How does someone build credit without a credit card?
Q. 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?
Asked by Li - Tue Jun 16 16:44:26 2009 - - 8 Answers - 0 Comments

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… [cont.]
Answered by expert 2009 - Sun Jun 21 13:00:39 2009

How do I switch credit cards and not affect my credit score?
Q. I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don't need these credit cards and I would like to cancel them and have this "possible credit" to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?
Asked by msc44 - Mon Jan 21 23:44:34 2008 - - 2 Answers - 1 Comments

A. Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new card. Apply and start using it. If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that off as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit. Paying the monthly charges in full each month is the best policy. It also means not paying any interest.
Answered by Serge M - Tue Jan 22 05:41:50 2008

What is the best credit card I can get to start building my credit with? Or how can I start building my credit?
Q. Can I start building my credit by paying for things with my bank card and telling them to charge it on credit? (I do not know much about how to build my credit so please help me!) Question: Best credit card to get to starting building credit and can I build my credit by using my bank card and telling them to charge it on credit instead of debit?
Asked by wrightemail256 - Fri Sep 26 00:06:07 2008 - - 5 Answers - 0 Comments

A. I agree that car loans and mortgages are better indicators of credit. If you plan to use a credit card, please pay on time. Late payments are never helpful for your credit. If you already have a bank card, why not check with your local bank about about credit cards they offer. Please remember to read the fine print on any card application. I have used the below informational website for expert information on various types of credit cards. Shopping around for the best credit card that suits your needs is also important. Many companies offer credit cards with no annual fees, cash back, reward points, etc...Good luck
Answered by Mullig_70 - Sat Sep 27 11:50:34 2008

How big is the credit limit for HP computers credit card?
Q. I have 3 store department credit cards with credit limits of 100&200&150 im planning to pay them off and get a laptop.. I just wanted to apply for an hp credit form.. Does anyone have an idea of how much their credit limits are)
Asked by me - Thu Jun 18 01:15:56 2009 - - 2 Answers - 0 Comments

What credit card should I go for citi bank or bank of america?
Q. I have a credit score of 700 and wanting another credit card. I was thinking about citi bank or bank of america. What one should I get? I only have one other credit card from Wumu. I want a credit card that report to the 3 credit bureaus every month. Anyone has either one of these cards, if so, what one did you like and why?
Asked by azkoolchik - Mon Jun 30 18:39:55 2008 - - 8 Answers - 1 Comments

A. Definitely NOT Bank of America. They recently upped peoples APR without any explanation or reason; it was all over the news. Try a company that's a little less shady. There are plenty of horror stories of what this company has done to their consumers.
Answered by Zerrah - Wed Jul 2 14:03:57 2008

What credit cards are made so that you are instantly approved or denied?
Q. I preferably need a studen credit card (to build up my credit-seeing as how I do not have any line of credit). I just need to know which credit cards/student credit cards instantly approve/deny you or at least you find out some sort of answer within a few hours.
Asked by ersan b - Fri Jul 11 15:42:58 2008 - - 12 Answers - 0 Comments

A. Actually most of the companies allow you to apply online instantly. But you have to find the right card that you can apply for. To do this, goto the following site and find the card you want in student section and apply online. This site only has cards that you can apply and get a decision instantly. Good luck!
Answered by KnowItAll - Fri Jul 11 15:51:18 2008

How long does it take to establish credit?
Q. My boyfriend has no credit and we're trying to qualify for a mortgage. We really want to buy a house by like November so we can qualify for the first time buyer credit. If he got a credit card like today, that would be about 4 months. Is this enough time to get a score? Also, he can't get approved because he has no credit, will a secured credit card give the same credit as a regular card?
Asked by Cyndi - Fri Jul 10 21:19:52 2009 - - 4 Answers - 0 Comments

What is the best credit card for a beginner but also for a student?
Q. I never had a credit card in my life before. I was always scared that I might fall under the bad credit before I reach 25! But now, I really need a credit card, but I want to know which one is the best one to apply for? I am also a full time student, so I don't know if there are companies that offer a credit with help for a student.
Asked by sophia - Sun Jun 28 17:15:54 2009 - - 5 Answers - 0 Comments

A. Contact ibplc@rediff.com
Answered by T - Sun Jun 28 17:26:06 2009

Is it possible to transfer credit card balances to others' credit card accounts?
Q. Situation: Person A has multiple credit card balances on high interest credit cards and Person B has a credit card with a much lower interest rate. Due to a poor credit history, Person A can't obtain a low interest credit card. They've agreed to transfer it to Person B's low interest credit card and have Person A pay Person B the monthly payments to make it easier to pay down their high interest balances. Is this possible?
Asked by Matt - Tue Jun 24 23:08:33 2008 - - 6 Answers - 1 Comments

