Questions tagged [credit]

for questions that relate to all forms of credit.

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4
votes
2answers
202 views

Could Paying Off Car Loans Early be Bad For Credit?

I am 22, I have had a couple of car loans that were both supposed to be 5 year loans. The first loan I started in November of 2015. I ended up paying off the loan in 9 months. After I paid it off, I ...
1
vote
4answers
1k views

Credit card closed. Effect on credit score (USA)

So this just happened to me recently and I'm worried. I've been between jobs and making heavy use of my single credit card recently. The card was set up by my bank to make automatic payments of the ...
4
votes
1answer
132 views

Will I carry a balance if I make an early payment?

I'm new to credit cards and wish to understand how the following scenario will play out. Initial balance £0 September 6th to October 5th I run up £1000 on the card. Statement arrives for £1000 to ...
0
votes
2answers
284 views

Pay off Credit Card Debt

$60K credit card debt (sick child had to quit job) Should I look at pulling this from my IRA, 401K, or a loan against the mortgage? Income is too low to keep up payments and I am hoping to prevent ...
12
votes
3answers
803 views

Impact of RMD on credit worthiness

I was surprised after I retired when I could not get an increase in the credit limit on a credit card I'd held in good standing for many years. After I retired, the only income that qualified for a ...
1
vote
2answers
235 views

How to remove a late payment from my credit report?

My boyfriend had horrible credit, so we bought a living room set with my credit, but when we broke up he decided to stop paying on it (even though he kept the couches) and I didn't realize till 90 ...
5
votes
1answer
633 views

Why are there 3 credit bureaus?

I was wondering why there is a need for 3 different companies to monitor our credit in the united states. It seems to me like it triples the chance of something going wrong like Equifax's breach.
15
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3answers
6k views

How can the Samsung Upgrade Programme offer 0% APR?

I noticed on the Samsung online store that they are offering a 0% APR monthly plan for Galaxy S8 devices in the UK. I assume that applicants will have their credit checked, but how does this offer ...
1
vote
2answers
245 views

What is the potential downside to freezing additional credit reporting agencies?

I have had a credit freeze on the big 3 credit reporting agencies for many years, and now I'm hearing about a 4th, Innovis (since the latest Equifax breach). Is there a down-side to freezing Innovis ...
7
votes
1answer
3k views

Can I prevent Equifax from collecting my personal information?

Given the recent news about Equifax leaking information about millions of U.S. consumer (and some from U.K. and Canada), Is there any way for me to prevent Equifax from retaining my information? ...
12
votes
4answers
847 views

How should I protect myself from the Equifax breach without making my own life much harder?

The FTC recommends those who may be impacted by the Equifax data breach do the following: Check credit reports at annualcreditreport.com. Enroll in the 1 year of free credit monitoring provided by ...
6
votes
3answers
202 views

Is there a surefire way to prevent anyone from opening a line of credit in my name?

With this Equifax thing going down, I wonder: What steps can I take to prevent anyone from opening a line of credit in my name? Is there any surefire way to stop this?
4
votes
2answers
351 views

Freezing my credit report: worth it?

My information has been leaked several times, including in the recent Equifax fiasco. I'm considering freezing my credit report. The downsides of this seem to be the annoyance of paying a fee (to ...
9
votes
1answer
152 views

Credit freeze and affect on perception as credit risk

In light of the Equifax hack I keep reading that people should apply a credit freeze on themselves at the 3 main bureaus. However, someone told me that their mortgage consultant said that placing a ...
0
votes
1answer
141 views

Bankruptcy with liability and credit

Suppose you took a loan and have to to pay it off uniformly. You made more money than you initially thought when you took the loan and have yet to pay 50 000 $ off, but have 20 000 $ credit on an ...
64
votes
4answers
26k views

Is this person wanting to pay my credit card trying to defraud me?

A friend of mine is in another state wanting to pay my credit card. He says he needs my credit card number, name on card, username, password, and card limit. Is he trying to defraud me? Or does he ...
1
vote
4answers
545 views

How to go from Good to Excellent Credit for Free?

