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Credit

Credit questions and answers

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Q: credit????
im trying to find a store that i can get a charge card. im trying to improve my credit. I have a score thats really low and ive even tried orchard bank. any ideas for some store credit options???????? also i do have a repo on there and only one credit card. ive tried eveywhere. i couldn't afford it then. i mkae very good now and want to atleast keep trying..

A: try target, babies r us, khols, robinsons may, any store that you shop at frequently enough. Try to get one with a lower intrest rate though

Q: What credit card to get at 18 and not a college student?
I always thought at 18 they love to give you credit cards, I've tried Capitol One, Chase, a QT credit card, and a Best Buy one. All deny due to no credit history. I obviously can't get Credit history if they won't let me have credit. I Work 2 jobs and just want to have one just in case and to actually build my credit. What's going on and why do i keep getting denied?

A: Stop applying for the cards, you will only be denied. You will have to start building your credit rating with secured credit. Make sure the banks report to the credit bureaus, otherwise it does no good. Go to the bank you do business with, ask them if they have a secured credit card, if they do open a new account with $300 - $500 tell them you want a secured credit card against that account. Use the card for small purchases like gas or food and pay the card off entirely each month on time. Also you can take your savings account and save until you have $1,000. Tell your banker you want to take a installment loan out against the savings account. Take the money you receive and put it in your checking account to repay the loan. Pay it off in 12 months. Lenders like to see a mixture of credit, revolving, installments, personal loans. After a few months you can try for an unsecured card again. Retail store cards and gas cards are normally easier to get. It takes 24 months of consistent on time payments to build a good credit rating.

Q: What happens to credit score if you close a store credit card?
I have a few store credit cards (Macy's, Banana Republic, etc) in addition to a major credit card. I want to cancel some of the store credit card, but I don't know how that effects my credit rating. I think closing credit cards in general lowers credit scores, but what about those store cards?

A: Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments. - freecreditreport.sinfree.net

Q: How fast is your credit score affected by changes in credit utilization?
Basically, how current is the credit agencies records? Under normal conditions, my credit utilizaiton varies wildly. When applying for credit, I generally want 10-20% credit utilization. I can make that happen, but I wanted to know: How long after I make it 10-20% should I apply for credit? How long do I need to hold my credit utilization at 10-20%?

A: Most creditors report to the credit bureaus once a month.

Q: What credit card is best for a first credit card, and you have limited history?
I just turned eighteen at the end of February, so I have limited credit history. I was wondering what credit card is used for building credit, and would be the best choice for a person getting they're first credit card.

A: there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices. But if you are a student apply of a student credit card these cards have no annual fees and low rates.

Q: How would 4-credit courses transfer to a college where the courses are only 3 credits?
If a 4-credit course has a corresponding course at a second college which is only 3 credits, how would the 4-credit course be transferred? Would one credit be dropped for each transferred 4-credit course?

A: Are you on quarters or semesters? Where I go they check to see if the class you have taken is 70% compliant with the class the university offers... they then give you credit as if you have taken that class. So if I took a 3 credit class at a semester school and transfer then they would look to find a class they offer that matches the class I took and give me credit for that, which would be a 5 credit class on the quarter system, and vice verse. Bottom line they are gonna find what class they offer and give you credit for that if it matches the curriculum of that class. So it would vary school by school.

Q: How does your credit get affected by a closed credit card account due to a stolen credit card?
What happens to one's credit when the person's sole credit card is taken and used illegally? We're not sure how this will affect efforts to refinance, as this is my wife's only credit card. She will be receiving a replacement in the next week and will have an affidavit indicating that the charges were not hers. Any suggested approaches to ensuring that her credit info is considered before the card was stolen and the account closed?