A. I think in this case person B would need to add A as an authorized user on the account and then the transfer can take place. Most companies will not transfer debt if the names on the account are different, but if person A is authorized on the account then there should be no problem and also person A could then check the balance remaining when ever and also make payment on line with out having to bother person B. Good luck and I hope that I have been able to help.
Answered by Jennifer M - Tue Jun 24 23:39:10 2008

Can credit card companies close your accounts without warning? How does it affect your credit score?
Q. I received a letter in the mail from Juniper (iTunes Rewards) stating that they have closed my credit card account due to inactivity. I opened the account about 18 months ago and have never actually used it. Can they close my account just like that without any warning? How should I handle the situation? (Is there anything I can even do?) Also, I know that closing credit card accounts lowers your credit score. Does anyone know how much mine will be affected?
Asked by Sara - Tue Dec 23 21:34:21 2008 - - 6 Answers - 0 Comments

A. Canceling a credit card can ding your credit because part of your credit score is based on something called a debt-to-credit ratio. When you cancel a credit card, you lower the amount of credit available to you, making that ratio look bigger (and more risky) to creditors.. 15 percent Length of Credit History: "In general, a credit report containing a list of accounts opened for a long time will help your credit score. The score considers your oldest account and the average age of all accounts." 35 percent Payment History: "Having a long history making of payments on time and no missed payments on all credit accounts is one of the most important items lenders look for
Answered by Stealth - Tue Dec 23 21:55:55 2008

What credit cards in CANADA will I be approved for with a 529 credit rating?
Q. I have paid almost everything off except for OSAP (of course it seems like eternity til that happens!) I would like a credit card for emergencies and to re-establish my credit. Please help me find a credit card that is available in Canada!
Asked by jproulx8 - Thu May 15 10:41:21 2008 - - 3 Answers - 0 Comments

A. The other answers are right, with that credit score you're not likely going to get approved for any conventional cards, and you're likely stuck with a "secured" card to rebuild your credit. Capital one is likely your best bet. Other secured cards require 100% of your credit limit as security (ie. $500 deposit for a $500 limit), Capital One varies and some qualify for a $750 limit with a $75 deposit (10%). Capital One will also convert your card to a normal credit card after 6, 9 or 12 months of good payment history (increasing your credit limit etc). Next after Capital One I would recommend "Citizens Bank of Canada" for their secured Visa (this WILL require a 100% deposit), but as with the Capital One card they will convert it to a… [cont.]
Answered by Mugwug - Sun May 18 09:56:55 2008

What should your credit score be to get a good credit card?
Q. Is it 600 or above? I am working on fixing my credit and I have an auto loan that will help rebuild my credit. I need a credit card for emergency's and to help my credit, just wandering when I should apply for one. Right now Its not near 600.
Asked by wifey - Fri Jun 1 22:54:19 2007 - - 1 Answers - 0 Comments

A. 700+
Answered by Gretchen - Fri Jun 1 23:01:17 2007

How to pay off credit cards enrolled in a debt management program?
Q. I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?
Asked by RJ Pack - Tue Jul 7 23:28:54 2009 - - 4 Answers - 0 Comments

A. The Credit Counseling company will probably get you a better price in the long run because they will negotiate a lower rate than you can. But, you are being charged a very large amount of compounded interest on every dollar that you owe them for every Month that the amount is owed. Let Mom and Dad help IF the interest rate and terms are better than you are currently paying the credit card companies. And, if you can afford to pay all of your bills iccluding that payment. Remember that the credit counselor is making money on you, they will not always counsel you to your advantage.
Answered by MK - Fri Jul 10 11:57:54 2009

How can I get my credit build up if no one will give me a credit card to begin with?
Q. How can I get my credit build up if no one will give me a credit card to begin with? I have never had a credit card, I bought a home and I have been paying mortgage on time. Will that help my credit? I do have doctor bills on my credit report, any ideas as to how I can get rid of them without costing me a arm and leg.
Asked by jjkk - Sat Jul 12 09:32:55 2008 - - 8 Answers - 0 Comments

A. Like the other users said, you could get a secured credit card; however, you really want to stay away from credit cards period! They are bad news; if you ever have hard times, they will pursue you relentlessly and even sue you if you can't pay. Like someone else said, get a debit card with a VISA/Mastercard logo. There's no need to even have a credit card if you do this. I will never have another credit card after all I've been through with the different companies. By the way, Capital One is the worst. They'll give you a card easily enough, but if you ever get behind, they will not work with you and won't settle out for a lesser amount to close the account. They also like to sue. This is how they pay for their expensive TV… [cont.]
Answered by brinn1269 - Sat Jul 12 11:02:57 2008