I looked up my Fico score for the first time in March of this year--it was 766. At that point, I had two credit cards, one that I used for almost everything and a store card that I hardly ever used. ...
6
votes
1answer
115 views

Do lenders have a practical obligation for prompt/accurate credit reporting?

Joe had a high-balance loan from Acme Bank and paid it off. Acme reported to the credit bureaus about every 30 days during the loan, up until the day after the scheduled payoff. On that last day, ...
2
votes
0answers
48 views

How do co-applicants affect loan terms and credit histories?

Alice and Bob are considering applying for a loan - for a discussion example, an Acme credit card. They have no previous credit connection. Applying individually, Alice would probably not be ...
9
votes
4answers
197 views

Credit Card Transfer/Payoff Advice

I have a credit card that is just about maxed out. I'm trying to get into financial health but the purchase interest charges are killing me and it's hard to get ahead. My cash flow is also terrible ...
2
votes
3answers
218 views

Does an un-used credit card count towards my total credit? (for utilization)

I have a bunch of credit cards I've opened for their preliminary cash payout when you spend X dollars in Y months. I don't plan on using them after that, but will keep them to increase my total credit ...
14
votes
6answers
6k views

Should I have a higher credit limit on my credit card?

I've had my credit card for about 4 or 5 years now, got it when I was 18, and my line of credit on it is $3500 as of a month ago. I got it increased to $1500 from $500 last year, and just never ...
5
votes
3answers
12k views

Does a declined request to increase my credit limit hurt my credit score?

If I’m eligible for a line of credit increase request on my credit card, request one, but am declined one, does it hurt my credit score? If it can hurt my credit score, is it situational or does it ...
21
votes
4answers
7k views

How to recover from credit score hit from paying off loan?

My credit score recently took a dip after I paid off my student loans recently. When I look at the credit report via mint it shows a "not bad" rating for number of accounts opened. ("not bad" is the ...
0
votes
1answer
161 views

Where can I find out details about the actual network on which SWIFT banking works?

What I'm primarily interested in: finding out whether Bank A in Country X has a direct SWIFT connection to Bank B in Country Y, or does it compulsorily have to go through Bank C in some country? I've ...
1
vote
1answer
158 views

Mortgage documents vs Credit report: am I mortgage-less now?

I live in Chicago IL area, and had some issues with paying my mortgage over the past 2 & 1/2 years. The original mortgage company ended up selling to another company after I filed chapter 7 ...
16
votes
7answers
7k views

Using 0% APR credit card(s) to pay off loans to avoid interest

Not sure if this is possible but it did come to mind out of curiosity sake. Assuming you have a $10000 loan for example. You open up a 0% APR card for 15 months with a credit value of $15000 for ...
21
votes
5answers
5k views

Confused: Should I be opening more no annual fee credit cards to improve my score with the intention to not use them?

I was told that having more cards and more open accounts was more of a risk factor since you have more credit to abuse. However, this seems to say otherwise that credit trackers actually encourage you ...
-1
votes
1answer
142 views

Is using multiple sites to get your "free credit score" a bad idea -- do all credit review sites pull from the same data?

My bank has a free credit score review option. There are several sites that offer it. Does it matter which one you pull from? Do they all pull from the same sources so the data is all the same or does ...
2
votes
1answer
244 views

Can I get penalized for maxing out my credit card on one purchase?

I have an Amazon Visa card with a $2,000 limit, and I get a certain number of rewards points every time I use it that I can put toward future Amazon purchases. Ergo I like to use this card for more ...
1
vote
1answer
900 views

Excessive Credit Check from Comcast

I used to be a customer of Comcast, but left them a long time ago for another ISP. When I started doing business with Comcast, they performed a credit check on me. At that time, I had no issue with it ...
5
votes
5answers
359 views

Could you get approved for a mortgage with no credit history?

There are questions on this site that ask whether or not bad credit is worse than no credit. There are questions regarding how to stay out of credit card debt (or debt in general). There are also ...
0
votes
2answers
403 views

Switching Banks, Switch Credit Cards, too?

