 Credit score issue? |
| I need to buy a car ASAP and im scared my interest rate could be high b/c i have an unpaid charge from years ago due to a bill never arriving (i was living in someones home and they said they never ... |
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 Have you ever maxed out your credit card? |
| If so, how long did it take you to pay it off ?... |
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 I want to get a bunch of credit cards, which ones? |
| i want to apply and get like 10 credit cards, what are some of the best places to get them?... |
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 Where do I cash this check at? |
| I was wrote a check from someone who lives in Vermont & I live in Oklahoma so we don't have that bank down here. Can I cash the check at any bank or what?... |
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 Will paying my credit card in advance not improve my credit rating? |
| I generally like putting money on my credit card before making expenditures, as this ensures I won't get charged any interest on any amount and that I can actually afford whatever it is I'm ... |
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 Why do credit collectors have to be rude? |
When I answer the phone and they are rude, I just write it off and refuse to pay. It seems if I could have paid on time I would have - however once they are rude, I am basically done.
I ... |
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 Whats the fastest and guarenteed way to get a loan? with bad credit....? |
| i went to court the other day and they said i had to pay some tickets off within 2 months. the total i have to pay is about 4000.00 dollars. is there somewhere i can go and get a laon? i tried my ... |
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 Does too many credit checks affect your credit scoring? |
| I've had a few credit checks done recently when shopping for loans and stuff - can that affect your overall credit scoring - cos other than that my history is near on perfect so i don't ... |
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| Why do people struggle financially after christmas...is it because they got everything on credit for xmas? |
I'm confused here..all my friends are saying they are so hard up financially now christmas is over.
They got everything on credit for christmas is that why?
I started buying in F... |
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 UK please: what is a good credit card to apply for? |
Additional Details
Lol thanks - I'm aware of the current financial situation but I got one recently - no troubles- and need (not 'want') another for my own personally ... |
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 Need a small loan 1,000 $? but under 18 ? |
| I need a loan of about 1,000$ dollars to buy a new camera im underage with no credit cards but my parents own some so could i get a loan through them i could only pay about 50$ a month where could i ... |
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 How hard is it to get a auto loan ? |
| The lease is up on my vehicle, and I need to get into a new auto loan (or lease). The car I am looking at has a sticker of 22,000.00 My credit score is about 630-640 and the person who is co-signing ... |
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| Will using my debit as a credit card build my credit? |
| I have a debit card with a small bank and I was wondering if using my debit as a credit will increase my credit? I am trying to apply for a credit card, but got denied by chase because of no credit. T... |
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 Can I lie about my age to get a Credit card? |
| Is it safe to lie on a cerdit card appliction so I can get a credit card. Because the only reason why I need one is for business/emergency purpose only. But I too young to even apply for one.... |
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| Someone used my identity to open a credit card. What do I do? |
| I've been playing phone tag and nobody will give me answers. I tried looking it up on line and things are contridicting themselves. I need someone with personal experience to help me. I'm ... |
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 Does it help or hurt my credit score if I get a home equity loan? |
| I do not have a great credit score, but only one Visa card and two others. I know the formulas are secret but does anyone know if this one factor has a predictable effect?... |
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Misty Bella | Is is better to close a credit card when you pay it off or leave it open? |
I heard that it helps w/ debt to income ratio...I had a few cards, paid some off & transferred balances..now I have two, One w/ a balance on a 0% card & one that is paid off, but still open & I haven't used it..is this good or bad? |
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spdbiz
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I used to be in the mortgage business and have done more reading on financial topics than the average consumer.
Best advice I could offer is to keep the card open. Call the credit card company and reduce your credit limit (the amount you can borrow with the card). This will ensure that you do not get yourself into more debt on the zero balance card during a moment of weakness. Keeping the card open builds credit history--a very important component of your overall credit score.
Also, you may want to authorize a small recurring charge on your oldest card that you pay off every month. I have had clients with open lines of credit, who have had their accounts closed for inactivity. This has caused major problems obtaining new credit--especially in retirement.
If you have multiple credit cards with no balance, keep the oldest one and close the rest. |
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SmartAleck
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keep the first card (the one without the balance) and absolutely don't use it. credit companies do like to see that you have been extended credit, but aren't using it. pay off the 0% balance as quickly as possible, and in the mean time - don't use that card either, until the balance is paid off. |
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Lance T
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Your debt-to-income (DTI) ratio is a percentage calculated by adding up all of your monthly debt payments and dividing that sum by your monthly gross income. Therefore, having an open credit account with a zero balance has no effect on the DTI since there is no monthly payment and it isn't income.
Excluding your housing payment, your DTI should be less than 20%. Less than 10% is excellent. Lenders look at your DTI to determine whether it looks like you will be able to pay back the loan or not. Typically a mortgage company will want to keep your housing costs at a DTI level of 28% or less. When added to your non-housing debt, they usually want it to be 36% or less. If you have a lot of non-housing debt (credit cards, car loans, etc.) you will not be able to get a very large mortgage. |
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spattman
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I too am a proponent of keeping the account open if it doesn't cost anything. I add that because if there is an annual fee that you can't get waived, close it, it's not worth it the difference it makes in your credit score is minuscule. Also a couple of folks have suggested that a zero balance helps your score because it improves your DTI. This isn't true because your income is not a factor in your credit score. The credit bureaus do no know your income. It is a factor in the ratio between credit used/credit available. That is the only reason to keep it open. |
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$m¤¤v¥ £¤¢¤
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This is what makes up your credit score
35% payment history
30% debt/income ratio
15% length of credit history
10% types of credit established
10% inquiries and new vs.established accounts
Closing a card can affect the 1st four aspects of your score. My advice would be to leave it open and charge LIGHTLY to where the balance is around $25-30 month to show constant activity from month to month to keep it reporting. Once a card is paid, and you don't use it, it becomes dormant and it could potentially hurt your score as opposed to leaving it open with just enough of a balance to where it could be easily paid off but you're letting it carry over to show activity. |
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patel9552
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leave it open, that way when people look at your credit, they see high ratings. |
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zippythejessi
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If you don't use it, it doesn't count hugely against you. If it's got something like a $100,000 limit, that could hurt down the road because potential creditors see the possibility of you being $100K in debt from that card.
However, a part of your credit score depends on long-term relationships with the same banks, so if it's a card you've had a LONG time, keep it. |
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shamieya
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Keeping it open helps your credit. The older your credit the better. |
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beauty s
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leave it open, this will help u to show that u can make payments on time.. |
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NYC Chutzpah
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leave the card open, it iwill improve your debt to income ratio |
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Sassy Sue
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It's better to leave them both open. I know people thinks paying there credit cards off is the best thing for your credit score, but actuality its better to leave a small amount on your card. |
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