What is FICO? What Credit Score is Good, Bad or Average?
Among the many numbers that accompany us throughout life, our credit scores are one of the most important. The usual range of credit score varies from 350-800 while some model range up to 900. People with higher than 750 are able to attain best interest deals and insurance premiums while consequently, people having low scores get higher interests and higher premiums. In order to have your credit score improved, one must be able to understand what makes up the rating as a whole.
Watch this video and learn.
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How does declined credit card applications affect your score?
Question by Project EX: How does declined credit card applications affect your score?
Hello, i applied for 2 credit card applications within a week and got declined. This is because, i am 18, and only have 2 bank accounts with no credit on file. When i paid $ 15 yesterday to see my credit score, it reported as having “no score”. So i guess my declined accounts don’t count, expect for the inquiry right?
And say i do have credit, how much does a decline account do for a credit card.
Also 1 more question: What is the easiest card to get, ive tried:
1. Texaco
2. Best Buy
3. Bank of America
any ideas?
Best answer:
Answer by Mary F
Credit card declinations are not reflected in your credit report but a lot of inquiries can hurt your score. If I were you I would consider trying to get a credit card through your bank or try a local credit union. If you need to get a secured credit card where the amount of deposit you put in equals the credit line. Charge some small purchases but pay off the entire balance every month. You also want to show a payment as agreed history. My husband and I have superior credit (over 850 scores) He has limits of $ 25,000 or more on some of his cards. Believe me when I married him I was coming into the marraige with a Chapter 7 bankruptcy and by following this advice I am in Credit Heaven. Good Luck!!
Add your own answer in the comments!
Categories: Credit Score Questions Tags: affect, Applications, Card, Credit, declined, Score
Six Credit Score Myths Debunked
Knowing your credit score is crucial. It’s a vital part of your financial life. It affects your credit interest rates, the amount you pay on car loans, and mortgages. It even has a say on whether you could land a specific job or not.
You have total control of your credit score. Its standing is actually up to you. Spare a few minutes of your time and watch this video and know the things you can do in order to take good care of your score.
Categories: Credit Score Videos Tags: Credit, Credit Score Explanation, Myths, Score
How to Build A Good Credit Score
People who are aiming to buy expensive new gadgets, a new home or even a new car will often need the loans provided by banks. Yet in order to be able to apply for one, a person must have a very good credit score. Otherwise, banks and lending establishments will turn your application down. This article will explain what this credit score is all about and the steps that a person can take to boost it.
The various systems used to determine a person’s credit score were invented in order to create a certain standard method of gauging clients and their ability to pay their own credits. This scoring system ranges from 300 to 800; consequently, the higher the rating, the more chances that banks will allow you to have loans and credit deals. Banks and lending companies do not usually give loans to people having scores that are below the six or five hundred point marks.
One of the simplest things one can do in order to keep his score high is just paying bills on time. One or two delays can pretty much screw things up. People who are not keen payers will soon realize that they are being turned down almost everywhere they go. One must make a calendar as to when certain bills are to be paid, so that he will have a timetable as to what bills are of high priority to be settled as soon as possible. One can even allow their banks to transfer his money and pay for these bills at the end of each month to avoid any delays.
If a person has received his newly approved credit card, he might be very well tempted to use it all up all at once. This is somewhat not advisable. He must never use more than 40 or 50 percent of what is left of his total money. This will give banks and lending companies a gauge that this person is responsible enough for his money. These steps, if followed, will surely help a person save money and obtain a good credit score that will soon help him in ways he could have not foreseen.
Related Good Credit Articles
Categories: Credit Score Articles Tags: Credit, Credit Score, Loan, Score
Q&A: How many points are taken off your credit score when you cancel a credit card?
Question by Janice: How many points are taken off your credit score when you cancel a credit card?
I have 3 different credit cards from my bank and I just learned that they will be charging annual fees for each one very soon. I have these cards only because one was first time card (no offers). The next one had point rewards and the newest one had cash back. How many points will I lose from my “credit score”? Is there a sequence of time I should be concerned about as well..Oldest vs. newest?
I have to cancel at least cancel one or two.
P.S. I am in good standing with all 3.
Best answer:
Answer by Judy
Closing accounts hurts your rating in two ways.
1. Closing your oldest account will wipe out part of your history.
Length of credit history is 15% of your FICO.
2. You will be reducing your overall available limit on your cards.
But if you are paying fees, close them. There are plenty of cards out there without them.
How long until they will start charging you? I would open a new credit card before closing my oldest account.
Remember for pristine credit scores never carry a balance. Pay your bill in full each month and get 800+ scores.
Add your own answer in the comments!
Q&A: Is this a secret you can do with credit cards to raise credit score?
Question by : Is this a secret you can do with credit cards to raise credit score?
They recently bought a microwave for $ 1000 on credit. They have way more than that though and when the bill came, they only paid $ 970 on purpose. I asked them why they didn’t pay it off in full and they said that they paid it with $ 30 short because there is barely any interest to that low sum of cash as opposed to only paying $ 600 where the interest would be equal to a lot more money for a sum of $ 400 as opposed to $ 30.
They said that “We just left $ 30 for the them to play around with and because we pay a little amount of interest on purpose, it makes them happy and they raise the credit score.”
So I asked what makes them so sure that that happens and they said that it’s experience after working with credit cards for 30+ years.
my parents*
Best answer:
Answer by Reena
They are wrong…. the credit card company has no influence over the credit bureaus and the credit scores.
So, leaving $ 30 on the card to give the credit card company a morsel of interest does not do anything towards their credit score.
What matters is that all payments are made on time, that not too much of the credit line is used in a billing cycle and that they (your parents) have a lot of “unused” credit versus maxed out cards and of course that they had these credit cards for a long time.
But you won’t be able to convince them. They have 30 years of “experience” and that is how they see it.
What do you think? Answer below!
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