Can I get a good credit history if I’m paying my bills just before its due date?
Question by zack.spear: Can I get a good credit history if I’m paying my bills just before its due date?
Because I hate interests/financial charges accumulating when it’s late.
Best answer:
Answer by AnswerGuy5
Pay your bills on time. This is the best way to improve your score, and it’s never too late to start. Even if you’ve had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.
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Average number of credit cards in America?
Question by Apfel: Average number of credit cards in America?
What is the average number of credit cards most Americans have?
Thanks!
God Bless!
Best answer:
Answer by Barkley Hound
While most Americans carry between five and 10 credit cards, some people carry up to 50 — which could wreak havoc on your credit score.
On average, today’s consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, or bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 13 credit obligations, 9 are likely to be credit cards and 4 are likely to be installment loans.
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Is there really an easy way to fix your credit?
Question by supergirl789: Is there really an easy way to fix your credit?
I have horrible credit and I want to fix it. Are any of these “fix your credit” deals legit?
Best answer:
Answer by connemara
You can consolidate your debt but it will cost you. As for your credit. Only one way. Start paying your bills on time and don’t spend more than you make. No magic answers here, just reality.
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Categories: Credit Score Questions Tags: Credit, Easy, Really, there
Leasing a car under my name (10 pts best answer)?
Question by Jez: Leasing a car under my name (10 pts best answer)?
Hello, I’m currently 19 yrs old and I have never bought a car of my own. But my mom wants to lease a car for us and she wants to get it under my name so it will boost my “credit score.” Is this true? Also would it have any complications with insurance with my name going under my mom’s name while the car is UNDER my name?
Thanks a lot!
Best answer:
Answer by Amanda
Your mom will be the main owner of the car and you will be the secondary owner because it will be based off her credit. It will help your credit though if you are on the loan with her but she will be the primary owner. You can get insurance on the car just fine as long as you are on the loan. But, if you are going to do all that I would buy a car instead of lease….WAY too many complications going into a lease even though it is a cheaper monthly payment. You have to have EVERY maintenance thing signed off on and keep track of the limited miles allowed every year and all that or they make you reponsible.
In my opinion, you would be better off getting the car on your own there are several places that offer “first time buyer” programs to give you a decent interest rate and you can get the car all on your own!
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Q&A: What is the standard credit score to purchase a used car?
Question by BrownSugar 2 Da Maxx: What is the standard credit score to purchase a used car?
I could not get a car since my credit is not good enough. Does anyone know what is the actual credit score to obtain in order to purchase a used car? Specific answers would help. Please no “IDK” answers.
Best answer:
Answer by MKE Bike Beginner
As I understand it, the car loan market is typically lumped into 3 categories:
– The sub-prime market. These are individuals who have credit scores less than 620. Bank financing is usually difficult (or impossible) – When it is provided, it’s usually contingent on substantial money down.
– The mid-prime market. These are individuals between 620 and 680 who can probably obtain financing (potentially without money down), but most likely will have to accept an interest rate well above 10%.
– The prime market. These are individuals with credit scores above 680 and will command a respectable rate between 5% and 9%, depending on the term of their loan and other factors. Loans with no money down are usually not a problem, given the fact that risk of defaulting is percieved to be low.
If you want easily get financing from a bank with little money down, you’ll probably have to bring your credit rating at least up to 650 or more.
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question about my credit score?
Question by Christopher Latham: question about my credit score?
I have a simple question about my credit score. I use USAA credit monitoring and I used the “estimate score” function. I get to change a few factors and it will tell me how it could change my score. one field says “what is the percentage of your available credit.” If i change it to 0-15% it says it could raise my score 19 points. mine is currently 59%. so basically, is it better to have more debt than credit? or the opposite? please provide as much detail as possible on how my credit to debt ratio affects my credit score, thank you.
Best answer:
Answer by Mike
The factor you’re tweaking is “Percentage of Available Credit” and is calculated as follows:
(Total Credit Used) divided by (Total Credit Available)
Anything that drives that ratio towards zero will increase your Credit Score. In your case, it shows that if your available credit on all your accounts stays the same and you can burn down enough debt to reduce your ratio from 59% to no more than 15%, you credit will improve by around 19 points.
To answer your question more directy: it’s better to have a ton of credit available and to use none of it!
What do you think? Answer below!
Categories: Credit Score Questions Tags: about, Credit, question, Score
How to improve credit score with first credit card?
Question by RainDog: How to improve credit score with first credit card?
