Question by Cheshire Smile: How does declaring Bankruptcy effect my current credit rating? I know that once you declare bankruptcy you can’t file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed?
Best answer:
Answer by das_coon The accounts may be closed, but still closed accounts show up in your credit history. Open accounts don’t automatically close with a bankruptcy.However, bankruptcies are a huge negative mark on your attribute score. It will drag down your score for the next seven years.
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Question by Knowledge Seeker: What will happen to my credit rating if I use my credit card like a charge card? Since I beginning using my Visa/MasterCard credit cards, I’ve always treated them like charge carding (paying them off in full each month) to avoid the interest unless its absolutely necessary to maintain a balance. Some populate say that this can have a negative effect on ones credit rating? Is this true?
Best answer:
Answer by I’m weird, ugly, and cute! credit cards and charge cards are the same….do you mean debit card?
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Democratic party leaders blamed ultra-conservative factions within the Republican party for the drop of long-term US credit rating from a sterling AAA to AA+, calling it a “Tea Party downgrade.” Images and soundbites. Duration: 00:41
Question by STEPHANE P: How will not paying my company credit card affect my credit rating? When you get a company credit card, it is based on their credit rating. But when you are late making payments or assume’t make payments(for whatever reasons) does this hurt your credit rating or just theirs? Each person is responsible for submitting expense reports, then the company cuts you a check, and you in turn pay the credit card company.
Credit Rating: How It Will Affect the Card You Get
It is common knowledge that your credit card payment habits will affect your credit rating. If you use your credit card a lot and pay all your credit card bills on time, it will improve your credit rating. On the other hand, each time you go over limit or pay your bills past due, your credit rating suffers. And quite obviously, falling into credit card debt will surely hurt your credit rating very badly. However, do you realise that it is also the other way around? That it is not only your credit card habits that will affect your credit card rating, but that in turn your credit rating can affect the credit card you get?
The effect of your credit rating on the credit card you get is very simple. The better your credit rating, the more credit card choices you will have. This is because of the simple fact that your credit rating a measure of your trustworthiness when it comes to paying off your bills and loans. Hence, the better your credit rating is, the more trustworthy you will be in the eyes of credit card companies, and the more likely they are to approve you for their best cards. Credit ratings are the reason why you might be qualified for the best credit card a company has to offer, while your friends, who makes the same amount of money as you do, will not.
Aside from being the deciding factor on whether you will be qualified for the best credit card that companies have or not, your credit rating also determines your credit limit and annual percentage rate (APR).
Even if two people may hold the same kind of credit card, their credit limit may vary greatly due to their credit ratings. However, when it comes to credit limit disposable income is an equally huge factor. After all, even with an excellent credit rating, if your disposable income is quite meager, you can not expect to be extended the same amount of credit that a millionaire will be given.
When it comes to APR though, credit rating often does play a bigger role that your disposable income. Your credit rating reflects your dependability in paying your bills. If you have a good credit rating they know that lending money to you is not that risky, so that they will be willing to charge you lower interest rates. This means that by having a great credit rating, you not only get the best credit cards Ireland companies have to offer, but also the best rates for whichever card you have.
Managing credit doesn’t need to be scary, go to www.capitalone.co.uk to find out more. If you need to improve your credit score or want to know what a credit rating is, this Credit Made Clearer video will explain and show you how to improve your credit history. Credit Made Clearer is an initiative designed to help people dispel the myths, clear up the jargon and help them make the most of their credit card. For more helpful information, please visit us at www.capitalone.co.uk
One of the top credit rating agencies, Standard & Poor’s, has downgraded the United States’ top AAA rating. S&P cut the long-term US credit rating by one notch to AA+ with a negative outlook, citing concerns about growing budget deficits. Video Rating: 4 / 5
Was the huge stock market drop on Wall Street caused because S & P downgraded the US credit rating? Cenk Uygur sets the record straight. The Largest Online News Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com Subscribe: bit.ly Video Rating: 4 / 5
Question IBM ThinkPad X60 : How to make car payments at the beginning of my credit rating I am the co-signer with my mother when we financed a car from Honda. It lasts 5 years. I try to pay 2 or 3 payments within 1 year to avoid having to pay high interest rates to 9%. By doing this, how will this affect my credit rating? Will I have better credit if I pay it in 5 years? Best answer: Answer
by Judy I pay off completely after a year of a.Équivalent not late payment is perfect for your classement.Lorsque reimburse you remember pay a small fee they charge if daily balance. They will send you a check in the mail for the additional amount. It’s better than being a couple of dollars short.
