Does having more than one credit card affects my credit score?

Currently i have 2 credit cards, i just have been approved for a new one, is it bad to have more than one? how does it affects/helps my credit score?

Does having more than one credit card affects my credit score?

If you are able to pay all of with out any late payments.. you credit score will increase greatly.. but it%26#039;s a hard thing to do..

Does having more than one credit card affects my credit score?

Yes...check out the break down of your credit score

35% Payment History

30% Amounts Owed

15% Length of Credit History

10% New Credit

10% Types of Credit

Does having more than one credit card affects my credit score?

not if they are paid up to date. Credit is a funny animal in that they only give it to you when you don%26#039;t need it.

Does having more than one credit card affects my credit score?

It doesnt hurt it unless you dont make your monthly payments on time.It will affect it in a good way though if you have more than one and make your payments on time EVERY month and also if you pay more than what you are supposed to.

Does having more than one credit card affects my credit score?

The way that a new credit card affects your credit score is in that opening a new credit line lowers your score temporarily, as HOW LONG YOU HAVE HAD YOUR CREDIT is on of the key factors. But, it will also tend to raise your score, if you pay in full monthly. Having a higher credit limit compared to your balance is good.

Does having more than one credit card affects my credit score?

Yep, it is better for your credit score if you have more than 1 credit card.

What is the best way to boost my credit score?

I have poor credit and filed for bankruptcy late last year. I have not really tried to rebuild my credit. I have not applied for any credit nor tried to finance a new car - though tempting. How can I boost my credit score legally?

What is the best way to boost my credit score?

to raise credit score

1. Always pay on time or ahead of time.

2. maintain low balances on credit cards

3.To boost your score: Don%26#039;t charge anything for at least 60 days before applying for a loan

4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.

5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.

6.To boost your score: Don%26#039;t close unused accounts when you transfer debt.

7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.

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http://www.bestcreditrates.net

What is the best way to boost my credit score?

Get several credit cards. Buy something small, pay it all off and then never use it again or repeat it. Or get a cell phone with a bill.

What is the best way to boost my credit score?

cell phone bills, internet bills, and make sure u pay the statements on time.. it will take some time but be patient... slowly but steadily your credit report will be better

cheers

myhandbaghavendotblogspotdotcom

What is the best way to boost my credit score?

Keep your debt below 10% of your income and pay all your other bills ( rent , utilities etc ) on time, Never late .

Work 2 jobs and when you have enough to put 50% down on a car , they will probably give you a decent rate .

Keep that up or join a credit union from work and start with small loans that are always repaid and never late .

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What is the best way to boost my credit score?

To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score%26lt;!--you%26#039;ll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.

http://badcredits.awardspace.com/credits...

In order to improve your credit score, it%26#039;s important to know where you stand currently. Despite all the media attention given to free credit reports--%26gt;you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.

What is the best way to boost my credit score?

Maybe you can try below website to get the information you need. It%26#039;s about ways to improve your credit score articles for your second opinion.

http://www.d-best-free-credit-report.com...

What is the best way to boost my credit score?

Ways To Boost Your Credit Score

http://get-out-of-the-debt-trap.com/cate...

What is the best way to boost my credit score?

I used three credit cards after my BK in 2001. Charged everyday things on them being careful never to exceed 30% of my credit limit in any given month and paid them in full before the due dates.

After 1 years of this my score raised over 150-points.

Bought a car with no money down at 3.9% interest and a year later a home again no money down 6.5 fixed rate.

Now almost 7-years later my score is over 750.

O.B.T.W. Cell phones and utilities do not report to the credit bureaus unless you do not pay them and they go to collections.

What is the best way to boost my credit score?

this is the best way I know http://www.gsx1.com/RestoreCredit.html they have been helping people since 1991

How can someone have a 900 credit score?

My friend told me her credit score is 900. She has one discrepancy on her report and she is 22 years old. I am also 22 years old and I pay my credit cards on time every month and my car loan and I only have a 685. Is a 900 possible, I got up to 725 before but I never heard of anyone with a 900.

How can someone have a 900 credit score?

She%26#039;s lying. The highest score is a 850 and a 22 year old will not have a score anywhere near that. With stellar credit (and numerous accounts), you can hit 800 by your 30%26#039;s. Most of the time you are retired when you hit that number. After 720 it really doesn%26#039;t matter too much as you are in the upper level of credit.

BTW: your 685 is super at your age. You qualify for loans on everything (depending on your earnings). Keep it up!

How can someone have a 900 credit score?

