Questions tagged [credit]

for questions that relate to all forms of credit.

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1
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3answers
94 views

Which is worse for credit score: Bank closure for inactivity, or consumer closure, of a credit card?

Even if a zero-balance credit card is not used, the account age and available credit limit help a person's credit score. If the person decides they no longer wish to use the card (e.g. due to a ...
-1
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2answers
210 views

AMEX made my dad wait 77 minutes to approve his credit card purchase [closed]

I would like to help out my dad. I apologize since I have no idea about credit cards. So my dad has lots of money, no financial problems whatsoever. He has an AMEX credit card with no pre-set spending ...
1
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2answers
156 views

Can a retailer charge me sales tax after being charged?

I made a large online purchase at a large retailer and I noticed sales tax was not charged when checking out. When I checked my email confirmation, tax also said $0. A few hours later, their customer ...
13
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8answers
5k views

How badly will my credit score be affected if I don't pay back a small margin debt?

I recently started trading stocks and was trading on ameritrade. I went in with just a little money to play around with and try and learn about it, but I forgot to turn off margin trading apparently. ...
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2answers
72 views

What formula would I use to calculate the percent of an APR if I knew the payment, principal, and interest?

I'm writing a blog article about potential scenarios in which I might lend someone money and explain how interests work. In my example, I am lending someone $400 and agreed to pay back $100. With no ...
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0answers
21 views

Can i connect with 2 brokers for refinance who work in same mortgagae company?

I am in contact with 2 brokers who work/belong to same mortgage company. I am comparing the rates of both the brokers and both brokers work in same refinance company. Is it unethical? Can they ...
3
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0answers
71 views

Best possible outcome from paying a charged-off account

I had an auto loan from 2011. All but about 1,800 USD was paid off. Various financial challenges and a dose of me sticking my head firmly in the sand led to the account being charged off. I handled ...
30
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5answers
10k views

Paid off $5,000 credit card 7 weeks ago but the money never came out of my checking account

I paid off my credit card that had a balance of over $5,000. I sent a one time payment for the total amount, about $5,100 to be exact and my credit card company received the payment and reflected it ...
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3answers
120 views

Paying more than your monthly credit card balance?

When is it a good idea to pay more than your monthly credit card balance? When does that help, when is that not worth doing / doesn't do anything? Why is that a good idea? Does that help your credit ...
1
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3answers
146 views

What prevents a person from paying one credit card bill with another credit card (indefinitely)?

Let's assume that I have two credit cards and get a massive bill for the first one. When I need to pay it, I just use the second card. When the bill for the second one comes, I use the first. I can ...
17
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7answers
6k views

Open many credit cards while I am young?

I just turned 19 years old and want to start planning for a future of good credit. Should I open many credit cards now so that in 10 years I will have a good history with many agencies, or is it ...
1
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0answers
39 views

Does mobile phone account negatively affect credit score?

I generally try and keep my credit utilization on my credit cards as low as possible, by having a high limit, and making payments frequently to keep the balance low. I was looking on my Equifax ...
1
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3answers
86 views

Will linking SSN with checking account help build up credit score?

Background: I’m an international student who is currently on F1 OPT. I only have a checking account with a debit card at USbank. I use the debit card very often with no overdraft history. I just ...
1
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1answer
76 views

Creditworthiness of counterparty

Based on historical evidence, a B-rated counter party is approximately 16 times more likely to default over a 1-year time period than a BBB-rated counter party. Over a 10-year time period, a B-rated ...
1
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1answer
143 views

Car Dealership says I have no credit history, but I do?

My fiance and I went to Chrysler Dodge Jeep dealership to lease a car, nothing fancy just a Jeep under 30k. During an appointment we were told that I have absolutely no credit history, which is very ...
0
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2answers
83 views

Credit­-default swaps

Can someone explain in laymen terms what exactly are credit-default swaps? And how do hedge funds made a killing on them during the market crash in March? (I am assuming these are debts that parties ...
5
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2answers
309 views

Can Having Less Debt Lower Your Credit Score?

