What happens when credit is used for a debit card?
Question by CGYN3: What happens when credit is used for a debit card?
Meaning, if I’m at a store and I’m using my debit card, and the cashier says “Debit or Credit?”
And I say/push credit even though I’m using my debit card what will happen?
Best answer:
Answer by HumptyMomma
Other than the obvious…you will sign the receipt instead of entering your pin number…
Specifying ‘credit’ is always more secure. I’m not 100% on the reason why that is, but I know that it is most often the truth.
Also…many banks offer extra ‘rewards’ when you swipe it as credit versus debit. You are encouraged to do so.
…yet, it is habit for me to always say ‘debit’. Unless I’m usin my husbands card…which I always forget the pin number to…so I say ‘credit’ and sign.
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Do companies automatically deduct tax from your dividends?
Question by Steve C: Do companies automatically deduct tax from your dividends?
If you hold, say, shares in BP and they pay you a dividend of £500, do they automatically pay the tax on that for you?
And are the “tax credits” they give you with the dividend equal to this – what can one write these tax credits off against?
Best answer:
Answer by William C
You need to request the payer of the dividend to deduct any percentage you want to cover potential taxes. Or, you can have none deducted and pay at the end of the year.
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Categories: Credit Score Questions Tags: automatically, companies, deduct, dividends, from, think
When I got the score from one of those free services?
Question by Go with the flow: When I got the score from one of those free services?
It said this is a CE score used by lenders
What does the CE stand for?
I dug and found out that their (Quizzles) scoring model is completely different
They add Amount of Cash Flow to the formula
Which takes the amount of money you earn
The site asks you your salary, and I lied and put almost none and my score with them was disastrous.
They say they use a CE scoring model
Does the CE stand for the model used by mortgage lenders ?
What does it stand for?
Best answer:
Answer by timothy p
any score other than FICO is useless. The FICO name brand score is the one lenders use. It doesn’t include your income.
Your income will be considered in your ability to repay a loan but is irrelevant when considering how well you repaid loan is the past.
If you want your real score, go to myfico.com. They will charge for this score but it will be much more accurate. Keep in mind that some lenders give heavier weight to certain types of accounts so your score still may not match exactly. ex. My credit card company orders a custom FICO that gives heavier weight to how well I repay revolving accounts. A car loan may give heavier weight to how well you repay installment accounts… The only time I have had my FICO match exactly was at my credit union. The others were close though.
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If I choose “credit” w/ my Visa check card, is it reported to Transunion, etc, like a credit card transaction?
Question by stuart m: If I choose “credit” w/ my Visa check card, is it reported to Transunion, etc, like a credit card transaction?
When you choose “credit” with your visa check card instead of “debit” and you have sufficient funds in your checking account to cover the charge, is the charge nonetheless reported to the three credit agencies as a credit transaction? I want to know because my credit report said my FICO score will increase if I reduce my debt to income ratio.
Best answer:
Answer by stephenweinstein
Neither check card transactions nor credit card transactions are reported to the three credit reporting agencies. Credit card BALANCES are reported (monthly or less often) to the credit reporting agencies, but individual transactions are not and neither are check card balances.
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Categories: Credit Score Questions Tags: Card, Check, choose, Credit, credit card, like, reported, transaction, TransUnion, Visa
Does it make sense that my lack of credit affects a car loan?
Question by redsxgal32: Does it make sense that my lack of credit affects a car loan?
I am 23 years old and I applied for a loan yesterday to buy a new car. My credit score is 749 and I was refused the loan becuase of my “lack of credit.” Most items on my report are less than 3 years old, but I thought that was taken into account on your credit score. I was just wondering if this makes sense.
Best answer:
Answer by Bharris44
Unfortunately, credit agencies only like to loan money to people with long, clean credit histories. Join a credit union and get a car loan through them. They are the most friendly for loans. You won’t get a great rate because of your short history, but you will most-likely get the loan, and the rate will be better than other agencies.
Keep your credit spotless, and once you’ve paid on it for a year or so, ask to refinance at a lower rate.
The other option is to get a co-signer who is older and has a good credit rating, but it’s best to get credit in your name only so that you won’t have this problem in the future.
