Marketplace

Related Articles

More

Related Categories

More

Recently Added

More

Credit Card Poor History

Your Ad Here

Dolores Said:

What is a good credit card for someone with minimal credit history? One that has no upfront fees?

We Answered:

Lot changed in the past year and it hard for people with a poor credit history to get any card. I am not sure, but I was told that HSBC MasterCard has no annual fee and you can choose a reward program too.
They got HSBC Debit card too. It is not your first choice, but it can help to build a good credit score. A secured card will work for you when it is reported as an unsecured credit card to the three credit bureaus.

I found a excellent source as I research and it does explain in more details, I posted the link in the resource below if you are interested.

Lillian Said:

Is it better to close a credit card account when you've had a bad payment history with them?

We Answered:

Generally speaking, closing an account can have an adverse impact on your credit. It is likely that your credit rating has taken a negative hit because of the late payments. However, if you are able to bring the accounts to a current standing it may be best to keep the accounts open and use it to rebuild your credit over time, by making payments on time.

The answer to your second question is no. Under FCRA §605 (a) and (b), an account in collection will appear on a consumer's credit report for 7.5 years. The clock starts approximately 180 days after the date of first delinquency on the account. To learn when an account will be removed by the credit reporting agencies (TransUnion, Equifax, and Experian and others), add 7.5 years to the date of first delinquency. Below I can give you an overview of the different factors that impact your credit score.

Your score is based on several variables, including:

1) Payment history, which counts for approximately 35% of your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.

2) Total debt and total available credit, which counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. The score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt-to-credit limit ratio low.

3) Length of positive credit history, which counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments. If you have accounts with long history (5 or more years) and no missed payments, you should keep these open and paid off.

4) Mix of types of credit, which counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.

5) The number of new credit applications you have recently completed, which accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.

If you would like to learn more about credit reports, credit scoring, and what it means to you, I encourage you to explore the Credit Help Information & Resources material offered by Bills.com.

I hope this information helps you Find. Learn & Save.

Best,

Bill
www.bills.com/blog/

Jamie Said:

When you marry someone with a poor credit history, can you avoid having your own credit ruined?

We Answered:

So many terrible answers...where do I start?

George, you are right. But that applies to debts AFTER you are married, not before. You do not inherit your new spouse's debt.

Grassie, I'd love to know the source of your information. While medical bills are represented differantly on credit reports, they will still effect your score, and therefore it has a negative effect.

Angel, your mortgage broker needs to read the FCRA laws, your info is incorrect.

The fact is that when you get married, you each have your own credit history, and they DO NOT MERGE.

The only way her credit will effect you is if you apply for joint loans. You also need to keep separate bank accounts in the event they attempt to place a lien on it.

When I got married, my wife came with "debt baggage" and had terrible credit. The creditors found her new address and began sending her threatening letters and phone calls. She was scared to death, and didn't know what to do.

I did! In a few weeks time I got the collectin agents off her case. Within a few months I co-signed for a credit card in her name, and began re-establishing her credit. The creditors couldn't do anything because everything was in my name, and she had no job or income (housewife).

Her bad credit had no effect on me at all.

Louis Said:

Where to get minor a credit card with poor credit cosigner?

We Answered:

OK, 1st of all, you cannot get a card, your mom would get the card and make you an authorized user, so you would not build your own credit history with this card. If you defaulted on the card or maxed it out it would be your mom's butt not yours. She needs to understand that before she agrees to this. There is a reason they do not let minors have credit cards and that is because most 30 year olds are not responsible enough to have them, let alone 16 year olds!

If your mom has bad credit she would only be able to get a card with a low limit and annual fees like from Orchard Bank, or Premier Credit, or Image Bank...all of these cards charge high annual fees and very high interest...do you really want to pay for your mom's bad credit just to have a card for emergencies?

You need to re think your plan...wait until you are 18 and get your own student credit card in your own name. Your Ad Here

Discuss It!

1 2 3 >

affordable dissertation writing services said:

Man what the hell i thought you guys here were providing affordable dissertation writing services but clearly i was wrong because i see nothing here thats in line to tthat and that on a whole id dissapointng!

VR Glasses Online Shopping said:

Honestly i came here because i was looking for someone who can help me buy VR Glasses Online Shopping but seeing this site all in all i take it all back, this iste here is literally falling apart!! no one to help at all!!

trap beats for sale said:

This is exceptionally instructive substance and composed well for a change. It's pleasant to see that a few individuals still see how to compose a quality post!

3d architectural animation said:

Greatly composed article, if just all bloggers offered the same substance as you, the web would be a much better place..

https://es.foursquare.com/user/451887992 said:

Incredible posting this is from you. I am really and truly thrilled to read this marvelous post. You've really impressed me today. I hope you'll continue to do so!

marvel contest of champions hack said:

This is the kind of data I"ve long been attempting to discover. Much thanks to you for composing this data.

https://www.pinterest.com/georgecarlin54466/ said:

Thanks so much with this fantastic new web site. I’m very fired up to show it to anyone. It makes me so satisfied your vast understanding and wisdom have a new channel for trying into the world.

essay writing service said:

A very excellent blog post. I am thankful for your blog post. I have found a lot of approaches after visiting your post.

voyance qualité said:

This is a decent post. This post gives really quality data. I'm certainly going to investigate it. Truly extremely helpful tips are given here. Much thanks to you to such an extent. Keep up the acts of kindness.

Atlanta Prom Transportation Service said:

Extremely pleasant article, I appreciated perusing your post, exceptionally decent share, I need to twit this to my adherents. Much appreciated!

Wedding Party Bus New Jersey said:

Excellent information on your blog, thank you for taking the time to share with us.

escorts in lebanon said:

These are some great tools that i definitely use for SEO work. This is a great list to use in the future..

where to buy coleus forskohlii said:

Super-Duper site! I am Loving it!! Will come back again, Im taking your feed also, Thanks.

breast enhancement pills results said:

Im no expert, but I believe you just made an excellent point. You certainly fully understand what youre speaking about, and I can truly get behind that.

Women hoodies said:

You are doing a good deal. Your article demonstrates your hard work and experience you have got in this field. Thank you for it.

vivo ipl 11 schedule said:

I wanted to thank you for this excellent read!! I definitely loved every little bit of it. I have you bookmarked your site to check out the new stuff you post.

pte practice test said:

I have recently started a blog, the info you provide on this site has helped me greatly. Thanks for all of your time & work.

Nigeria news said:

It’s permission to talk with your customer at any time, no matter what else they may be doing, and to get exclusive data on their habits and preferences that traditional channels can’t access.

Free Beats said:

I’ve bookmark your site and also add rss. keep us updated.

link to marketing1on1 said:

Any way I’ll be subscribing to your feed and I hope you post again soon.