What is cheapest way to improve credit score if you have several cards with high balances on them?
Question by gladtobeinla: What is cheapest way to improve credit score if you have several cards with high balances on them?
If you have several cards with close to max amount used on them is there a “magic percentage” like paying 65% off or 60% off in order for the credit score bureaus to take note and give an improved credit score?
Best answer:
Answer by Todd S
Under 20% is the magic number per industry experts. So the best way to get your balances down below 20% would be to either pay them down that much (if possible), or execute a balance transfer. If you go the balance transfer route, you’ll have a high balance on one credit card as opposed to two or three or however many cards you’ve got.
The downside is opening a new credit card, which can lower your credit score temporarily. But long term, eliminating those balances will far outweigh the ding for opening a new credit card. A balance transfer credit card will probably also save you a lot of money in interest.
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Does background check usually means “credit score” check?
Question by Cuto C: Does background check usually means “credit score” check?
I own money to two cell phone companies. Sum up all together is almost $ 1000. Chase bank will interview me on Monday and I think they might do a background check. I have never been convicted for a felony…I only owe this money.
Will I still get hired??? What should I do? order my credit score and pay these debt?
Best answer:
Answer by Tina
You should pay the debt. A bank is definitely going to check your credit report before hiring you. They normally will not hire someone with bad credit, they feel there is a great chance of theft that way.
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Categories: Credit Score Questions Tags: Background, Check, Credit, means, Score, usually
Is there any “initial” credit score?
Question by _maddog_: Is there any “initial” credit score?
I am from Brazil and I am moving in to US next month to work (legally). What will be my “initial credit score”? Will I be able to lease a car without any problems?
Best answer:
Answer by bdancer222
You will start out with no score. To have a score, you have to have credit history.
You may have to get a secured credit card — you pay a deposit which is held as collateral for the line of credit. Use the card and pay it in full every month. In 6 months you’ll have a score — it won’t be very high. After a year, you can probably convert the secured account to a regular credit card or apply for a second credit card.
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Categories: Credit Score Questions Tags: Credit, initial, Score, there
How much does your credit score go down when applying for a mortgage?
Question by Mirage: How much does your credit score go down when applying for a mortgage?
I want to look around for the best deal but if I shop each place will want to check my credit. This will lower my score each time. How much does it lower my score and how can I avoid this so I can find the best deal?
Best answer:
Answer by Brenda M
Hi Mirage:
what you are saying is accurate ~ if you go “shopping” for a mortgage, each of the lenders will do a “hard hit” (is what it is called) on your credit bureau.
One thing would be to go to the one or two places that you believe are your best place to get what you are after and only experience a couple of hits.
Also, ask the first one for a copy of the credit report (they might say no :):)) ~ but it doesn’t help to ask. Rarely, yet occasionally you’ll find a lender that will accept your copy when they see it is (say) 2 days old.
Very astute of you to be paying attention to this ~ congratulations for that. Continue to pay attention as time goes by ~ it’s important for your life and building your credit relationship with the world
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Does credit score matter if you are getting married to someone overseas?
Question by *zemra*: Does credit score matter if you are getting married to someone overseas?
My brother was abroad for work for a few years and he just came back to New York. He fell in love with a girl and is planning on going back for New Years to propose to her. He wants to get a marriage lisence and get a fiance visa to bring her to the U.S.
His credit score isn’t so great, so will they deny his fiance a visa because of that?
Best answer:
Answer by bdancer222
Credit has nothing to do with it. Credit history and scores only impact Visa, the credit card; not visa, the document that allows entry into the country
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Can a US citizen living outside the US get a US credit score?
Question by largemarge: Can a US citizen living outside the US get a US credit score?
I have been living in NZ for 21 years so therefore most of my credit history is here. We plan on moving back to the US this year but I am unable to get a “credit score” online as they only give them to US addresses. Is it possible to obtain this score from here to see how well we would qualify for a loan over there? Thanks.
Best answer:
Answer by Tlynn
I had this situation with one of my borrowers/ They had been living in England for about 8 years. As I recall, what we had to do in order to get a credit history for them was…
You need to have an address in the states. (they started using a sister’s address)
You need to have a credit card etc that are issued here in the states – and then make the monthly payments etc.
They had a home here that they had kept as a rental, once we reestablished a US mailing address, we were able to add that back into their credit file.
