1k views

Importance of Building Credit Score?

For some background, I am in my early 20's about to graduate college. I have steady full-time employment that allows me to live within my means while building my savings. Right now, an emergency fund ...
24
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8answers
10k views

Asking bank to reduce APR instead of increasing credit limit

My credit card just notified me that they raised my credit limit (unsolicited). This would do well to my utilization and thus improve my credit scores overall. However, my overall utilization across ...
-1
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5answers
222 views

Getting an auto credit history without buying a car

I’ve graduated college and got myself a pretty solid engineering job. And think it’s time for a new car. I’m looking at some of the nicer cars in the $100k range. The problem is I’ve never had a ...
1
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0answers
29 views

Do I need to file taxes or can I file taxes educational credit refund purpose with 1098T?

I did not work at all but I received a 1098T for my online school. The 1098T has $12,070.04 on box 1 and $2,529.53 on box 5. I will like to know if I should file taxes with the 1098T only to get ...
2
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1answer
114 views

Are there any particular ways to use a secured credit card best? [duplicate]

I am using a secured credit card to build back my credit. Is there a particularly good way to do this? I know that a secured credit card will allow me to increase my credit score. But I'm not sure ...
1
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2answers
121 views

Impact on credit score of opening and closing accounts

I'm planning on buying a house sometime in the Winter of 2020 to spring 2021. Currently, my credit score is about 770 and I have the following open credit lines: A 2.5 year old $25,000 Prosper loan ...
-1
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1answer
437 views

Credit card debt someone want to pay off for me

I am in credit card debt approximately $20,000. I am on a fixed income there is no way I can pay the payments. I recently met someone on a dating site. We have been talking for three weeks. She claims ...
5
votes
1answer
669 views

Should I take advantage of “interest-free” credit when buying something? [duplicate]

If I buy something like a smartphone or a new PC, when you have these choice: Pay all the cost at the moment. Pay it in 6/12/18 months (with loan but without any interest rate and any extra cost). ...
5
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3answers
516 views

Mortgage Pre-approval / Loan - Apply Alone or with Fiancée?

My fiancee and I are interested in buying our first house and are beginning to go through the process. We'd like to put 20% down to avoid PMI and are thinking ideally a 20-year mortgage. Between my ...
1
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4answers
348 views

Family of 4 (1 adult, 3 kids) dealing with eviction. How to find a new place to live?

About 4 years ago I was evicted from our apartment in California. I have been staying with family but this is no longer an option. I have been trying to get a place for us but keep getting denied due ...
1
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2answers
240 views

Which one is better: Paying a non-refundable deposit of $175 vs a refundable deposit of $1330

The apartment community has given me two options based on the credit risk. I need to pay them a refundable deposit of $1330/- at the time of move-in. It is completely refundable at the time of move-...
2
votes
1answer
76 views

When should an immigrant to the US be able to freeze their credit?

I know someone who's been in the US for about three years. He came legally and is in the process of becoming a citizen. He has a bank account, a shared checking account with a family member, but no ...
1
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3answers
235 views

Large credit score drop

I use Mogo to review my credit score every month. I just moved to Canada so it took a while to even kickstart my rating, however, Mogos history shows. Dec (2 months after I got my credit card) - ...
0
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1answer
130 views

Do I have too much available credit?

For some background, I'm a recent graduate doing mostly freelance work while teaching English on the side in France. My freelance work grosses me about $25,000/year, and my job in France is about $8,...
1
vote
1answer
152 views

In what ways does getting married to someone with poor credit affect someone with good credit?

Two middle class individuals, Jim and Jane, are dating. Jim has a 715-730 credit score, as reported by Credit Karma, and has no problems (late payments, bankruptcies, etc) for the last 7-10 years. ...
6
votes
2answers
465 views

Is it okay to under-report my income when applying for a credit card?

I want to apply for a store-branded credit card that offers extra rewards for purchases made at that specific store. I have no intention of using this credit card elsewhere, I intend to pay it off it ...
0
votes
0answers
15 views

Can Credit Default Swap have a variable premium as the risk of default go down?

If the risk of underlying entity goes up, then shouldn't the premium for CDS go up as well? are CDS premium always fixed by default?
0
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1answer
82 views

Why would someone sell credit default swaps for companies with high chance of defaulting?

Similarly, why would anyone buy credit default swaps for companies with low chance of defaulting?
2
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1answer
141 views

What happens if I don't pay utility bill even after repeated customer service interaction to stop the service?

It's a slightly long story. I live in an apartment building in MN (US). There was a mistake when I moved in and eventually the gas utility for the building remained in my name. Usually it is supposed ...
10
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4answers
2k views

Should I max out my first credit card in order to build credit if I can pay the balance immediately?

I was just approved for my first credit card. I will be making a large purchase soon which will exceed my credit limit. I could split the purchase between cash/debit card and my new credit card or ...
2
votes
3answers
132 views

Will reissuing my credit card to get a new number every year or even more frequently hurt my credit or effective me negatively?