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Link to full story www.nosugarcoatednews.com Dow Jones Industrial Average plummets 699 points this week with no sign of ease. The credit rating of the United States is downgraded by Standard and Poor for the first time in history. Iran’s Revolutionary Guard Commander is named the president of OPEC. Food stamp recipients rise to a record 45.8 million. Fannie Mae seeks 5.1 billion more from taxpayers. Navistar cuts 450 manufacturing jobs in Coburg, Oregon. All while Obama is having a hip-hop barbeque, telling us things are getting better.
Question by almcneilcan: How can I get a business credit card despite bad credit rating in Canada? Help! I’m assay to start up a business and all I need is a $ 10k business credit card. But I have a bad credit rating and so far lenders insist I must have a strong co-signer. But I tin’t get anyone to do this for me (long story) Any suggestions?In answer to the first responder, it’s a self-employed business. I’m the only employee. It’s a long story but my personal financial mess is a combination of the high tech collapse (I’m an engineer) that has gone on 6 years, 3.5 years unemployed for myself. Plus, I have a medical condition. I finally made a bold travel to get around the medical condition so I can start my own business, now all that is stopping me is a co-signer. I agree, it’s not an enviable position but I have no other choice. Is there any way to get a credit card without a co-signer when you have a bad credit rating?
Best answer:
Answer by Rx_Mich Actually, it’s an abruptly story. No one else wants to stick their neck expose (co-signing) to cover your debts after you have exhibit little ability to handle your own affairs. They will be 100% financially responsible if you default on your debts and they know it. Operating a business is similar operating your own financial affairs on steriods.Who in their right mind would start a business on credit card with up to 32% anual interest? That is a very large nut to breaking on top of paying for employees,your wages, materials, rent,call and lighting…. then look for making a profit too???Tell me what kind of business you are going into that has a 32% profit after all expenses and I will start one in a heartbeat (as long as it is legal to do so)Maybe you had better sit down and work out a business financial intending… then work towards fulfilling it and obtain the capital you requiring by work and saving the start-up funds… then someone might be willing to listen to your business idea. If you don’t believe in yourself then others will not believe any differently. There is no shortcut to success. Those who cut corners are the first to fail.Response to additional details:The most probable way you will get a card is with that much money in their account. Your credit limit will match the amount of money in the savings account held by the credit card company. That way you can start building up a history of purchases and paying the bill on time. You have to re-establish a history of being reliable. After a couple of years of a spotless record, you may find someone who is willed to issue you limit credit and further construct from that. I know you are looking for a fast way to do this…. sorry probably not going to happen.I am not trying to beat up on you… I am trying to show you how others (creditors and co-signers) will look at this. Even if you have lost your job,any work is breaking than none… even fliping burgers. 10 G’s is not an undoable make but it might take you 1 year to get there working minimum wage. Hopefull you will do the numbers and see that if you are holding 10Grand worth of debt on a credit card, your whole business profit will go to support the debt and you are working for nothing.If you were a planned then you are used to solving problems with a systems approach and a thorough evaluation. It doesn’t looking like you are using your schematic education on this recently problem. Please write up a plan and look at all the issues systematically. Form a feasable plan and go after your dreams.Hope that helps
Question by Rags: How does it affect my credit rating if the charge card company closed my account due to me not using the card? I did not owe anything on the card because I have another one that I always use instead and I pay the balance in full every month. I’ve had good credit–will this make my score lower? Should I re-open the card that was closed and just use it every once in a while? It doesn’t matter to me, unless the fact that the card accompanied closed it is going to affect my rating in a negative way.Would re-opening the card that was fold hurt or help?
Best answer:
Answer by D J It will drop your credit score because your overall available ascribe limit will drop. The back of wallet cards, those you do not use often postulated to be used at least one a quarter, So mark your calender & use them even if it’s just to buy a lunch or cup of coffee. Then pay the bill of when the bill arrive. That will keep the card active in your credit score. Your credit score affect things in your life caring car insurance & getting or keeping a job. Never use more than 20% of your available credit line.
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