Background: In preparation to buy my first house I've started keeping an eye on my (Experian FICO) credit score, and I've been seeing behavior that is very strange. After a year of my credit score ...
1
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1answer
70 views

Calculate liquid net worth

I look at the definition and I understand the idea and concept of liquidity: It's how much cash you can pay and cover more or less immediately. I have x dollars in stocks and savings which can be ...
0
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1answer
39 views

Bond price in crises

How do bond prices fall in a crisis as of course credit spreads will go up generally but also interest rates plummet meaning surely the bond price rises at the same time? Does this effect cancel out ...
0
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3answers
249 views

How exactly does paying your credit card balance in full increase your credit score?

Does anyone know how a credit score increase is calculated based on paying off credit card balance(s)? In addition, is it cumulative balance or just the balance at the end of a billing term? For ...
0
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0answers
73 views

If I get a credit card that will give me a higher credit limit if I make on-time payments, will it carry over if there is no balance?

So, I got a card, and let's say I was approved for $300, but the creditor promised to increase it to an actual credit line if I made five on-time payments starting in April. So, I make a few payments, ...
1
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1answer
142 views

Where can I see at what price a company's debt is trading at?

I was reading Barron's today and came across the below quote - Hertz’s debt somewhere in the range of 30-40 cents on the dollar. If the stock actually were worth something, the debt ought to ...
0
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4answers
438 views

Credit score dropped 73 points after applying for a new card?

Why did my credit score drop from a 762 to a 689? According to creditkarma I got hit with: JPMCB-Card Service: Opening a new account can temporarily lower your score because it adds a hard inquiry ...
0
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2answers
118 views

Is it better to start a new business using credit, even when I have money to invest

Suppose I have to start a new Limited Liability Company and the initial investment is 50000 dollars. Let's also suppose I have that money. No problem about it! Now let's suppose something goes wrong ...
0
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0answers
33 views

Establishing / freezing credit for a new immigrant?

A relative migrated to the US and obtained permanent residence, then citizenship. They'd like to freeze their credit, but they don't yet have any to freeze. Since they now have a social security ...
2
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1answer
352 views

Paypal Credit account charged and repaid by unknown party. I reported it, and PayPal sent ME a check. Do I need to do anything else?

I apparently set up a Paypal Credit account years ago (when it was called BillMeLater) and forgot about it. Last year I started receiving emails "Statement balance" and "Payment received!" Checking ...
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0answers
113 views

If you get a disability pension can your bank close your account if you can't pay their credit card?

I've been at RBC for 40 years and I have received a federal pension for disability for the last 25 years. If because of this covid19 financial pressure and lack of affordability, I can no longer ...
1
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3answers
280 views

Am I less likely to get approved for credit during the COVID-19 pandemic?

I've been thinking about applying for a new credit card or two, as I've been building up credit for awhile and basically all my hard pulls have fallen off of my credit report. Given that COVID-19 is ...
1
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1answer
84 views

When do credit downgrades usually take place? [closed]

Do credit downgrades most often occur during earnings season? or are they uniform over the year?
0
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3answers
427 views

Should I apply for a new credit card once the promotional rate on my current credit card expires?

I used to have an average/low credit rating (experian) because I never had any lines of credit. I got a Barclaycard on a promotional offer, so for a year they have not charged me any interest for ...
13
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5answers
10k views

Pay off Credit Card Debt now or later

I recently paid a non-refundable housing deposit of $1,300 for summer intern housing. The company I am going to work at this summer has outlined in my contract that I will receive $2,500 to cover ...
4
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2answers
195 views

Authorized user on parents credit card, will it affect credit?

My sister just applied for a credit card and got denied. Shes never had a loan, always paid her current credit card in full every month, and should have essentially perfect credit (though maybe not ...
0
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2answers
251 views

Paid for motorcycle via credit card, NO dealer documents signed yet and bike has NOT been delivered yet, can i back out?

I want to back out of a purchase of a small motorcycle, but I'm not sure how to proceed. We processed my credit card info to cover the purchase price and taxes on the vehicle 39 hours ago, and now I'...
1
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1answer
224 views

Am I causing any problems for myself by having no records of owning or leasing a residence?

