 Over drawing??? may sound stupid but i dont have a clue about this? |
| I have a £1000 overdraft limit ok,my question is... once my own money in account runs out i can then withdraw upto £1000..ok!But when do i need to pay it back? I earn a weekly wage so i assume it ... |
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 Help!! I applied for a Citi credit card but was denied one with made up reasons? How can i report this? |
| In their reasons they say that I have late payments and that my credit score is low. however, i have a service with experian ("the" credit agency they used) and their credit report didn'... |
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 What rights do co-signers really have? |
| I was stupid 2 years ago when my neice needed a cosigner for her student loans. She promised me and her mother that she would never, ever not pay the loans. Well, now she has changed her mind and ... |
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 Which one is it....? |
| I work at a bank so I should know this but everyone gives different answers. When you get your credit card statement is it better (credit score wise) to pay it off in full or just pay a big chunk. B... |
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 How do I get the creditors to stop calling? |
| My fiance's creditors (NCO Financial, Canada) keep calling my parents house asking for him. I have told them SEVERAL times that this was the wrong number. They have my fiance's number but ... |
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 How much will it hurt my chances of buying a house if I.....? |
finance a motorcyle that costs $10,000. My equifax score is 687 and my experian score is 724 and I don't have my TransUnion score. Also, I wont be buying a house until October.
I ... |
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 If you had to guess, how much personal debt do you have? |
| Not counting car loans or mortages. I know this is a tough question and most people would not want to answer. But I am just trying to guess where I stand, if anyone is willing to answer.... |
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 Does your credit score go down if to many credit lenders look? |
| I am looking to buy a house and want to seek a few different options before buying. If I have them all pull my credit will this cause my score to decrease? Please tell/show me how you know this.... |
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 Is a credit score of 645 good? |
| i was thinking of getting a loan to get a house built for when i get out of college. will that be enough to get a loan?... |
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 Credit card nonpayment? |
| What will a credit card company do for balance of $5300 that I owe them and am not able to pay?... |
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 What should I do? |
| I found out via my credit report that in 1995 my sister used my SS # to get a phone in her name, now I have a $430.00 bill. How should I handle it? Should file fraud, pay it myself or demand she pay ... |
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 How to start my credit history? |
| What is the first step should I take to begin my credit history? Loan, credit card?... |
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 Is it better to pay off old debt? |
| my husband has some old stuff on his credit report that is now in collections. some of the things are 3 years or more old. is it better to pay these collections off, or will they eventually fall ... |
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 I am 20 years old soon to be 21 is 710 a good credit score for me? |
| Does everyone start off with a score of 830 and then it drops down or do you work your way up to a perfect score? What does my score of 710 actually mean? I do have credit cards but whenever I get ... |
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 Should I take a loan offer from the United Kingdom? |
| I have had 3 or 4 loans offered to me and they want me to wire them a 200 dollar lawyer fee. Should I or has anyone else in here done this. I am in desperate need because of school and also my other ... |
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 My credit rating is awful.? |
| My curent credit score is 511. I have been paying ALL my bills on time for 8 months now and have also cleared 2 defaults, but my score isnt improving. Ihave registered with experian and have been ... |
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delia a | Is it true that the more credit cards you have the lower you credit rating will be? |
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Vastutah
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The Flat answer is NO.
Your credit rating goes down only if you have more outstanding credit, and more delayed payments.
Credit card companies always tend to give more cards to you, so that you spend more. That does not bring the credit rating down.
The factors that infulence the credit rating and how to repair them are outlined in website http://www.BusinessUniv.com ( see the credit card section in it ) |
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hollyberry
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Yes because there is more of a chance for you to acquire debt and that is a liability when needing to make a major purchase like a house or car. |
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Take Responsibility
|
My understanding is that it it not as simple as that. It is probably better, for example, to have two cards than one, assuming you are using them both to terms. Shows you can handle multiple accounts.
At some point--and I don't know where that point is, it is worse to have more cards. Shows you have too much debt and or access to too much credit. |
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anna
 |
yea keep your main ones open...mc. and visa...store cards really aren't that serious but dont go closing them all out because that is bad as well...they also report your high balance. i have one right now but it is payed down. |
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Kittyintx
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Im not sure but as long as you make all payments and make the full payment you should be all right but it probably will drop! |
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nyxcat1999
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In the short run it will bring down your cedit score, in the long run it will increase your credit score. credit score is one part credit history, and one part how much credit you have been granted and used. the more credit you have and the more you use the more your credit score goes up. of course we are talking about a process of years not months, but it has to start somewhere. |
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omegafoxbat
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Yes, if they are open in short period of time. More credit card you apply, more inquiries on your credit report. This drops you score |
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cambridge007
 |
HERE IS THE ANSWER>>>>>
it is not necessarily the number of credit cards that help your score, but the amount of credit you have available in relationship to the amount of outstanding balance.
For example one credit card with a $10,000 outstanding balance and the limit of $10,000, makes the borrower look maxed out...but if you have a second credit card with no balance and $10,000 limit this gives you a 50% debt to credit ratio, versus the 100% first example....... |
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Txlady
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I think your credit rating is based on how consistently and well you pay your credit. I would check with a credit counseling service for advice on that. |
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roger v
 |
No it is not bad to have lots of credit cards. Just dont open them up in a short amount of time, as it shows you are in need of money fast and have no other way out even if it is not the case. Also I know people that have over 25 credit cards with excellent credit cards, just dont ever miss payments. You can never have to many. |
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Amy
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Not to toot my own horn but I personally have 8 credit cards and and an excellant credit score. It all depends on how long they have been open, their balances, and your payment history. I was able to get a personal loan from the bank once with my credit history but have been told I could probably not get a mortgage because they look at your potential to charge how much so in that case too many cards is a bad thing. Also applying for too many even if you dont get them is not good on a credit report.
Credit reports are interesting things to read and I check mine often and they explain differenct factors in determining your score and how to improve it. |
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