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How can I get a credit card?
Question by antoniodab: How can I get a credit card?
I am 18 and a college student. I applied for a Chase student credit card but was denied becauseof my lack of credit history. My Chase bank told me I should get a gas card or a department store credit card. I applied for a Walmart credit card but was denied that also.
How can I build my credit history if they wont let me have a credit card?
Best answer:
Answer by StephenWeinstein
First, stop applying, immediately. Now, you have a history of applying, which is worse than having no history at all.
Second, get a “secured” credit card, which is the one type that you might be able to get when you are 18 and have no history, except for a history of applying.
After you have had the “secured” credit card long enough to have a credit history, and you have gone more than a year without applying for any cards, then you might be able to qualify for a credit card. (As long as you continue to apply as often as you are applying now, you will never qualify. You may also never qualify if you do not get a secured credit card first.)
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Categories: Credit Score Questions Tags: answer, Best, Card, Credit, credit card, question
How can you get an actual free credit report off the internet if you dont own a credit card?
Question by Robert S: How can you get an actual free credit report off the internet if you dont own a credit card?
Best answer:
Answer by Steve P
Go to the Federal Trade Commission website. By law, you are entitled to one free report each 12 months. You’ll set up a user ID and a password. The report won’t give you “scores”, but it will show accounts, histories, inquires, etc. Just look for errors, and seek to correct incorrect information. You can’t remove factual history, just work to let it age-off.
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what happens if you settle your debt will it affect credit score?
Question by h.p: what happens if you settle your debt will it affect credit score?
how bad it will be?
Best answer:
Answer by victor c
A debt settlement will actually improve your credit. Having a lot of debt typically hurts most people’s credit because it gives them an exceptionally high debt-to-income ratio and debt-to-credit ratio. Inversely, a debt settlement, which manifests in a debt elimination, lowers and brings both the debt-to-income ratio and debt-to-credit ratio to a positive standing.
According to Fair Isaac corporation, which created the FICO credit scoring model, the “debt-to-credit” ratio makes up roughly 30 percent of the consumer credit score. So, obviously a debt settlement (a.k.a. debt negotiation) will improve your credit.
In addition to being able to improve your physical credit score, hiring a debt negotiation specialist to settle your debt can give you added credit benefits. It also makes you look more creditworthy than previously showing a whopping sum of debt and high debt to credit balances. Keep in mind that creditors are more concerned about debtors that owe a lot and can’t seem to reasonably pay off their debts than if you’re presently debt-free, yet had a checkered credit history.
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Categories: Credit Score Questions Tags: affect, answer, Best, Credit, Debt, happens, Score, Settlement
Q&A: Am I likely to receive a loan on a house if I have no credit established, but pay a large portion up front?
Question by Oliver: Am I likely to recieve a loan on a house if I have no credit established, but pay a large portion up front?
For example: if the house were around 90k, and I placed 40k down, would I be likely to receive the loan for the remaining 50? (30 year fixed)
Best answer:
Answer by Ocean Queen
With a big down payment like that you can get approved, but if your credit is in bad shape you can be looking at higher interest rates and higher monthly payments. Make sure to ask all these questions prior. The market is slow so it can go either way. Good luck.
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Categories: Credit Score Questions Tags: Credit, established, front, House, Large, likely, Loan, portion, recieve
Why is my Equifax credit score so much lower than Transunion and Experian.?
Question by : Why is my Equifax credit score so much lower than Transunion and Experian.?
The content is identical to both Transunion and Experian, but Equifax is nearly 100 points lower. I was thinking about buying my first home, but I’m afraid to even try to get prequalified.
Best answer:
Answer by irishkittie79
It’s all in the calculations and each bureau does it differently. Ask the lender which one they will use or if they use them all. Some will use the FICO score which is independent of the 3 credit bureaus. Do not worry about your score at this point, look at your debt to credit and pay off what you can and then apply for your loan and see if you get pre-approved. Be sure to shop around.
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Categories: Credit Score Questions Tags: Credit, Equifax, Experian, lower, much, Score, Than, TransUnion