Questions tagged [credit]

for questions that relate to all forms of credit.

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3
votes
2answers
182 views

How to move forward with credit card after long non-use?

For various reasons, I am currently taking steps to increase my credit score, one of the steps being to increase my credit card limit. The last time I had a credit card was around 10 years ago. I ...
2
votes
2answers
312 views

Allowed roommate to make a purchase on my credit card. How do I calculate her interest?

On Nov 5th my roommate had a medical emergency for her cat. The bill totaled $1097.46. I was with her, and we put the bill on my credit card with the understanding she would pay it back, including any ...
0
votes
1answer
248 views

How long before proper credit card utilization counteracts the hard inquiry?

I know this will depend on personal factors, but let's aim for a rule of thumb. They say not to apply for credit anytime before asking for a loan, and this question is not specifically for that ...
1
vote
3answers
180 views

Mitigate Effects Of Credit With Tangible Money

This question is not how to build credit quickly, although those strategies will be used simultaneously to prevent having to use the answers to this question again. As a new graduate, I have had a ...
8
votes
8answers
1k views

Using Credit Cards while Paying off Higher interest debt

I was hoping to get some advice regarding my plan for paying down my debt. I'm planning to start using the avalanche method to start paying down my balances, but with a slight modification. I have ...
5
votes
3answers
781 views

Is it worth it to take a car loan to improve credit ratings?

I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now. So, would it be better to take a ...
4
votes
4answers
531 views

Is there any reason to turn down a pre-qualified credit card offer?

I am frequently assailed by unsolicited letters from various credit card companies informing me that I am pre-qualified for credit cards with various goodies such as no annual fee or 0% APR for around ...
4
votes
3answers
696 views

How to properly use a credit card

I am a first time owner of my own credit card. I got it with the purpose of building my credit to be able to receive loans for cars/house and things of that sort. I have amassed some student debt, but ...
15
votes
8answers
7k views

5 credit accounts, from $1750 to $4000, all above 90% utilization. Better to pay $500 on all 5, or pay one off completely for credit score?

I have 5 cards acquired in a misbegotten, spendthrifty youth. Utilization: Account 1: $1600 of $1600 Account 2: $1500 of $1500 Account 3: $1200 of $1750 Account 4: $2900 of $3000 Account 5: $4000 ...
37
votes
9answers
9k views

Purpose of having good credit when you are well-off?

I notice people talk about credit scores for many things, but typically they are: Helping tools for mortgages; Ability to get better loans; Ability to get better financing options. The general ...
1
vote
1answer
201 views

How to manage payment of student loans after credit card balances are eliminated?

Purpose there is a loan, that is at least $60,000, which is student debt at about 6%, as well as total amount of credit cards balance at 4000 - 6000 dollars. What is the cost-benefit ratio of these ...
4
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2answers
337 views

Past bad decisions plummeted my credit-rating, using a credit-card what is the best way to rebuild trust?

Back in my 20s I defaulted on a mortgage due to circumstances outside of my control (at least, that's what I tell myself - financially-pepper people don't ever get in to that situation). The house ...
1
vote
2answers
251 views

Student loan tips for repayment, consolidation for a pharmacy graduate

I am including the student loan information for a friend below. Also including a link to the excel sheet here There would be about 3,000 left every month after various expenses. Friend is a pharmacist,...
3
votes
1answer
295 views

ER Physician did not bill health insurance

This is a little more than just the ER Physician not billing insurance. I ran my credit report in June and realized that a collection agency has a bill on there from 2012, that they just reported in ...
2
votes
2answers
2k views

What happens if I don't pay off my balance in full during a grace period?

I know (or at least it seems to me that) you lose the grace period following the next month's billing cycle if you don't pay the balance of the current/most recent one in full during its grace period (...
2
votes
1answer
66 views

Do you have to pay interest on transactions made during the grace period?

In general, do credit card issuers charge interest on transactions made during the grace period?
4
votes
4answers
778 views

Why is it possible to just take out a ton of credit cards, max them out and default in 7 years?

