 Credit score? |
| I just got my credit card about a 2 months ago, im 18 and dont EVER want to make a mistake . my max is $500 and ive been told that keeping it at half is good and not like use up most of it. well i ... |
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 How do i pay off my debt? |
| I have about 3000 in credit card debt (very high interest rates!) , and 8000 in car payments. What can i do? I hear loan consildation thrown around but i dont understand that. What are other ... |
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 If someone is refused credit for a credit card, and applies for credit for a laptop (on 0% finance for a year) |
Is it likely they will get refused again for that? I mean, will it definitely happen?
Has anyone been refused credit for one thing then accepted for another soon after that?... |
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 Can you purchase a car with a credit card? |
| This may seem like a stupid question but I have a credit card with a 3.99% interest rate and I want to purchase a car with this card. My limit is very high. Does anyone know if this is possible?... |
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 Hi. Looking for a car loan. Bad credit history.? |
I have been offered a loan for £5800, and over four years i will be paying back over £12000! (Accept car credit)
Does anyone know of anywhere else?
Additional Details
Sorry, i ... |
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 I have contact to the person who fraudulently used my credit card, how do i approach them about it? |
| i recently bought some items at a church event and the woman took my credit card to swipe it and later asked me to include my telephone # on the recipet, well my credit card statement has a charge ... |
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 Where can I get a $5000.00 loan with bruised credit without using tradtional lenders? |
| I am in need of $5000.00 from an individual. I am do money from a previous employer in 60-90 days but need the money immediatley. Will gladly pay a very high rate of intrest to get this ... |
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 How do I pay off my credit card? I work full time and just cant get ahead..? |
| I need to pay off my credit card and I have tried not using them.. paying on time.. etc. etc. I dont want to take out a loan to pay them off bc Im trying to save up for a car. I work full time, and ... |
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 I have no credit! Where can I get a credit card? |
| I have tried numerous times to apply for a credit card with no success. They tell me that I have insufficient credit. Can you please help. Does anyone know where I can apply to obtain a credit card. T... |
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 Is refinancing the best answer? |
| Here's the story: Me and my fiance cosigned a house for my mom and a house for my uncle. Mom's house is $700,000 and uncle's is $800,000 for a combined total of $1.5 million in real ... |
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 Can i get any help with flight costs as member of family has died? |
| Hi i was wondering if anyone could offer me some advice. My father in law died the other day and he lives in Canada.My wife and i, along with my son have got to go to his funeral, only problem is, ... |
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 Is this a scam? |
Hello ,
Thanks for your response,am ok with the price and the conditions..I would have love to come and look at it its just that time wont permit me cos am a very busy person..I will be ... |
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 What do you do if credit card company gives out your information? |
| One of my credit card companies has been calling the wrong number (my parents house) and giving out all of my info to them from how much i owe to the account number and pretty much eveything else. My ... |
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 Is it right to allow a female to have a credit card in her husbands name? |
I await the replies in my bunker
Additional Details
In answer to whats a bunker it's something Hitler died in sheltering from the ... |
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 Why can't I get a credit card? I need to start building my credit somehow!? |
| Every time I apply for a credit card I get turned down. Not because I have bad credit history and not because I don't have the money to pay my bills .... BUT ... because I don't have any ... |
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 How much do you owe on Credit Cards? |
| How many people on here have credit cards? And how much in total do you owe on credit cards? My husband got angry because we owe 4,200.00 in credit cards from our honeymoon...How much are you in debt?... |
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 Does adding an authorized user to my credit card account help their credit and/or mine or no ones? |
Additional Details
I know I have to pay and I am responsible, but I was considering this for my bf (he lives in another state) but I was going to let him have access to it when he is ... |
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ktopping23 | Does your credit score go down if you make a big purchase like a car? |
I was told that since I made a big purchase..ie..my car and also co-signing for my daughter, my credit scores will go down..is this true?? |
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Andy
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Actually making a large purchase can make your credit score go up! This depends on several factors: how much debt you currently have; past significant purchases (have you bought cars in the past and had no issues with the financing); length of time between major purchases; etc.
Co-signing on a something like a car is always hard to call -- it can vary state-to-state. My understanding is that there is some federal legislation in the works that would make co-signing having nothing to do with your existing credit score. Only an issue if the loan is defaulted on.
Hope this helps. --Andy |
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williamfield76
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no your credit score will only be affected if you miss payments or overdue. |
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Dani
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Shop all you want, but know this. Not only must you pay that note every month but also pay it on time. Late payments affect your credit score. Purchases do not. |
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Momof2
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No making a large purchase can make your credit score go up. Both cars that I have bought have raised my credit score. And once they see your making your payments on time it keeps going up. Just make sure your daughter makes her payments on tim. If you have credit cards always pay more than the minimum payment it will help you in the long run! Good luck! |
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dossin
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not if you keep up your repayments,,,its all about capacity to repay |
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Heinz M
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No. And if the payments are kept up, it will go up. |
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Amanda H
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I am continually amazed by how many people on here answer questions with false information!!
Your credit score is made up of four parts: Average Account lengths, Payment history, inquiries, and utilization ratio (balance vs. limit on your credit cards.)
2 new car loans means that you have 2 new inquiries (might have dinged you 2-3 points each but they each probably only checked one credit bureau so its not that bad!) and also that you lowered the average account age because 2 accounts are new.
Overall, it isn't going to hurt you very badly, and in fact could very well help-- installment accounts (loans) are a big part of a healthy credit picture. If you dont ahve a bunch of other loans, 2 car loans can really help your portfolio of accounts. Make sure both you and your daughter maintain on time payments are you are fine.
As far as the bad information in other answers: Credit scores DO NOT take into account the overall $$ amount of debt NOR do they look at your income or debt vs income ratio. A bank who is considering lending you money may ask for your income and compare it to the debt on your report, but your CREDIT SCORE DOES NOT INCLUDE THIS INFORMATION. Just pull your reports and you'll see that there is NO WHERE On the report for income.
You'll be fine!! |
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college girl
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It won't go down because you bought a car. If it does go down it's because on your credit report it will look like you have two cars and two car notes. It goes back up as they are paid off. |
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ppc422
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Debt is bad and good at the same time. When you first buy a car and still owe a huge chunk of change on it, it will reflect negatively on your credit. Not terribly negatively, however, because financing a car is a pretty normal every day thing to see on a credit report. However, after you have the car for over a year it looks good on your credit. That is if you've made your payments on time. Finally, when you have a car totally paid off, it looks great on your credit. Hope that helps. |
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Allan B
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pay by cash |
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sbeezy
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It might take a small hit because you have more debt. Also, whenever you apply for credit you might lose a point or two because of the inquiry. None of the above should truly effect your score though...especially if you consider the fact you will be making timely payments on an account for the next few years. |
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JIM
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Yes, assuming you took a loan out for your car. Credit scores are comprised of a number of factors such as earnings, reserves, credit history and outstanding debt. Since you took out a loan for your car you are committed financially to paying this loan which leaves you with less capacity to pay any future loans/ bills. Due to this your credit score is lowered until you reduce your outstanding debt. |
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Brandon T
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Yep. Lending institutions will see that as a high debt to income ratio. You need to pay something off before you apply for more credit unless you don't mind the high interest rate. Like pay off a credit card or a car. |
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