Hi there. I have just received my first credit card. I struggled to improve my credit enough to finally qualify for a card. I had to start with a bottom of the barrell card, however, as my score currently averages 600. This card has a high APR, high penalties and a yearly fee. I am looking for advice on how to use this card as a tool to improve my credit. I’ve received a lot of conflicting information.
Best answer:
Answer by CHES
I used to work for a credit card company..
Most people think that if you pay your credit card purchases in full, you’ll have a higher score.. but actually, credit card companies prefer to give higher scores to those who leave out a few amounts that would earn interest.
For example, your credit card bill is $ 50 and you pay that in full, it means that there’s no interest.. But if you only pay, say around $ 30.. the $ 20 that was left would incur interest, and card companies like that.
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I’m about to shop for auto insurance, but I’m afraid it could hurt me?
Question by his love: I’m about to shop for auto insurance, but I’m afraid it could hurt me?
I know that too many inquiries will look bad on a credit report. The guy at my current insurance office said inquiries for auto insurance aren’t the same as others and dont bring my credit score down. Im not sure if he’s lying or not. The last time I checked my report, I had 2 inquiries on it from when they looked for the best rate for me last time in Sept. He also said they could “shop for me (for the best rate) at agencies that dont go off of credit scores”. Why are there some agencies that use my credit score and some that don’t- whats the difference? Does it affect my score/ look bad in general to have sevral inquiries from auto insurance agencies?
Best answer:
Answer by oklatom
Shopping for auto-insurance will definitely NOT hurt your credit score. Be wary of insurance agents that ask for your SSN during the quote process, in this case they will be doing a credit report, which WILL hurt you.
99% of the time auto-insurance providers won’t ask for SSN so you are in the clear. I’d suggest going through multiple online quotes to see who provides the best deal, that way you can also confirm that no SSN is being requested. If one asks, just move on, there are hundreds of companies offering free online quotes.
Does going to three grocery stores to check the per pound price for apples affect your credit rating? Neither does shopping for insurance rates. Although insurance companies will look at your credit rating as one of the tools they use to set rates, they don’t report to the credit bureaus everyone who asks for a rate quote.
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Why is this credit score not higher (see details)?
Question by StephenWeinstein: Why is this credit score not higher (see details)?
According to the information below, (1) the only reason that I do not have a perfect credit score is because of one inquiry, and (2) my score is 68 points below perfect. A single inquiry should not affect a score by 68 points. Why is the score not higher?
“The Following Records are Based on Your [my] Equifax Credit Profile”
No Public Records Found
No Collection Items Found
4 Revolving credit cards, credit limits from $ 9000 to over $ 40000, and 1 utility company account. All 5 “Account Status: Pays account as agreed”, no delinquencies. Combined balance less than $ 500.
1 Inquiry.
3 addresses (1 current and 2 former).
“on a scale of 350 to 850 points, you have a score of: 782”
“You have never been late with your payments, and no collection accounts or negative public records are listed…”
Average credit limit over $ 17000.
Using “1%” of available credit.
Only listing under “top factors that lower your score:” is
“applied for credit 1 time(s) in the past 12 months”.
My oldest account is from 1994. The length/age of the credit history is over 10 years.
The only closed account on the credit report is the utility company account that I mentioned. I did close some other credit card accounts years ago, but they do not appear on the credit report used to calculate the score.
I did not apply for any type of credit. I applied for an HSA (a deposit account with unusual tax implications) and the bank checked my credit report. It is misreported on the credit report as a credit application, when it was actually an application to deposit money, not to borrow money.
Best answer:
Answer by Slimick
Only the top 1% of the population breaks the magic 800 barrier in the FICO score. I would not be concerned with a score of 782. FYI, although the main factors behind the FICO score are known, the exactly calculation method is proprietary. So it’s impossible for anyone to say for sure which factor or sets of factors will cause your score to go up by X points. In your case I’m guessing that it’s the age of your credit history that is keeping you down a tiny bit. The passing of time will remedy this. Regardless, any FICO score over 780 is A+ credit, so don’t sweat over this issue.
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Q&A: When a married couple buys a home, which person’s credit score is used to qualify for the loan?
Question by Judge Judy of Y/A: When a married couple buys a home, which person’s credit score is used to qualify for the loan?
Is it an average of both credit scores? And, is it strictly based on the “fico score” opposed to the information contained on the credit report? For exampe, my fico score is just average but my credit report is really really good, I think my fico score dropped because of numerous inquiries when I was shopping for a loan a year ago and also one late payment over 3 years ago.
Best answer:
Answer by Special K
They will look at both your credit reports if your buying the home together…But there is no black and white answer to this because there are all kinds of companies that do”creative financing” for home purchases, you need to ask them.
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