We were not able to move any of their credit information from England over here.
-former mortgage banker
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What range of credit score is acceptable for renting an apartment?
Question by Kathy N: What range of credit score is acceptable for renting an apartment?
My company is closing here in California next May and I will be relocating to Austin in either mid-Aprl or May 1st of next year. I have been with my company for 23 years and am looking for a 4-6 month rental until I purchase a home. My current credit score is fair-good due in part to a divorce a couple of years back. As I have never rented an apartment before, always a home, I am not familiar with the credit requirements, I have heard they are very stringent. If I would not qualify, any advice you might have to offer would be greatly appreciated.
Best answer:
Answer by Anne
The truth is that it is not necessarily your credit score, but more specific, they will look for defaulting on leases, and such. Very few landlords check it like a credit card company would. However, these days, credit scores are usually checked by some landlords.
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Categories: Credit Score Questions Tags: acceptable, apartment, Credit, range, renting, Score
What is the lowest credit score do you have to have to lease a car?
Question by nurseisfabulous: What is the lowest credit score do you have to have to lease a car?
I’m in the market to buy another car. Currently driving a 2001 Lexus RX300 and the new has worn off. Was wondering if it was possible to lease a car with a less than perfect FICO score of 652. The only reason why I was considering is because I want to buy at least a 2003-4 BMW X5 but I prefer a brand new one but I don’t have the cash or dare need a car payment that high for a 45k vehicle! I’ve heard leases are generally only approved for people with great credit but I have heard of people with less than perfect credit leasing cars but I was wondering approx. with what score?
Best answer:
Answer by crazytaxidallas
If you leased your RX through a leasing company then you might want to call and ask them if they have an X5 you could take over a lease on. If you leased through the Lexus dealer then locate a used X5 at a Lexus dealer and go from there. In either case, 652 is not so bad that you wouldn’t be able to lease another vehicle, especially if you are currently in a lease. I would also recommend calling a leasing company (not a dealer) to ask more questions and to locate the X5 you want.
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Categories: Credit Score Questions Tags: Credit, lease, lowest, Score
Q&A: What happens to your credit score if you pay off all your debt and never get another credit card?
Question by nickolasname: What happens to your credit score if you pay off all your debt and never get another credit card?
I have a tremendous amount of bad debt. Almost 2000 dollars. If I were to pay it all off to 0 would it raise my score or just keep it from getting lower? I have no intention to EVER EVER EVER have another credit card. my credit score is in the low 500s what will happen if I pay off all debt and do nothing to raise my score?
Best answer:
Answer by Kathy P
It would raise your credit score to pay off your accounts. But don’t close the accounts. Just cut up the cards if you don’t want to use them. Or use them once in a while, and pay it off right away. One of the things they use to figure your score is how long you have had your accounts. So keep the accounts open, as that will help increase your score.
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Rebuilding Your Credit Score Wisely
A lot of individuals surely have had problems with regard to credit cards, and this probably had a negative impact on their credit scores. By having bad habits, mistakes, and poor judgment, they find themselves going into default, having missed payments, or drowning in debt.
Credit scores could actually be lowered through plastic money, even when you have a home loan that you have managed to pay properly and good track records on your bank account. Rebuilding your credit score is something that can be looked into, and it may help you should you need things like auto insurance quotes, looking for a job since employers these days check the credit ratings of their applicants, or even when you’re trying to get a graduate degree course.
If you want to be successful at rebuilding your credit score, try to have an honest look at your past habits and financial history, see to it that you find out where you went wrong. Find your statements and your bill. Look meticulously if there are patterns in the way you spend.
Also, you spending habits could be of psychological nature. You may be spending more than you should as a compensation for some other deep-seated issue which actually has to be resolved. Think really hard and maybe you can visit a therapist to address this issue.
When you know the real source of your spending problems, then it is about time you look into credit providers and how they could be of help in restarting your credit history. When you are looking for a new credit provider, take into consideration past mishaps. Try searching for a low credit limit offer. This will help ease you into a new credit life.
Furthermore, plan ahead with your new credit life. Plan about what you will be spending, and what you will be repaying. Know what budget you have, and live within your means. Knowing and understating are vital in making wise financial decisions.
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Categories: Credit Score Articles Tags: Credit, Credit Rating, Rebuilding, Score