I don%26#039;t believe it goes that high, I think 820 is the highest. She may be exaggerating.

How can someone have a 900 credit score?

Credit scores go up a lot higher than that.... it%26#039;s not just how good your credit repayment is that affects your score, but also the ratio of available credit to how much you are using. If your total available credit is $1000 and you have $800 charged, then your credit-debit ratio is 80%, which is really high...you%26#039;re too close to maxing out. But if you have a lot of credit available (say, you can charge up to $2000 but only have an $800 balance), that ratio is lower and lenders are more comfortable giving you credit. AND how old your credit history...the older it is, the more information creditors have to work with when estimating your ccreditworthiness. That%26#039;s why closing out a credit card isn%26#039;t always a good thing. Hope this helped!

How can someone have a 900 credit score?

she has an excellent fico score. Money coming in may not be more than you bring in and her debt may not be as high. May not have as many credit cards as you do.

How can someone have a 900 credit score?

Someone is not telling the truth. Either it%26#039;s her or the reporting companies because they say the highest is 850.

How can someone have a 900 credit score?

I have seen a 900 credit score once.

How can someone have a 900 credit score?

900 is not possible, and to the OP concerning an 800 score, I am 26 and have a 804 score. IMO, the easiest way to get your score up is to keep 3 lines of credit open, and keep your debt ratio down. For instance if you have a 2000 dollar credit limit on your credit cards don%26#039;t have more than 30% of the limit tied up at any given time, and try to keep your debt to income ratios down.

This is particularly important if you are trying to buy a home, your total debt to income should be less than 40% and no more than 50%.

How can someone have a 900 credit score?

It%26#039;s BS-most companies don%26#039;t even have a score that high.

Do you have to use your credit card for your account to remain active/have a credit score?

I only need a credit card so I can have a credit score...so can I use it a few times just to build credit and then not use it. Or do you have to make so many transactions in order to remain active/have a credit score?

Do you have to use your credit card for your account to remain active/have a credit score?

having credit cards, that u pay on time can help your credit score. Just keep in mind that every time a credit card company checks ur report to give u a card ur score goes down. I would open a card and use $200 on it and then pay the minimum amount until u pay it off, cause borrowing and paying all off the next month doesnt do much for ur score..Also closing credit cards can lower ur score..

Do you have to use your credit card for your account to remain active/have a credit score?

You have to make purchases, pay the balance fully, do not borrow cash, etc to have a good cr. score.

Do you have to use your credit card for your account to remain active/have a credit score?

Filthy Rich is right. You have to keep that balance going from one month to the next to have a good impact on your score. Paying in full shows creditors that you dont need the credit. Keep the balance low so its attainable for you to pay off. You also dont want to have just one source of revolving credit. You want to have a few types as well. This web site is a great one. http://www.investopedia.com/articles/00/... it will tell you all you need to know about credit. Look in-particular to the pie chart under What Makes Up Your Credit Score. Unfortunatly America is based on credit reports. Innovis is the new Credit Reporting Agency so keep in mind there is really 4 now not 3. Also we dont ever forsee that we will ever need credit but life can be harsh and somewhere down the road you will may really need it. Good luck!

Does having a savings account really count in your credit score?

I have heard some people say that having a savings account improves your credit score, but i%26#039;ve only started hearing this recently. I only have a checkings account but if having a savings will help build my score then I will definitely go get one soon. I%26#039;d planned on getting one anyway but had just been putting it off. So is it true that a savings account affects your credit score?

Does having a savings account really count in your credit score?

Everybody%26#039;s had some good answers. Now here%26#039;s mine. To be honest with you, it%26#039;s all in how you look at it. Everyone is correct in that a checking and savings account used traditionally doesn%26#039;t directly affect your credit score. But keep this in mind, if you really think about it, it%26#039;s the most effective tool you have as far as credit%26#039;s concerned. Would you in your right mind mail in a cash payment? I would hope not. And if you were to use a money order, even still, how well does that REALLY work? So, you see the true worth of having a bank account goes a lot deeper than what you really see. With the majority of banks featuring the ability to pay bills online, just that ability alone allows you to do what%26#039;s considered the most important: PAY YOUR BILLS ON TIME. Payment history makes up 35% of your credit score. While you don%26#039;t have to pay on a checking account every month to build credit, you would pay FROM your checking account every month to help you continue to build credit on accounts that do report on your credit.

As for a savings account, there is a way that it can be related to building credit by becoming a collateral account for a secured credit card. Usually the amount that%26#039;s in the savings account would be the same in a line of credit. The savings account itself wouldn%26#039;t be able to be used to pay the minimum payment of the balance each month or the balance itself, unless the account went delinquent then the balance in the savings account would be used to offset what was owed.

