 What's the best Credit Card to get? |
I've never had a credit card before and don't really like the idea of them but I'm going travelling so it's really a necessity to have one, what's the best one to get?
A... |
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 Does paying off old past due credit on your report increase your score? |
| I made mistakes like most people do. I have some old bills on my credit report that are way past due. I unfortunately got buried and had to only pay my day to day living expenses instead of old bills.... |
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 What can I do to get creditors off my back? |
| I lost my business, now I have 3 different creditors on my back. one for nextel for like 350, one for target that's about 800 and one for a water cooler that's about $100. I told them I ... |
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 Can i take out a loan without any credit? |
| I'm 18 and want to take out a cosmetic surgery loan. but it says you need to have at least decent credit. can i still do it if i dont have any credit at all? like ive never had a credit card or ... |
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 Can somebody tell me a good way to settle my credit card debt without destroying my credit? ? |
| I recently lost my job and i can`t keep paying not even minimum balances. I have around $9.000 in debt and minimum balances add to almost $500 a month + i have the car payment with insurance $600 a ... |
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 How long can a credit card keep sending you bills? |
| I have been receiving a bill from thee same credit card for 14 years, they keep adding interest. i was under the impression that the account was closed in 1992.... |
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 I need a loan. Iam desprate someone please help!!!!? |
| I'm 19 years old and I'm in credit card debt, apartment debt and school debt. I need around $8,000. I was called about a loan acouple of months ago that would give at least $5,000 loan with ... |
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 I have cant get any credit, can buying a phone with no credit check really help me rebuild it? |
| I cannot get a mobile phone, catalogue, store card or anything that involves credit no matter how small, but I can get a mobile phone through a no credit check finance company which promises it ... |
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| I have a credit score of 549. Seeking 100% home loan for 120,000. Already approved for 80k. Any suggestions? |
| The only negatives on me credit report are a 60 day late car loan that I cosigned for and my credit card debt is a little high. But all other payments have been made on time. I need to move and ... |
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 Iv lost my bank card, need some help!? |
| I lost my bank card a couple of days ago and I have to wait for a new one, how do I get money out of my bank in between as I need it urgently. Im at Barclays. Can I bring some ID down and verify some ... |
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 Need some financial advise? |
| Okay, about two years ago I started getting behind on things because I had to take a very low paying job. Well, it has gotten out of hand because I haven't been able to pay on anything for ... |
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 If I think a bill from a merchant is too high and refuse to pay the full amount, does it go to collections? |
| I recently received a bill from my CPA for $450 for doing my taxes. I am a single W2 filer, and this amount is outrageous. I am not willing to pay the full amount. If he insists on being paid this ... |
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 I have 240 bucks in total, I have 3 bills to pay. I know I dont have enough but I need to pay 89 to y visa? |
| 107 to my mastercard and 133 to my cable/telephone.Which would u pay.or how would u split the money so each get equally.... |
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 Can a company debit my credit card before they have despatched the goods? |
| I thought I'd read somewhere that this wasn't allowed and it's happened to me twice this month!... |
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 How many credit cards are too many? |
| Is there a certain number of cards that a person should stick to having? Like for examply I have 5 credit cards right, but my total debt/credit line ratio is only like 30%... is this bad?... |
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 If I close the credit card I've had five years, and open another, how does that look credit wise? |
| I've had the same credit card five years, and have never been late with payments. However, I'm planning to pay that card off and have it cosed in exchange for another with lower interest, ... |
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 Doesn't rent count as credit? |
| I've applied at places like Kohl's, Sears, local grocery store, and online. They all say I have no credit. I even got my credit report from one of them and they said I don't have bad ... |
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stuinblue | How much will my credit score go down by applying for a new card? |
I would prefer answers from people who work in the credit industry and can tell me roughly the number of points, and how long it will take for my score to recover once the new higher available credit kicks in...
I know part of your credit score is determined by how much available credit you have. I closed several cards a few years back before I knew it would hurt my score, and now I have very little credit available. I have excellent credit otherwise, and pay off anything I charge the next month. However, I do have a balance I've been slowly paying down, and want to open a new card so that my balance takes up less of a proportion to my total credit debt.
How much will this ding my credit in the short term? And how long will the point drop last? |
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The Co-op Clipper
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For starters, sometimes people who work in the credit industry may not know how credit works because there are too many factors out there.
Credit scores are a very funny thing, you make an inquiry and your score gets lowered, close a card too fast and score gets lowered, and if you don't spend your card for a while your score gets lowered, if you pay just the minimum for too long your score gets lowered, and finally if you pay off your card too fast and your score gets lowered
The best thing to do is get a reputable card such as a Master Card or a Discover Card, spend an amount that you can pay off in about 2 or 3 months and you should be fine....your score should continue to rise as long you make your payments on time and pay it off in a timely manner. Also it would help if you have no more than 2....1 credit card and 1 store card or just 2 credit cards.
