Posted on: 17th Oct, 2005 04:07 pm
What points are considered while calculating credit score?
what if i pay the whole amount of credit each time I use my credit card, will this negatively impact my credit score? like for example I purchased an item worth $500 then later pay the whole $500 before due. How will this impact my credit score
Martin
Martin
Hi Martin,
Welcome to our forums.
I don't think it will affect your credit score; rather you will be able to build up a good score. Making payments on your credit regularly is always a good thing and paying it off before it is due is even better. So go ahead with what you have planned out.
Thanks,
Caron.
Welcome to our forums.
I don't think it will affect your credit score; rather you will be able to build up a good score. Making payments on your credit regularly is always a good thing and paying it off before it is due is even better. So go ahead with what you have planned out.
Thanks,
Caron.
how does transfering balances to 0% interest affect the credit score. I have 3 cards that I am trying to pay off and I transfered them to 0% interest for the first year. Will this affect my score?
520 is not bad after a bk.
Pull your credit and verify everything is accurate.
Make sure that everything was included in your bk. If any items still show remaining balances have them updated.
The most important thing to do is reestablish credit. As shown above Scores are mainly based on the fact that you pay or don't pay every month and the available balance to available credit. If you keep your new credit balances low compared to your available credit and pay the payments on time for 12+ months you will be on the path to good credit.
If you are having trouble reestablishing, get a secured credit card. These can be gotten at pretty much any bank. You'll need around $500 dollars upfront but this can be a great way of building credit. Just make sure they report to the major credit bureaus.
Don't expect to never here about your bk again but go about it with a positive attitude. If you stick with it you will again qualify for good lending programs.
Pull your credit and verify everything is accurate.
Make sure that everything was included in your bk. If any items still show remaining balances have them updated.
The most important thing to do is reestablish credit. As shown above Scores are mainly based on the fact that you pay or don't pay every month and the available balance to available credit. If you keep your new credit balances low compared to your available credit and pay the payments on time for 12+ months you will be on the path to good credit.
If you are having trouble reestablishing, get a secured credit card. These can be gotten at pretty much any bank. You'll need around $500 dollars upfront but this can be a great way of building credit. Just make sure they report to the major credit bureaus.
Don't expect to never here about your bk again but go about it with a positive attitude. If you stick with it you will again qualify for good lending programs.
I live in a rented property and recently applied for a credit card from that adress, however i was turned down on the basis that my house had a bad credit rating. seeing as at the time i had been there less than a year how come the previous occupants' debts effected my application? Any help on this greatly appreciated!
I don't think that it is the address that gave you a bad rating. I think it may be the short amount of time that you have lived at the address that have given you a bad deal on the card.
Very true jbarto. A new address can cause some problems but can only be part of the problem. Maybe combined with other determining factors they could have considered the person high risk.
I find it hard to believe that the address has a lot to do with it, they usually run social security numbers to do credit and possibly drivers license, but I have never heard of an address being a reason not to give credit to someone.
I tell you I have seen this happen. We had to apply for a Sears card when our frig went and before they would approve my hubby they inquired about the phone number having past due accounts. He had to clarify the whole situation.
I am sure it happens, but this is the first time that I have heard of it. It does not surprise me any though. I would just think that they would have a better way of doing things, you have no control who lived in the place before you. That just seem stupid to look at an address as a means to determine if someone is credit worthy or not.
I have to say that this whole conversation surprises me, how can you deny or approve credit on an address, this makes no sense and I would think that it would be an illegal way to do things, normally it is by social security number. I have never heard of this before in my life.
I guess it happened if this conversation is going on, I don't think it is right and I too find it surprising.
Can you tell me if you get dinged for checking your own credit reports or only if a third party runs a check.
Welcome Nancy,
If you asked for your own credit report, then it is considered as a soft inquiry and it would not effect your credit score. When a lender or a credit card company pulls your credit report, it is considered as a hard inquiry and that would effect your credit.
If you asked for your own credit report, then it is considered as a soft inquiry and it would not effect your credit score. When a lender or a credit card company pulls your credit report, it is considered as a hard inquiry and that would effect your credit.
I have never heard of companys turning down credit cause of address or location of house.... And nancy only hard inquiry will lower ur credit score, Not a lot but just dont get too many of these as they stay on ur credit.