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.
Know better? Leave your own answer in the comments!
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.
Give your answer to this question below!
Categories: Credit Score Questions Tags: Credit, Easy, Really, there
Know Your Credit Score – Tropical Financial
As a credit holder, may you be new or veteran, have certainly wondered how the credit scores of other credit holders are doing. You would comfort yourself by thinking that perhaps they are the same as you, missing documents and lapsing due dates.
You may feel fear while speculating about what if they are much better credit holders than you are. Yes, there are various credit holders out there. The same thing goes with credit scores. You should always be aware of your credit score, suffice it to say.
Watch this video an learn great tips in keeping up with your Credit Scores.
Video Rating: 0 / 5
Categories: Credit Score Videos Tags: Credit, Credit Score, Financial, Score
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.
Add your own answer in the comments!
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.
What do you think? Answer below!
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.
Know better? Leave your own answer in the comments!
Should I Raise A 700 Credit Score
Even though there are no universal guidelines in regards to what represents a very good credit score, look up on the Internet and you will see that quite a few creditors deem a 700 credit score as “very good” to “excellent.” In accordance with the creator of FICO scores, about 18% of Americans have ratings in the 700-749 range.
Such numbers are necessary since they display your creditworthiness at any given time. Credit scores are based on information in your credit reports. That said, they permit creditors to make instant credit decisions about you just by basing on it. The higher your score, the better the deal you are likely to be offered when you’re looking for some good credit deals.
Now that you have a 700 credit score, you ask if you should raise it. According to Fair Isaac Corporation, which provides this computation to the three main credit bureaus and majority of the creditors, around 40% American consumers have higher numbers than you do.
That is actually a worrying statistic. Research by this author shows that majority of creditors deem excellent credit as those that are above 725, while some are even above 750. These are individuals who are able to get the best terms and conditions of credit offerings.
Therefore, although your credit score may be deemed excellent by some of the creditors out there, if you are able to delay your credit purchase for even a few months, then you can wait as you raise your credit score. You must take into consideration the benefits of having your credit score raised, which includes having to pay a lower interest rate on your chosen loan. You must know that a lower interest rate on a home mortgage could lead to thousands of dollars in savings over the long haul and a reduction in interest rate will also lower your monthly payments.
Whatever you deem to be a good credit score could actually be not enough to get you the best credit terms. It pays to raise your grade if it is below 725 to 750, so rethink your decision about getting the loan you’re eyeing at the moment
Find More Credit Score Articles
Categories: Credit Score Articles Tags: Credit, Credit Score, Credit Score Explanation
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.
Know better? Leave your own answer in the comments!
What can a prospective employer see in a credit check done to a prospective employee?
Question by djc07: What can a prospective employer see in a credit check done to a prospective employee?
What I mean is can they actually go into detail with your accounts, etc.? OR do they only see you “credit rating” or “score”?? Someone with experience as an employer or manager, please help me out with this one. I am going to have a credit check done on me for a job, and my credit if considered “fair” because I don’t have a long credit history, but I need a little info.
Best answer:
Answer by HarleyGirlSD
Stability, responsibility, and reliability. As for what’s disclosed, it depends on your employer and the type of service they subscribe to.
Give your answer to this question below!
Categories: Credit Score Questions Tags: Check, Credit, done, employee, employer, prospective