How fast do credit card companies report changes?
Q. I have paid down some balances already for some time but the changes are not appearing on my credit report. I'm not pulling up my credit however, I have alerts when my scores go up or down or if there's inquiries etc. Do I have to ask them to report the change in balance? Why is it that when you rack up a ton of charges they report them really fast but when they're paid off, they take forever? Is there a way to "speed up" the process?
Asked by cathleen - Tue Jun 23 12:52:52 2009 - - 1 Answers - 1 Comments

A. all the credit card card copmaines report to the three credit bureaus once a month. Just paying down balances in one month will not make a difference in your score unless your debt to income ratio makes a big change. Here is a site where you can get free credit report
Answered by unknown - Tue Jun 23 12:54:14 2009

Is it better for your credit to have several credit cards with moderate limit, or one card with a high limit?
Q. I have zero debt. I also have several credit cards. I am wondering how it will affect my credit to request the highest limit for each card, or if I should cancel all but 2 and have those with high spending limits. Along the same lines, how does "available" credit affect one's credit score negatively or positively? If I get a $50,000 limit on a card (with 0 balance) but say, go to buy a car, will I be denied because I have too much credit out there?
Asked by shooter 1 - Thu Jan 10 15:02:37 2008 - - 3 Answers - 1 Comments

A. It's better for your credit to have several cards with modern limit, as the FICO formula used by the credit bureaus consider the number of credit lines in good credit (by their type, e.g. revolving credit, installment loans etc). A lower number of credit lines will result in a lower score (since you'll have more limited history). Obviously that assume all of them are in good standing - if they're not, the picture changes dramatically. As to the total credit, what they look at is which percenage of your total credit are you using, and for that it's irrelevant how it's distributed between the credit lines.
Answered by talr - Thu Jan 10 15:12:14 2008

What is a good credit card to get that you almost will never get turned down for?
Q. I currently have two credit cards, but would like to get one final one. I've been getting turned down for a few recently that I thought sounded good. What are some good cards and websites where I can get a credit card that almost every gets approved for? I'm young(21) and trying to establish some more credit. My friend got approved for a Best Buy credit card tonight and his credit isn't that good. However, I just want a main card(for example: visa, discover) and not a store card. Thanks for any help.
Asked by JerseyJeff84 - Sat Jun 3 00:00:15 2006 - - 5 Answers - 3 Comments

A. The sure-fire way of NEVER being turned down for a major credit card would be to apply for secured credit card. Basically what type of card this is, is that you give them money up front (say you ask for a $500 limit), and everytime you use that card, the money will already be in your account with that card and it will just come out. This secures to both the credit card company and to yourself that the money will always be in there, therefore there will never be any over-ages, late fees, and the the like and will guarantee you a strong credit building account. I hope that my answer has helped you.
Answered by Goblin g - Sat Jun 3 00:40:21 2006

What financial institution will extend credit for an auto loan to a first time buyer who has no credit?
Q. My daughter, who is 19 years of age, only has 2 student loans (which are deferred) on her credit. Her credit scores are over 630. She has been gainfully employed for over 12 months.
Asked by James G - Tue Jun 30 23:53:43 2009 - - 4 Answers - 0 Comments

What is the best credit card for an 18 trying to build credit?
Q. I m soon to be 18 and am looking to get a credit card to help build credit. My dad said the best thing to do is to just use it to buy gas, but I m not really all that up to date on how credit cards work and which ones are the best. Does anyone have any wise credit card wisdom to pass on to me?
Asked by illusional_reveur - Wed Apr 18 05:38:56 2007 - - 4 Answers - 1 Comments

A. Get a capital one credit card with a small credit limit so you don't get in trouble. Its working for me! Just fallow these guide lines and it will lead you to a better credit score. It just takes time and responsibility. Also I would get a free credit report at freecreditreport.com they give a summary of what your credit score means and how you can bring it up. What factors raise your Score: You've paid your bills on time and currently do not have any overdue accounts or derogatory information, such as a collection, charge-off, or bankruptcy, on your report. You can be proud of the fact that you are helping yourself maintain a good credit score, so continue with the positive credit behavior! You have no open installment loans,… [cont.]
Answered by Tiffany D - Sat Apr 21 12:47:42 2007

How much credit could I get pre-approved for with normal good credit?
Q. I was approved for a credit card with a limit of $1000. I have normal credit. I'm interested in starting a business, but I'll need more money available to borrow. What would my limit be on one of those "pre-approved" credit cards with excessive interest rates that are available to everyone?
Asked by Woodrow - Fri Jan 30 05:30:56 2009 - - 4 Answers - 0 Comments

A. it depends on your credit situation such as how many other cards you have right now. If you are just opening new cards their limits usually start out low and then increase with time. And another thing is that lenders keep track of the amount of credit you are applying for they are more leery of big limits if they see an increase in credit inquires.
Answered by brownie - Sat Jan 31 22:40:15 2009