So in closing, having a savings account doesn%26#039;t directly affect your score, unless it%26#039;s tied to a secured credit card.

Does having a savings account really count in your credit score?

No, credit scores are based on your ability to pay back loans and how much you have outstanding not how much assets you have. If you look at any of the credit reporting agencies, none of them list your checking or savings account and so it does not affect your score either way.

Does having a savings account really count in your credit score?

Checking and savings account will build your credit with the bank that they are in but doe%26#039;s nothing for your actual credit score because these are not the type of accounts that banks report.

Thye only report loans and how you have paid them.

Any mortgage lenders that use an average or high credit score?

My credit score is high - well above 750, while my husband%26#039;s is below 600. It will be hard for me to qualify for the house I want with just my income, but I%26#039;ve heard that banks are using the middle score of the person with the lowest score. Is this true? Are there any reputable lenders that use the average of the two middle scores, or better yet, the high scores? Is it best to go through a mortgage broker to find the best option?

Any mortgage lenders that use an average or high credit score?

Yes it%26#039;s best to use a broker, the average broker is affiliated with dozens of lenders, some have hundreds. Generally they use the middle score, (not average, the actual middle number of the three) In other words, they use your middle score AND his middle score. If you make more money than your husband and you have the highest score it should not be a problem, your name goes on top as primary. Even with his lower score if you have over a 750 you should be fine. Get a quote and compare programs.

Edit:

I have no idea what by CIFYACAN is talking about. Banks lend their own money and offer only the programs they have. They sell to the same companies as brokers? What on earth does that mean? That makes absolutely no sense at all.

Brokers are approved with multiple lenders, in my case over 150 and have access to all of those programs.

Any mortgage lenders that use an average or high credit score?

I would use a reputable bank. Bank%26#039;s sell to the same companies as mortgage brokers but have in house underwriting, called delegated underwriting and fund the loans up front. For mortgages a tri-merge credit report is pulled showing all 3 scores from the 3 reporting agencies. Depending on the lender, the lowest middle score is taken. Or, the middle score of the primary wage earner, depending on the program.

Any mortgage lenders that use an average or high credit score?

If you have no money to put down and have to use your husband%26#039;s income to qualify then I recommend looking for an FHA loan. As long as he dosn%26#039;t have a bankruptcy or foreclosure within the last 2 years and a lot of recent collections then you should be fine. I%26#039;m a loan officer for a lender so if you think you can qualify then email me at bobuga81@yahoo.com and I%26#039;ll see if I can help.

Any mortgage lenders that use an average or high credit score?

As a mortgage broker we work with serveral different lenders and can give you many more options. Some lenders including lenders approved to fund FHA mortgage loans do not require a credit score. FHA mortgages make buying a home easier and less expensive than other types of real estate mortgage Programs. Some examples include,

Minimal Down Payment and Closing Costs.

閳?Down payment less than 3% of Sales Price and 100% Financing options available

閳?Gift for down payment and closing costs are allowed up to 6% of Sales price.

閳?No reserves or savings required.

閳?Easy Credit Qualifying Guidelines

閳?No minimum FICO score or credit score requirements.

閳?FHA will allow a home purchase 2 years after a Bankruptcy.

閳?FHA will allow a home purchase 3 years after a Foreclosure

Any mortgage lenders that use an average or high credit score?

Feel free to contact me for your mortgage needs. In todays enviroment nothing is etched in stone anymore. I will get you in contact with a bank processor and you can decide which program can best fit your needs. Contact me and I will email you some information. It cost nothing to compare.

neilpfs@yahoo.com

Does writing checks help improve your credit score?

For instance, i pay my bills online through bill payer, but would writing checks improve my credit score/establish a better credit history?

Does writing checks help improve your credit score?

No. They won%26#039;t.

Does writing checks help improve your credit score?

Writing checks alone won%26#039;t help improve your credit score; checks aren%26#039;t reported as %26quot;credit%26quot;, but writing bad checks may impact your score in a negative way.

Does writing checks help improve your credit score?

not at all make you always have money in your bank account otherwise you r worse that some1 who is in debt

Does writing checks help improve your credit score?

Credit score refelects the the payments being made on time (and the amount ve the debt). How the the payment is made (Cash, check, pay pal, or on line) does not matter.

Does writing checks help improve your credit score?

it doesn%26#039;t matter what method you use to pay your bills, as long as you pay them is what makes your credit history.