I was browsing reddit the other day and I saw this comment: Because I've got like an 810 credit rating now, I should apply for everything I can on the same day, get approved for as many as I can, ...
6
votes
1answer
3k views

Unauthorized credit checks run by used car dealers. Can they do this, and what can I do?

I've been shopping for used cars and it seems that the used car dealers have been running credit checks without my permission. After about a month I noticed them on my credit report. What is the ...
3
votes
4answers
485 views

Do mortgage lenders ever prefer bad credit?

In the US, If you want to put $400,000 down and borrow $100,000 with a mortgage to buy a $500,000 home, is it really so important to have good credit with so much collateral? If you were to ...
2
votes
3answers
344 views

How to lower percentage of credit card usage to improve credit?

I recently took a big hit on my credit score it went from 730 something to 686 from utilizing 60% or so of my credit card balance. I use my credit card for almost everything and pay off the balance ...
1
vote
5answers
213 views

Should I consolidate my credit card debt into a high interest loan?

I currently have 6 credit cards with around a 3k balance all together. Each credit card has a rate of 19-28%. I want to consolidate my credit cards but I can only qualify for a very high interest ...
37
votes
9answers
12k views

Getting $10,000 and have $16,000 balance on two credit cards - How to allocate payments?

I'm getting a chunk of money - $10,000. I have 2 credit cards, each with $8,000 on them. Both have the same interest rate. Should I put $5,000 toward each of them? This way, would my monthly bills ...
0
votes
4answers
504 views

Should I apply for more credit cards?

I will be frank. I really want the Chase Sapphire Preferred visa card. I moved to the States in the beginning of this year and have been trying to build my credit, particularly using the Sapphire ...
0
votes
3answers
242 views

Is keeping old credit cards and opening new credit cards with high limits and never using an ideal way to boost credit scores?

I was always under the impression to never close a credit card as it can hurt credit. Especially, if you have had it for a long time. I've also heard that never going over 10-20% of a credit card is ...
2
votes
2answers
137 views

Negative entry in credit report - when does it fall off?

I had a late payment on one of my credit cards back in 2011 when I was in grad school. I paid off the account and closed it in July 2011. Today I took a look at my Equifax credit report and in ...
1
vote
1answer
235 views

What's The Best Way To Pay Off My Collections?

I have a poor credit score, 597 to be exact. I'm 23 years old and looking to purchase a car but of course I want to get my finances in order. The only 2 major hits I have on my credit reports are from ...
0
votes
2answers
146 views

Do I have to pay more than once if I pay my credit card bill and then use it again before the statement due date? [closed]

I have paid everything off on my credit card this month but my bill payment says sept 6 can I use my credit card on August 31 and not have to pay again til the bill payment date rolls around or will I ...
2
votes
2answers
976 views

Would open source credit score formulas be feasible?

Do these exist and if they did, what would prevent financial institutions from using them? More Details: Let's say that some academics got together and decided that the 3 major US Credit Reporting ...
1
vote
2answers
128 views

Do credit card companies report older payment history to credit bureaus

I have recently got a new SSN. But I already own a student credit card from the past one year, issued by a financial institution without a credit check. As I didn't have an SSN when I applied for this ...
6
votes
3answers
1k views

Will having a secondary signee with bad credit on a mortgage raise or lower interest?

My girlfriend and I are purchasing a house. We were told that it would be better to have the mortgage solely in my name as the only account holder due to her credit score. My question is, between ...
9
votes
4answers
551 views

What actions should I be taking to establish good credit scores for my children?

I have already opened an account for my child to deposit cash birthday presents from relatives. The default credit union account has a savings account and a checking account. I could also add an ...
1
vote
3answers
246 views

I want to make a purchase on my credit card that would force over-utilization

I would like to make a purchase on my credit card that is greater than 30% of my "available" credit. I pay down my credit card bills immediately after a purchase or if not that at the end of every day ...
45
votes
16answers
13k views

The Benefits/Disadvantages of using a credit card

Recently I was approved for my first credit card, and I was trying to find out the exact repercussions that using it would have on me, and my credit. For now I've only been using the credit card for ...
1
vote
3answers
382 views

I have multiple cards and pay off my balances, so I pay no interest. Do the banks know that and penalize my credit score for it?

