Questions tagged [credit]

for questions that relate to all forms of credit.

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How much does having an installment loan in your credit history matter vs simply having a good credit score?

Let's say you want to buy a starter home (at a reasonable budget for your income level) and have an excellent credit score of ~800, but you have zero history of taking an installment loan (student, ...
Donuts's user avatar
  • 178
0 votes
1 answer
116 views

Is it a good idea to take a loan just to build borrowing history? (United States)

Context My current car, a hand-me-down from a family member, is 10+ years old with ~100k miles and starting to have enough problems that maintenance costs are quickly piling up. Over the last 2 years ...
Donuts's user avatar
  • 178
0 votes
0 answers
74 views

Does an adult child living at home still gets the standard tax credit?

If someone, age 19, lives with their parents, works part time, do they still qualify for the standard tax credit? The person earned $2584 last year. The tax preparer says she owes $390 in taxes.
Shaleen's user avatar
1 vote
1 answer
92 views

Does my filing out a guarantor application to help my daughter get an apartment impact my credit rating?

I am electing to help my daughter secure an apartment by acting as the guarantor. When I fill out and submit, does this impact my credit rating like when I apply for credit?
Erlina Edwards's user avatar
14 votes
3 answers
3k views

Do inbound gifted monies require a credit unlock?

My credit has been frozen for the last 20 years and I unfreeze when necessary. I am being told that I need to unfreeze my credit in order to receive these funds. Why would my credit need to be ...
Matthew Long's user avatar
0 votes
2 answers
123 views

Does paying for some travel-related service (e.g., Airbnb) via installment payments (e.g., Klarna) count as travel with Rewards World Mastercard Card?

Assume a Bank of America's Rewards World Mastercard Card is configured so that it has a 3% cash back in the travel category. Does paying for some travel-related service such as Airbnb via installment ...
Franck Dernoncourt's user avatar
0 votes
1 answer
158 views

Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?

I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
Ellie's user avatar
  • 1
5 votes
1 answer
343 views

Will paying off a defaulted loan from 20 years ago affect my credit?

I defaulted on a loan 20+ years ago, which has since fallen off my credit report. My credit score today is excellent. If I were to pay the balance being asked for by the current debt owner/collector (...
user11122233341's user avatar
1 vote
1 answer
121 views

Is there anyway to retrieve the MCC of a store while making a transaction?

I'm trying to build an app that involves credit cards and I want to know if there's a way that I can get the merchant category code (MCC) of the store before I make a transaction using a credit card ...
Alexander Dong's user avatar
14 votes
2 answers
9k views

I found out I was the primary on a car loan and not the co-signer

I found out 6 years after I thought I co-signed for a car that I was actually the primary. The notes were paid at first, my daughter ended up doing a voluntary repo. What can I do?
Shauna's user avatar
  • 165
3 votes
3 answers
946 views

To pay for something with installments, or not?

Let's say I want to buy something for 5000 and in my country we have 80% inflation yearly. Would it make sense to pay 5000 now, or pay in monthly instalments over 12 months for 5600? (that's the ...
Turgut Kalfaoglu's user avatar
-4 votes
1 answer
179 views

Can a credit company add 1000 to your account for not paying off your balance on time? [closed]

Can a credit company add 1000. to your account and say it's because you didn't pay the original balance on time?
Renea Simmons's user avatar
6 votes
2 answers
3k views

Why do secured bonds have less default risk than unsecured bonds?

Why do secured bonds have less default risk than unsecured bonds? Secured bonds are backed by specific assets of an issuer while Unsecured bonds are backed by all assets of the issuer - so shouldn't ...
sai_varshittha's user avatar
2 votes
1 answer
2k views

My girlfriend helped me buy a car - Who is responsible if she takes it back?

My original car was totaled, and I couldn't get a car on my own due to bad credit. The dealership approved me at a high rate with money down. When I get my trust fund, I can buy one. My girlfriend ...
Mike's user avatar
  • 21
5 votes
2 answers
788 views

What does "investing in credit" mean?

I have seen saying such as "invest in credit/be long credit", what does it actually mean? For example, I can buy high yield etf which is essentially a basket of low rated corporate bonds. ...
Medan's user avatar
  • 543
1 vote
1 answer
164 views

Why can't you see your credit score at all times?

I've just seen over the years that you can check your credit score now and then and sometimes it might lower it a small amount just to check. Why isn't credit some transparent function of various ...
Julius Hamilton's user avatar
0 votes
1 answer
551 views

accidentally opened up a line of credit - what can i do?