I recently had to have my card reissued because I noticed a charge on my account I did not make. Then I realized I had this card for like 4 years and credit card numbers are static. Why shouldn't I ...
1
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1answer
43 views

What's the correct way to show a credit or discount on an invoice or order summary? [closed]

Is there a standardized way to express discounts or credits in an order summary? Example... Sub total: $20 Discount: -$10 Total: $10 I've seen discounts expressed as -$10, $-10, ($10), and +$...
1
vote
1answer
253 views

Car is under my girlfriends name, can i refinance it?

Last year i needed to buy a car, but my credit was bad atm, so my girlfriend at the time let me use her credit to buy it. Now almost 2 years later i have to buy a diferent car so i can take out of the ...
0
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3answers
92 views

Do “authorized user” credit cards contribute to establishing credit in the eyes of a credit card issuer?

If I wanted to take out a personal loan or open a new credit card, would a joint credit card contribute to showing I have established credit? For example: Lets say I have a $1k limit personal credit ...
6
votes
3answers
2k views

A woman on FB offering to pay my debts. Scam?

On thanksgiving day a woman posted in a facebook group that her father had just passed away (left her money) and in good deed because it was thanksgiving she was offering to pay people’s debts. Well I ...
4
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0answers
196 views

Why does Mastercard allow Santander (Germany) to issue a Maestro card with a revolving credit?

Maestro is a debit card product by Mastercard. So far I have only seen or heard of cards which are one of the following: Linked to a checking account at the same bank that issued the card Linked to ...
1
vote
2answers
187 views

How should I go about getting my next car?

A few months ago I bought my first ever financed car (I'm 19). It's the only credit history I have as of now. I bought a 2015 Chevy Spark with a 28% front loaded interest rate. So, regardless of ...
0
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1answer
94 views

Credit Utilization and Score. Early re-payment

I feel like this may result in the same unanswered question but I'm gonna ask it anyway just in case we can get a definitive answer. Does paying off your credit card (before a statement is generated) ...
2
votes
1answer
216 views

Paying off student loans in anticipation of home purchase

I graduated college in May and have been working full time since. I have $19,000 in student loan debt, all subsidized/no interest yet, that goes into repayment soon. I am also getting married next ...
4
votes
2answers
250 views

Why a company would prefer selling shares rather than borrowing money?

I hope this question doesn't sound stupid as I don't have much economic knowledge. If I understand it right, the point of selling shares is that a company can finance itself. But usually small ...
8
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4answers
3k views

401(k) loan and job transfer

Background I took a 401(k) loan to facilitate a move across state (My wife is a newly graduated physician who took a residency offer near our new home). I up and switched jobs in the same career ...
3
votes
1answer
105 views

How many open credit card accounts do issuers like to see when someone applies for a new credit card?

How many open credit card accounts do issuers like to see (according to some formula or rulebook) when someone applies for a new credit card? Specifically when each card is in good standing and paid ...
26
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5answers
11k views

Why do credit card issuers offer a grace period?

I am wondering why most credit card issuers offer a grace period after the statement date, provided they're not obliged to? Is it required by law (I'm 99.99% sure it's not but just in case)? Does ...
21
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4answers
10k views

HELOC debt is 2x my mortgage, help [duplicate]

My home equity line of credit (HELOC) amount owed has now grown to where it is approximately double the amount remaining on my mortgage and the interest payments are killing me. I have no other debt. ...
2
votes
2answers
246 views

Is it beneficial to keep switching a small credit card balance back and forth between two cards?

I have two credit cards that I don’t really use and was wondering if there’s any cons to putting a small balance of $50 on one and keep paying it at the end of the month with the other card without ...
0
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1answer
69 views

How to enter cash back from credit card payment in account? [closed]

If you purchase petrol and pay by credit card, when some charge are reversed, then your card is credited. How does one enter this statement for accounting purposes?
0
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3answers
150 views

Considering leverage [closed]

I started investing two years ago. Currently my situation is as follows: I earn 1700 € per month and manage to save 1200. To be Conservative and as rents are going up in my country, we can assume ...
4
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3answers
303 views

Can you hurt a nonexistent credit score?

I am a student, I just started my sophomore year. I have always been very financially responsible. Now, I want to start building my credit, so I did my research and applied for a student credit card. ...
1
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7answers
606 views

Buying a brand new luxury car

I read this and this questions - although not all of the answers. My question is fairly similar to the first linked question although I have different circumstances. Context I am a 29-year old ...
84
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18answers
75k views

By 18 years of age, I want a brand new car that's $43,668

I'm from Arizona and I will be 18 in 4 months. I make about $1,200 a month from my job. I have $600 in my bank account and I don't plan to spend any of it until I'm 18. I'm looking to get a ...
2
votes
3answers
362 views

Why would a lender raise interest rates if you are in danger of not being able to pay your loan?

This is a follow-up to this question. It is established that lenders charge higher interest rates to customers less likely to be able to repay their loan in full, but this increased rate shouldn't ...
0
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2answers
134 views

Monitoring of how the credit cards are paid off?

I'm in the process of getting a mortgage but my DTI ratio is like 40% and I am trying to just pay off the credit cards so it isn't so high (that way I will only have student loans and car payment with ...
2
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1answer
54 views

How to Aggregate APR

I currently have several different credit accounts with balances that need to be paid off, and I am considering consolidating these accounts into a single loan account. These accounts each have ...