 I received a bankruptcy letter from someone who owes me money, $1200, what should I do.? |
| I received a bankruptcy letter from someone who owes me money, $1200, what should I do? Should I go the meeting they have set up in another state? Also, is there a chance that I will get my money ... |
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 I'm a little confuse about credit cards HELP!!!? |
| Everytime I buy something i'm ask if I want debit or credit, I always choose debit, but I've heard some say that's not a good idea, can you explain why people prefer credit???... |
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| is there a statute of limitations on credit companys its been 5 yrs since last payment did not receive any letters from them in yrs also.... |
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| A few months ago i got fired from my job and i havent been able to make my monthly payments. Ive honestly been trying desperately to find a job.. but know one is hiring. Ive gone to interviews and ... |
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| i am 18 years old, I have a loan from a bank for my car..ive had it for about a year and i half and i have a year and a half to go, but i have never missed a payment. i tried applying for credit ... |
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| I need to cancel all of the credit cards that have been opened but I don't have the companies that she opened.... |
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| I keep getting refused a new bank account because the banks have a falsehood comment on there credit checking service. I have been incontact with experion reference agency and they cannot find on my ... |
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 I have $3000 in debt, I can't afford to pay it anymore. Will I ever be able to lease an apartment? |
| I have $3000 in credit card debt for about five or six cards. I know the average credit card debt per person in the U.S. is about $10,000. I never have any money because I work part-time and go to ... |
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 Should I continue to pay off UK debt? |
| I have been living in the middle east for 2 years. My husband and I continue to send back to the UK 1000 pounds to pay credit card direct debits and personal loans we both have from our joint HSBC a/... |
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 Where can I get a credit card if my credit is bad and I have a balance on another card? |
| I already know I shouldn't get another card...but If I can transfer my old balance...... |
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 When you're applying for credit and it asks you if you rent or own, but you live with your parents for free..? |
my dad might start charging me rent soon, but that's not an offical financial transfer like renting a house.
which one is the one you're suppose to choose?... |
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freebie | Is it better to have two credit cards but spend a fraction of your limit on each or to have just one...? |
...but spend the whole limit in it. |
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Beetle Becca
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It is WAY better to have two credit cards and spend only a fraction of your limit. Your FICO credit score will be higher this way. This is because one of the components that makes up your FICO score is "debt-to-credit limit ratio," which measures what your card's balance is in relation to its credit limit. To achieve a high FICO score, remember: A SMALLER debt-to-credit limit ratio is best. Any time that a card has a balance >35% of its credit limit, your score will take a hit. Your score will especially take a hit if your card has a balance >50% of its limit, or if it's "maxed out"(typically defined as >90% of its limit)!
This "debt-to-credit-limit ratio" component makes up 30% of your FICO score! It is the 2nd biggest component of your FICO score. Components include:
- 35% payment history (late or missed payments bring this down)
- 30% debt-to-credit limit ratio (a high or "maxed out" balance on a card will bring this down)
- 15% length of credit history (the longer you've had credit & kept long-standing accounts open, the better)
- 10% variety of credit (it is better to have a healthy mix of a mortgage, car loan, other loan, and only a few credit cards, with NO collections accounts or liens)
- 10% inquiries (the more inquiries, the lower this component of your score)
I hope that helps you to see why it is better to disperse the balance between two cards. |
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SPIFIMAN1
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It's better to use two.
Just be sure to never exceed 30% of your credit limit in any given month and pay in full before the due date.
This will do two things, first it will establish a pay history and second it will keep your debt to credit ratio low. These two things alone make up 65% of your credit score.
Next you will need to establish some installment credit like a car, home, boat, furniture or personal loan. Once you have made at least 12 payments on this you will be well on your way to having both a great credit score and profile.
I look at credit every day and see people every month with 700 scores that can nnot buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this produces a great score it doe's not show the willingness or the ability to actually pay anybody. |
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Mark H
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Best to have no more than 1/3 of the limit at any one time on your credit cards. Two are better than one IF you can keep the debt down. And only one visa or mastercard is needed, you may need a few other ones like department stores, or a gas one. |
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S
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your credit score,especially in terms of credit cards, is based on the difference between your credit limit and your balance. Spending the whole limit does not do anything for you unless you can pay it off, if you can't, you risk ending up in serious trouble with the credit card companies. |
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Andrea B
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Spending up your entire limit doesn't look good on your credit score. It is better to not max out your credit cards. Just make sure to keep paying them off in full every month. |
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sweetpea
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your dti(debt to income ratio) is what is important! You do not want to have more than 50% |
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billy b
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For many reasons 1 credit card is better than 2. |
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BOB H
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i think 2 is fine. having too many credit cards can make your credit look bad to some lenders |
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its me
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It doesn't really matter how many; the key is to keep your spending limited to what you can afford to pay off each month. |
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