I have 20 or 30K in credit card lines, and pay my balance in full each month. I'm wondering if banks track my 100% on time payments and correctly conclude I'm just using them to collect rewards, and ...
0
votes
3answers
154 views

Is it better to wait until one credit card shows up on my report before applying for any others?

How should you schedule applying for new credit cards if your goal is to not alarm prospective creditors while getting high initial credit limits? For example if approved for a new credit card should ...
6
votes
2answers
316 views

Can my brother fix his credit?

My brother co-signed with my mother on a house payment. My mother didn't make the payments, but my brother pulled his fair weight. Now the house is getting foreclosed, and my brother's credit is shot. ...
3
votes
2answers
33k views

What happens if pending charges total more than my "total available credit"?

I have what I think is an easy question, but I can't find the answer to it either here or through my credit card company's website. I have an available credit of some amount, let's say $5000. If two ...
0
votes
2answers
1k views

What's the point of signing "SEE ID" on the back of my credit card? [duplicate]

I remember in college that we were told to not sign the signature strip on the back of the card, but instead to write "SEE ID", meaning see the signature on our driver's license. Is this a valid ...
0
votes
4answers
419 views

Is opening a new credit card worth the potential impact?

I'm trying to decide whether or not I should open up a second credit card. The primary reason is to have a backup credit card in case my only (and oldest) card is cancelled/eliminated for any reason. ...
2
votes
2answers
423 views

How do credit-builder loans show up on credit reports?

To boost folks' credit scores, a financial product called a credit-builder loan provides a loan of cash that borrowers can't spend, which is paid off a bit each month. The primary effect (and benefit)...
2
votes
1answer
351 views

Will cibil score increase if I file ITR?

I have low cibil score. still i ddint file ITR. Will cibil score increase if I file ITR?
1
vote
1answer
2k views

How to build credit score as fast as possible [duplicate]

I am looking for details on how to build and raise credit score as fast as possible. I have done some research already, but I am foggy on a few points. Details about me and my financial situation ...
3
votes
1answer
631 views

About to pay off car loan, how to maintain credit score?

I will soon be finishing paying off my car loan (yay!). This will be paid off with what is a normal monthly payment, not a large sum I'm throwing at the loan, so stretching the loan out longer (if I ...
0
votes
2answers
88 views

What is a term to describe when a percentage of the amount of money paid is taken away from the goods given?

I have a system, where a 2% "charge" (for want of a better term) applies to all transactions. Users can pay $100, and then they will top up for 98% of that amount (top up for $98). I was thinking of ...
1
vote
1answer
2k views

What are the Effects (Negative or Positive) of Having a Joint Bank Account?

Currently, I am using the same bank account that I have used since I was a child. This is a joint account, whereas the other party is my mother. I have a good relationship with my mother and I know ...
-2
votes
2answers
2k views

Applying For New Line Of Credit While Credit Is Frozen

I'm wondering about the implications (if any) of applying for a new line of credit while my credit is frozen with the three main reporting agencies. My understanding is that the new line of credit is ...
3
votes
2answers
21k views

Credit Report: Proportion of loan balances to loan amounts is too high

I'm a student that has just finished his first year at university. I just started building credit by opening a card with Discover back in January. I have been paying my balances in full, and have ...
9
votes
1answer
1k views

Constant credit card fraud - is this normal?

I have a Chase Sapphire credit card that has only two authorized users: myself and my husband. We are the only ones who have the card. We both use the cards safely following the "rules". I pay using ...
29
votes
9answers
11k views

Should I pay cash or prefer a 0% interest loan for home furnishings?

I live in France. I bought an apartment with a mortgage a month ago. I've been buying plenty of stuff for this apartment like furniture, decoration, oven, etc. And I still need to buy other stuff. I'...
0
votes
1answer
354 views

Taking a small loan to improve Credit Score

Younger me made some horrible financial mistakes. Now as the idea of a house loan is not a far distance fantasy anymore, I think about how to improve the score. I already read several sources to ...

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