Nothing prompted this question other than wandering curiosity. We know that it is possible to suffer a poor credit score due to a thin credit history and lack of variety of credit. Is it ...
2
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3answers
3k views

What is the difference between a loan and credit?

From other sites I’ve gathered that loans are for long term purposes (12-48 months) with lower rates of interest, while credit is mainly to meet monthly purchases with higher (monthly) rates of ...
1
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1answer
87 views

Credit Card Billing Cycle

I am considering getting the QuikTrip credit card offered by First Bankcard. After the credit card application is approved, when does the billing cycle begin? I have contacted First Bankcard's ...
2
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2answers
93 views

Credit bureau - Credit freeze vs Fraud Alert

I suspect my passport information along with other personal information was leaked on a website. I have already setup Credit Freeze, would Fraud Alert be also necessary? What are the benefits and ...
2
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1answer
440 views

Is selling tradelines safe?

I recently learned about selling tradelines. As far as I understand it users with credit cards with long credit histories and large limits sell authorized user positions to people looking to improve ...
23
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5answers
15k views

Sugar daddy wants me to apply for a credit card so he can link me to his company account. Suspicious or am I being paranoid? [duplicate]

So basically, I was really desperate when I met this guy. I'm 18. He says he's in Canada right now, and will be back on the 23rd. When he isn't talking about money, he's been really upfront, honest, ...
3
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2answers
505 views

How can I regain my credit history after having legally changed my name?

In 2015, I opened a CreditKarma account to monitor my credit even though I had no credit history at the time. In 2017, I successfully applied for a secured credit card with a low credit limit based ...
4
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2answers
172 views

How can checking credit to open a new account have no impact on your credit score?

The advice I've typically seen is more like this advice “Hard inquiries,” also called “hard pulls,” are the kind that can cost you points. They happen when someone pulls your credit for the purpose ...
1
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1answer
133 views

18 year old building credit

I'm 18 and currently my credit score was 524, only because theres an overdue bill of $500 from when I was a minor in my derogatory marks. I have disputed it through credit karma for Tranunion and it ...
4
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1answer
141 views

Can an individual report data to a credit bureau

What process do credit card companies and financial institutions go through to have the ability to report payments to credit bureaus? Ex. I have money I want to loan to someone. I run a credit ...
1
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2answers
1k views

Is it safe to give credit card first 6 numbers+ last 4 over email? [duplicate]

A company that I had previously had a subscription with and cancelled continues to charge me, so I contact their support team and they say that their system shows me to be cancelled. They have asked ...
2
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1answer
193 views

Will Freezing My Credit Score Help Me Hide My Current Address?

I grew up in an abusive household and don't speak to my parents. Recently they found out where I live - very far away from them - and showed up unannounced at my door. I understand my credit report ...
1
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1answer
217 views

Buying a house with credit line and getting a mortgage later

We are considering buying a house for about $150-160 thousand. We recently moved, and my wife has been on maternity leave benefits for a year now. So, proof of income is basically non-existent. We ...
4
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3answers
271 views

is high credit score an asset? [duplicate]

A quick definition of asset is a useful or valuable thing, person, or quality. Can a high credit score be thought as an asset ? I am not asking what can I do with my credit score, I am simply asking,...
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1answer
383 views

How soon can I close Amazon rewards credit card after opening?

I got the card today for the $70 sign up 'Gift Card', only have 2 other credit cards with $5,000+ limits with $0 balance on both and want to know when I can close the Amazon account. I only spent ....
29
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5answers
7k views

What can I actually do with a high credit score?

I recently checked my credit score via two of my credit card providers. It seems to be hovering between 790 and 815. One service brands the score it provides as a FICO score and the other specifically ...
1
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1answer
979 views

"Discover® Identity Alerts (is there a downside to this free service)

I got the offer today. Other companies have made similar offers. Is there a downside to this kind of thing? Are they getting some sort of access that they will somehow market some junk to me? Here's ...

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