So I was trying to update my address on my PayPal Credit Card and apparently I opened up a new line of PayPal Credit instead. Like apparently the PayPal Credit Card and PayPal Credit are two ...
neubert's user avatar
  • 3,832
-1 votes
1 answer
214 views

Late payments due to online banking not working

Last year I opened a new bank account and got a credit card with the same bank. Online banking hasn’t been working since the beginning, so I cannot pay my credit card balance online, check the ...
NearIR's user avatar
  • 99
0 votes
1 answer
159 views

Does having multiple credit cards (over 5) hurt your credit score, or will it build your credit score?

After my divorce I found that I had no credit. So, I began building my credit and am doing quite well with it. I started with a secured card with a low limit (under 1K) several years ago. When my ...
Christa Lodico's user avatar
0 votes
1 answer
225 views

F1 visa and credit card debt

I am currently in the US on an F1 visa and I have over 4000$ credit card debt (4 maxed out credit cards). I make on time payments each month and should pay it all within a year. Can I leave the US and ...
Liyak 's user avatar
0 votes
0 answers
68 views

Credit Card Charges for Foreign Purchases

I used my Mastercard when purchasing on vacation in Canada. When I received my credit card bill, I did see the Foreign Fee attached, which was fine. However, in my most recent activity, I found the ...
Janet R. Haley's user avatar
1 vote
3 answers
465 views

Opening first credit card and car financing

I just graduated and I'm about to start a new job in the US in September. I haven't had a credit card before and I would like to finance a car, which is $34k. My monthly salary after taxes will be $5k ...
use80085's user avatar
1 vote
1 answer
208 views

Can a bank take money out of my account without asking, to collect old outdated debt?

Almost 2 decades ago I had identity theft and they maxed out my card. I lived with it (and terrible credit) and could not discharge it or pay it off. Some years ago this all fell off my record and is ...
user7211's user avatar
0 votes
2 answers
851 views

Extension of Credit meaning

I'm reading some finance literature and often when it refers to loan it instead uses these term: extending credit extension of credit credit extension When I google define "credit extension&...
woky's user avatar
  • 113
0 votes
0 answers
466 views

I paid R3999 for registration R4,799.05 for IMF now R3,768 for C.O.T is this not a scam? They will need another money after this? [duplicate]

I apply for a loan I pay 3999 for registration after IMF of R4,799.05 now I must pay R3 768 for C.O.T and they say I will get the money back is this not a scam?
Lindiwe 's user avatar
0 votes
1 answer
84 views

How do I increase my credit utilization without decreasing my credit score?

I have a Discover card with a limit of around $2000 ("Discover It"), which is very low. As a result, I end up putting my biggest purchases on debit, or use an alternative form of payment (eg....
Roddy of the Frozen Peas's user avatar
3 votes
1 answer
1k views

CareCredit Co-signer Triples Credit Line, Maxes it out & tanks my score

Long story short-two years ago my dog was bitten by a copper head. My credit was not great then as I had no cards or any payment history of note. The vet bill estimate was way outside what I had so ...
J. Canon's user avatar
-2 votes
2 answers
4k views

Can I trust Zelle to credit my account for added charges?

I listed a dress for $300 on FB Marketplace. The buyer uses Zelle so I set up an account because D said that was the only way she sent funds. She said she sent Zelle the money. So I get an email ...
Barbara Christman's user avatar
8 votes
4 answers
4k views

What could prevent a bank from lending to me to buy commercial real estate?

If I want to take out loans to buy real estate with the intention of renting it to cover the interest on the loans, what are the red flags that might prevent a bank from extending a loan to me? ...
Five Bagger's user avatar
  • 9,785
2 votes
2 answers
170 views

What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income?

What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income? Context: I'm emigrating to the US under an L1 visa and will have a good salary in a big ...
marianov's user avatar
  • 121
0 votes
3 answers
60 views

Maximum credit exposure to Over the counter straddle

A trader purchases a six month over-the-counter straddle on stock A for a 1 Million premium from a counterparty. The maximum credit exposure over the life of the trade is: 1)less than 1 Million. 2)...
Win_odd Dhamnekar's user avatar
1 vote
1 answer
592 views

Why is direct deposit required for credit builder accounts?

It seems all credit builder accounts (e.g., Chime, Varo Believe) require direct deposit. Why should it make a difference on how the money is put into the account?
DAV's user avatar
  • 119
0 votes
1 answer
109 views

Financial and/or credit risk management

A portfolio consists of two (long) assets £100 million each. The probability of default over the next year is 10% for the first asset, 20% for the second asset, and the joint probability of default is ...
Win_odd Dhamnekar's user avatar
4 votes
2 answers
1k views

IRS says Senior is entitled to credit, but only if they receive his 2020 return

My Uncle does taxes by hand and does not use tax person. He filed 2020 and sent check for amount $123.45, the amount he owes. iRS cashed this check few days after he mailed 2020 return (back in Apr ...
Marium's user avatar
  • 373
3 votes
3 answers
232 views

What's the difference between a soft and hard credit check?