Around the horn,
The True Side |
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jmewing@verizon.net
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There is no set number of points your score will go down for an inquiry, it increases based on the number of inquires you have over the last 6 month period. The whole idea is to establish risk, if you are applying for a lot of credit your this may indicate you're a higher risk as you are looking to take on more debt and some lenders may not be granting it to you. That said if you apply for a credit card and haven't applied for anything recently you should lose less than 5 points if you have many inquires over a short period it could be as much as 20 points. But these go away after 6 months, and if you do have a few inquires on your credit from buying a new car or house and shopping rates or something like that, write a letter to the lender where you are applying and explain that you were shopping for a car loan or a mortgage and they will disregard the inquires. Hope this helps. |
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Amanda H
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An inquity generally only affects your score by 2-3 points. I know becuase I check my score daily thru a monitoring service and have seen the 'before' and 'after of an inquiry....its very minimal.
And it not how "MUCH" available credit is out there, its the percentage, which you do seem to understand. If you open a new card it will lower your average account age (which makes up 10% of your score) but it will also lower your utilization ratio (which makes up to 35% of your score)....so as long as you choose the card wisely and get approved, the overall impact should be that your score will go up, possibly by quite a few points.
Inquiries are only on your report 2 years and as long as there are only a few, its not too damaging. |
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haasmba05
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There have been some good answers provided here, but I do want to note that while FICO scores MAY go down because of a credit application, they do not always necessarily go down, especially if you have had relatively few inquiries over a period of time (say 6 months to a year). BUT, let's say you apply for credit and are approved...even if your score should go down because of the credit inquiry, depending on your credit history, and depending on how you have used your new credit, your FICO score may actually increase (good rule of thumb: if you have a high credit limit, but a low (or no) outstanding credit balance, then your score can go up. But having TOO much available credit can also be bad (even if you have no or low balances) because then you have the potential to run up extremely high balances. In your case, it sounds like your score dropped when you closed a lot of cards, becuase you "lost" available credit, so proportionally, it makes the percentage of any outstanding credit balances you have a lot higher in relation to your total credit limit (say you had 10 credit cards with a limit of $1000 each - a total of $10K credit limit. If you had a total outstanding balance of $1000, then you have 10% credit used, 90% of your credit balance available. But if you close 5 of those cards, then your total available credit is only $5K, but you still have an outstanding balance of $1K, then your % of credit used has doubled to 20%, and you look more risky). However, over time (and assuming you pay down your outstanding balance), your FICO score will rise again.
I think somebody else mentioned it, but I'll say it again, you can go to myfico.com and play around with their FICO score simulators (but I believe you have to pay a fee to see how your specific score will be impacted - otherwise, there is no way for the folks at the Fair Issac COmpany (FICO) will to be able to see what might happen given your specific credit situation. |
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Marlietta
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It can go down by as much as 6 points, but usually only by a point or two. It depends on various factors, such as whether or not you're approved or denied, how many credit inquiries you've had recently, whether or not those were approved or denied, etc.
The inquiry will remain on your report for two years, but will only count against your score for one year.
A good place to brush up on credit scoring information is www.myfico.com
Also to get all three of your credit scores and the negative reasons codes (The list of reasons why you may have had points taken off your scores) http://www.myfico.com/12/Home.asp
This is from the FICO website and the ONLY place you can get all three of your REAL FICO credit scores. It is NOT free, but any site offering free credit scores is not using the real deal. These FICO scores are the same ones lenders use when determining whether or not to give you credit.
Also, ordering your credit scores through those free promotions ticks points from your scores, whereas ordering the scores yourself through the FICO website DOES show as an inquiry on your credit, it DOES NOT count against you.
The inquiry will remain on your report for two years, but will only count against your score for one year.
Hope this helps! |
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toddk57@sbcglobal.net
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well: see it depends upon your "Credits earned by much
Margin of course " yes try talking to an Bank company as required
first ! because it's trust must be very important ok ? |
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kandiekane777
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Depending upon how many open credit accounts you have and your Inquieries should not be more than 2 points...with in a months period, also your high credit is taken into consideration I work in a car lot in Special Financing so if there is anything I can help you with just buzz me...good luck! |
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Allan B
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3 points |
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me
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i was told a one point |
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wheressharky
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General rule of thumb for balance available debt ratio would be less than 50% but less than 20% would be ideal. If you have open cards with $0 balance and cards with more than 20% balance to available credit, I would suggest a transfer to the other cards and making on time payments until all balances are at 20% or lower |
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sunshine
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well i don't work with the credit industry, but when i was applying for a loan at the bank they told me it pulled your score down 6-7 points each time you apply for a new card. as for recovering it should only take about 5 or 6 months as long as you pay at least your minimum, but you really should pay a little more than that. |
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jellybean_lord
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probably around 1 or 2. ive done it before! |
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Gunny Bill
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It's not that simple. They take in account how high of a balance you carry. Is every credit card maxed out? How long have you had accounts or are they all brand new? Some say make monthly payments over minimum. But, don't pay in full every month. That shows a better credit history. Most important - NEVER be late on mortgage, never be late on any payment. If you have derogitory remarks on report - write letters to resolve. DO NOT PAY FOR CREDIT REPAIR...they can make your scores worse. |
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cribbagemaster36526
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3 points per inqure |
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withluv7
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Usually it goes down by a point or two. |
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