A: You really shouldn't have much of an impact, since the card is being re-issued. Basically you still have the same account, same history, same limit as the old card, just with a new number. She will need to be very careful about the fraudulent purchases. If the bank does not wave them, she could be held responsible. If she doesn't pay this will hurt her credit. To be on the safe side take the affidavit with you when you re-finance this will be your proof that if anything negative shows up, it wasn't yours. My next question has to be how did they get her card. If a wallet was stolen, home broken into, mail stolen, keep in mind the other info this thief may have. Name, address, social, etc they may have more than enough to commit credit fraud,(Opening other lines in her name) it may be a good idea to sign up for a credit monitoring service for a little while.

Q: When will his credit be good enough to apply for a credit card?
My boyfriend is in the process of clearing up some derogatory items on his credit. Once he has paid his debts how many months will it take for him to be approved for a credit card? I understand that the items will be on his credit for 7 years. Will he have to wait until then to start reestablishing credit?

A: Your boyfriend can start with a secured credit card. These aren't cheap, but are one of the few ways your boyfriend can start to re-establish a credit rating. I think your boyfriend, if he hasn't already done so, get all three credit reports from annualcreditreport.com (a free service mandated by the U.S. Government) without scores. There, he can see what is exactly on his credit report. If some of these negative marks are incorrect, he should dispute them (this can be done online through each of the major credit reporting agencies on their websites). The creditors reporting these items have 30 days to prove that the negative items are legitimate. If they can't produce documents within the 30 days, the items have to be removed from his credit report. This is also a way to improve his credit profile. A third way to improve his profile would be to "piggy back" on someone elses credit. It is still possible to be added to someone's existing credit card as an authorized user. Because of the way credit scoring is done, (there was a lot of abuse on authorized user credit cards) which artificially boosted peoples credit scores, some by up to 200 points, if your boyfriend can find someone who would be willing to let him to be added as an authorized user on their credit card, this could also boost his score.

Q: How does someone build credit without a credit card?
I am thinking of those who do not have a credit card and pay for everything by check and cash. How is their credit rated? Is it based on a loan for example (car, student, etc.) and what if it is their first time applying for such a loan? How is their credit history looked at then? What if someone is applying for an apartment rental and does now own a credit card? I have always wondered this. Also, some people, after having paid off their debt, switch to using cash or check only, but apparently no activity at all on your credit card accounts isn't good either. Any input?

A: Get in the habit of checking your credit report regularly (at least annually). You are entitled to a free credit report from all three credit bureaus once per year, so take advantage of this opportunity. Review your credit report for errors and dispute any erroneous information. Such errors might be unnecessarily dragging down your score. Creditors view these kinds of accounts as a sign of stability and responsibility, so make sure you have one or both of them. Free checking is almost an industry standard, so you can find a good deal if you shop around at different banks. A current checking or savings account will also help you secure a payroll loan. If you do not qualify for a credit card or loan on your own, you might do better with a co-signer with good credit. The best part of having a co-signer is that his/her good credit partially becomes yours. That means you have a great opportunity to boost your score by piggybacking on someone elsels credit for a while. When you cannot qualify for unsecured credit cards, think about starting off with a secured card. Make sure you get a secured card that reports your activity to the credit bureaus so you have a chance to rebuild your credit. The best secured cards turn into unsecured cards with more favorable terms after you demonstrate responsible use and payment behavior for a certain period. A secured card can also be a great alternative to a payroll loan in emergency situations. Keep your balances low and pay them off every month. You want to keep your balance-to-limit ratio as low as possible.

Q: How to improve my credit score for free?
I have a debt of 897.00 on my credit score that has been paid already, I need to build my credit to buy a car my credit score is 550 and I'm not planning on getting a credit card to build my credit. How can I build my credit?

A: Establish positive credit lines. Utilities, cell phones, etc don't count on your bureau (Usually they only report if you owe them money) It basically leaves you these options: Credit card line of credit auto loan mortgage loan Bottom line, credit card is the easiest to get. Credit cards are useful in rebuilding your debt because a banker can see how you are managing your available credit balance- that is, if you have a $2000 credit card, is your balance managed well, or do you owe $1997 on it. if you are looking for the free credit score and report usa national site, check out this site http://free-credit-report-national.com/ Here you can see your 3-in-1 Report from all three credit reporting agencies and your credit score.