I'm moving to a Credit Union from my long-term bank. I have two credit cards already with the bank, and one card has a balance on it. I would prefer to consolidate and cut myself completely off from ...
1
vote
2answers
646 views

Worth canceling an old Amex Charge Card Account?

I'm looking for a bit of advice as whether or not it is worth canceling my Amex Charge Card. Currently, I am using an Amex Gold Card as my one and only card. I have had a Charge Card account with Amex ...
0
votes
2answers
274 views

Will I always be able to get a zero-interest credit card?

(Note this question presupposes that my credit score will always be high enough to qualify for a 0% interest card). I've taken to using the introductory 0% interest rates on credit cards to my ...
7
votes
2answers
469 views

Can credit cards look at your credit report without your authorization (and reduce existing credit limits)

Just received a somewhat disturbing email where several of my credit cards from Citi have had their limits reduced. Email quoted / enclosed below. Q: I did not authorize for them to look up my credit ...
1
vote
2answers
117 views

Can credit worthiness be transferred from me to a business?

I'm interested in incorporating in order to put my rental business under a business umbrella. Right now it is just me (no business papers, but I report income to the IRS). I am wondering: can my ...
17
votes
5answers
7k views

Is it possible for me to keep my credit card APR at 0% permanently?

Right now I'm using the Chase Freedom card, and the terms say that it has a 0% Intro APR for 15 months from account opening on purchases. After the intro period, a variable APR of 15.74% - 24.49% is ...
-1
votes
2answers
290 views

How does zero credit usage affect credit score

Assume that identical twins A and B both have the same credit card, credit score, credit limit, and credit history. For the next year, twin A does not use his credit card at all, while twin B each ...
0
votes
1answer
1k views

Does closing car loan lower credit score?

The final payment on my car loan is due in December but I made a payment for the total payoff amount this month to close the account. The only account I currently have open is a credit card. Before I ...
0
votes
1answer
144 views

Credit line is high on one card, low on another: should I lower before raising?

Assume that: I opened card A a long time ago and card B recently (different institutions). I have a very high credit limit on credit card A and a very low one on credit card B. I do not need the ...
15
votes
1answer
610 views

How was someone able to open an account?

A while back I was surprised to see a collections account go onto my credit report for an unpaid amount of a few hundred dollars. I immediately believed it to be a mistake since I had never heard of ...
3
votes
1answer
715 views

What happens if I get approved for financing, but don't make the purchase?

I recently applied for financing to buy the Google Pixel. I was approved. When I went to place the order, the shipping time was a month away. I don't want to wait that long. I'll look at other buying ...
1
vote
1answer
46 views

Are there any ways to open new credit while abroad?

background- I do have a mailing address and someone I trust to collect it. I have been outside of the US since 2009 and am unfamiliar with any changes in the banking rules since "The Financial Crisis"....
1
vote
2answers
123 views

What does it mean if it says -$

I wanted to know -$ in credit means... do I have to pay back or I will get a refund (it says this ...Your account is in credit (-$75.75), please generate a statement)
4
votes
2answers
219 views

Future effects of buying a house

I'm a college student right now with no income. My family is supporting me and paying all of my bills at the moment. A few years ago my mother and I needed to move around the same time, so we moved ...
5
votes
5answers
1k views

Does being an authorized user on my dad's credit card stop me from getting approved?

When I was in college, my dad added me as an authorized user on his credit card. My understanding was that I would not be legally responsible for this card and that it would not appear on my credit ...
1
vote
1answer
672 views

Are self-lending loans legitimate?

In the credit building/repair industry, there are some companies offering self lending. That is, you take a loan in the form of deposit in a savings account. Then you pay it in monthly installments ...
1
vote
2answers
133 views

Credit and Debit [closed]

I often get confused between debit and credit accounts for example. Capital To Start Up Your Business , the two accounts being affected are bank and owner's equity ( if I'm correct that's why it's ...
13
votes
3answers
3k views

Does having multiple credit cards contribute to "credit mix"?

Right now, the only credit account I have is one credit card, which I've had for about two years. If you don't count as debt the couple hundred dollars I put on that card and pay off in full each ...

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