 First credit card? |
Just got my first cc ever trying to build my credit since i have none.But iam in need of some advice how exactly does this work? Tips/advice
what is the cash advance limit?
Lets say I... |
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 Will a debt collector take you to court for a 1000 bucks? |
| My husband is making payments on this bill but we dont trust the debt collector. He only fell behind because my husband lost his job when he became ill and had to be hospitalized. It was over a year ... |
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 Credit card trick: Is this possible? Is this illegal? |
Let's say you have two credit cards, each with a $10,000 limit that you can take out in cash, and neither charges interest if money you borrow is paid back within one month.
So, you get $10,... |
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 My husband and I are going this weeked to look at? |
| modular homes . we live in pennsylvania, my lowest credit score is 495, my husband is in the 500 range, what are our chances of being approved for a mortgage, we own the property where the home will ... |
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 How can i find out if someone has registered a credit card to my address? |
| I have received a package at my home address the address is mine but the name is not,. This has happened once before and i thought it was an innocent mistake but this made me suspicous (and the name ... |
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 I've got really bad credit, where i can't get anything on credit anymore? |
| I have really bad credit from when i was younger and nieve about credit rating, now i need a good credit rating i can't get anything. I am getting married soon and was wondering if you think i ... |
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 Bankruptcy? |
| I file bankruptcy and it went through in January. I kept my car and I was told while the bankruptcy was going through I could turn it in without penalty if I wanted. Can I still turn it in now that ... |
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 A collection agency wants my checking account number. I don't want to give it to them. What should I do? |
They do this stuff every day and have an answer for everything. I just need to buy a couple of weeks so I can finish getting the money together.
For the most part, the debt is valid. W... |
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 Why do I need credit? |
| I'm 36, Russian by nationality. 5 years ago I came to America with my family - a wife (she's an American), 3 kids and $3,000 (no worries, I'm legal, have a "green card"). I ... |
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 Credit card issues with non payment - 3rd party calling me threatening with court. What's my rights? |
| I had a hardship about a year ago and finally get all bills back in order. My credit card is over limit by 1300.00 - the total is less than 5k. I got a call that the credit card "sold" my ... |
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 IS IT iMPOSSIBLE? |
| IS IT TRULY IMPOSSIBLE to get a loan with very bad credit! credit cardS in collections!!... |
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 Need help/advise on house mortgage and car loan? |
| I just received my very first credit report/score from TransUnion. My current score is 680. I did have 3 late payments in 4~5 years ago. Other than that, my file was clean. However TransUnion still ... |
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Sheilden_64 | Can almost using all your credit line hurt your credit score? |
I had to my credit card to pay for denist appoinments and tuition. My credit card was always at $0-$200 and now its almost at its max. Is my credit score doomed because my credit card is so close to it max limit and I can't get it back to 0 for a while as I still owe more tutition? |
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son-shine
 |
If this is the only credit card you have, I would not be concerned about it being at the max for a while. Just try to pay it down as soon as you can. I would not recommend you attempt getting more credit though. The more credit you request, the lower the score goes. Each time you apply for credit, it sends up a red flag to companies that you may be biting off more than you can financially handle.
For great credit advice, go to Dave Ramsey's site or listen to his radio show on the air live, or by hearing the past shows from his archives. Dave has been in terrible debt and is now teaching others what he has learned. You can get some good advice there on credit that will help you the rest of your life. It is information that many of us baby boomers wish someone would have shared with us when we were much younger. I hope this is of help to you.
Here's the link:
http://www.daveramsey.com |
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Brian L
 |
Your credit score is not doomed. There are lots of factors in credit score, and having a high revolving balance for a short period will not be an issue long-term. |
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Kristin
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any balance over 50% of the high credit limit (as long as the account is revolving which means you can pay off the balance and then add more to it) will lower your score. If its an installment loan such as a first mortgage or auto then it wont affect your score. If that's the only revolving account on your credit then you can add another credit card and keep the balance low. Other things that affect your score: late dates, collections, liens, judgments, delinquent accounts, and inquiries, and too many revolving accounts. Your score changes every day and differs between credit bureaus. If you have none of the things I listed as affecting your score than the high balance prob isn't affecting your score too much.
I see about 50-75 credit reports a day. The ones that have the highest scores have 2-3 revolving accounts with balances of less than 50$ of high credit limit (credit cards, home equity, etc) 2-3 installment loans (1st mortgage, auto, etc), with no lates and few inquiries.
Having little to no credit will also give you a low score if one at all.
Remember your score changes all the time and is not doomed because right now you have a credit card with a high balance. |
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L.A.Blues
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Don't worry, once you're able to pay it down, your score will be lowered in 30 days. Hopefully, you are not trying to apply for credit now. |
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Lianne
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Using almost all of your credit line can definitely hurt your score, however, if you are in good shape with the other factors of your fico score then you are not doomed.
For a clear and simplified explanation of what affects your score, see "Fico Breakdown: How Your Credit Score Is Calculated" at
http://finance-girl.blogspot.com/2006/09... |
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AG
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lt's not doomed, but it took a bit of a hit. If your balance goes above 30% of your credit limit, your credit score will drop some. Once you get the balance below 30%, your credit score will come back up. |
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bella_4624_19
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maxing out your cards will hurt your credit score and cripple your debt to income ratio. the only way to improve it is to get a credit increase or to pay the card down. |
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lorihurley03
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Yes it can, it is a larger debt that you owe and companies look at it, even if you pay on it. Pay more than the minimum, it helps. Try also to keep it to one card, when you have multiple that is more financial responsibilities too. The more you owe and the more people you owe, the lower you go. |
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jim
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Just pay a big part of it down. |
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Drakestone
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So long as you make timely payments and do not exceed your credit line, you are probably actually improving your credit history. |
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Hoa N
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Yes, because your debt ratio increase to 1
It should be at 35% or less |
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