I understand that hard credit checks negatively impact a person's credit score. Why would it work this way, because it's seen as a negative thing to be applying for credit cards too often? Even then ...
user110101's user avatar
1 vote
1 answer
188 views

Why didn’t my credit score fully recover after paying off a collections account?

My credit score went down 58 points due to a medical collection account that got reported. I ended up paying the account in full and submitting a request for it to be removed from my credit report. ...
Timothy Fisher's user avatar
1 vote
1 answer
171 views

Is the holiday season an unwise time to apply for credit?

Given the rise in consumer spending during the holidays, do lenders mitigate the increased demand for credit by offering lower credit limits than usual, or having stricter criteria for approval?
stateazure's user avatar
1 vote
1 answer
72 views

is it ok to pay off a larger transaction early BEFORE it posts or extracts it from the account?

to be on the safe side..is it ok to pay off a larger transaction early BEFORE it posts or extracts it from the account? i have a good score and this cc is the only one that affects it. it is a ...
Ry Paul's user avatar
  • 11
1 vote
1 answer
132 views

Is a Service Like Extra Credit or Experian Boost for Building Credit Score Worth It?

I am looking to build my credit score to have a better chance of qualifying for a home loan. I've seen a few credit building tools out there but am wondering if anyone has used Experian Boost or Extra ...
JoseR's user avatar
  • 11
1 vote
1 answer
155 views

Does overpaying credit card to pay a much larger sum than your credit limit to get cashback negatively impact credit score?

I am an immigrant and the concept of credit cards is fairly new to me, I understand it enough and know that using more than 30% percent of your credit card can hamper or negatively impact my credit ...
ohmycredit's user avatar
1 vote
0 answers
85 views

What are some of the factors that affect loan pricing?

In an interview for a bank, I was asked about some of the factors that could affect loan pricing. They asked me which of the following factor should not affect loan pricing: credit rating of sponsors;...
Ian's user avatar
  • 11
1 vote
1 answer
93 views

What does payments/credits section on an invoice represent

I have seen several invoices with a 'payments/credits' section in the invoice totals column. It was most often a negative value subtracting from the total invoice amount. I am from Croatia and the ...
Michael Munta's user avatar
0 votes
1 answer
199 views

Did a refund just give me a bonus to my credit score?

I check credit karma notifications and I got one that my credit score just went up 3 points. Funny because the only transaction I had this month so far was an accident. I was on a free trial ...
Doctor Reality's user avatar
2 votes
1 answer
167 views

How can Genisys afford to pay 4.07% APY on checking accounts?

They do say “Must enroll in eStatements and use your Genisys Debit Mastercard® at least ten times per month for purchases of $5.00 or more, excluding ATMs, to earn 4.07%APY.” And that ”Balances ...
Cotton Headed Ninnymuggins's user avatar
1 vote
2 answers
266 views

How will closing my credit card affect my credit?

When I was a teen, my mom opened a credit card with Capital One and added me as an authorized user. I used this credit card for pretty much everything, but when I went to get a loan for a home years ...
backcab's user avatar
  • 183
0 votes
2 answers
145 views

Can I use my brokerage accounts and trading as my job evidence?

I live in the US and have some brokerage accounts and I have income from trading online. I also don't have another job. Can I use my income and trading history when I want to apply for a loan or ...
user avatar
0 votes
1 answer
190 views

How does Credit Karma have access to my information

How does credit karma get access to my information? When I sign up and give them my personal details, whom do they get my credit info from (such as open credit cards, credit scores,etc.)?
rahs's user avatar
  • 353
23 votes
6 answers
13k views

Mom made me cosign a car with her because her credit is bad and now the account has gotten charged off

My mom made me co-sign a car with her when I was young because her credit was bad and she really needed a car. She stopped paying for the car and now it has been charged off. I am worried about not ...
concerned-young-adult's user avatar
2 votes
3 answers
251 views

I pay off my balances every month, never late, but my credit score is not going up-any advice?

I have never been late with a payment. Using my credit cards mthly and paying off the balances every month. However, my score has not gone up in more than two years. I am over forty and own a home.
Aatreyee Eitland's user avatar
0 votes
4 answers
415 views

Is the 30% of credit rule per month?

I have heard that it is best for your credit to use under 30% of the credit available to you. Does this mean per month or at a time? The difference: A. Per month = For a $2,500 credit limit in total ...
Burt's user avatar
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