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It depends back in January of 2006 I was prequalified for a WellsFargo credit card with a 1000.00 credit limit and my credit score was between 600-620, since then to date my credit score has dropped to 578-599 and I have received two credit limit increases from them , this could be because a credit card company doesn't base future increases souly on your credit score once you are an established customer but on your payment history and credit limit management skills.
www.wellsfargofinancial.com
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∙ 12y ago
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Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
What does your credit score start out as?
There is no starting credit score. The FICO credit score ranges from 300 to 850, but if someone doesn't have any credit at all, the score will be reported as N/A. According to the Fair Isaac Company (FICO) you need 6 months of account information in order to get a FICO credit score. The score itself will be determined based on several factors such as your utilization rate, type of account, payment history, inquiries, etc....
What FICO score do you need to be approved for a gasoline credit card?
It's too difficult to say exactly what FICO score you would need to be approved for anything since each financing institution has different criteria for approvals. Gasoline and department store credit cards are usually easier to get than credit cards (Visa, Mastercard, etc) but also tend to have higher interest rates.
If you close a credit card that has a balance on it will it hurt your credit score oppsed to waiting until the balance is paid in full?
Canceling cards usually does lower your FICO or credit score; if you have a balance on a card, pay it off or transfer the balance to a lower-interest card. Then take scissors and cut up the old card (and any new ones they send you in the future). But then you don't need to actually cancel it.
What information is needed when applying for credit?
"Usually you will need your SSN. as well as an identification card or the numbers on it and proof of residence. Most require a source of income to be proven, as well as a minimum FICO score."
Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
What does your credit score start out as?
There is no starting credit score. The FICO credit score ranges from 300 to 850, but if someone doesn't have any credit at all, the score will be reported as N/A. According to the Fair Isaac Company (FICO) you need 6 months of account information in order to get a FICO credit score. The score itself will be determined based on several factors such as your utilization rate, type of account, payment history, inquiries, etc....
What FICO score do you need to be approved for a gasoline credit card?
It's too difficult to say exactly what FICO score you would need to be approved for anything since each financing institution has different criteria for approvals. Gasoline and department store credit cards are usually easier to get than credit cards (Visa, Mastercard, etc) but also tend to have higher interest rates.
If you close a credit card that has a balance on it will it hurt your credit score oppsed to waiting until the balance is paid in full?
Canceling cards usually does lower your FICO or credit score; if you have a balance on a card, pay it off or transfer the balance to a lower-interest card. Then take scissors and cut up the old card (and any new ones they send you in the future). But then you don't need to actually cancel it.
What information is needed when applying for credit?
"Usually you will need your SSN. as well as an identification card or the numbers on it and proof of residence. Most require a source of income to be proven, as well as a minimum FICO score."
How do you get your credit score without a credit card?
There's no need to have a credit card to get your credit score. You can use various web based services in order to get your credit score for free -- no credit card required. See the source links for links to sites that can help provide more information on checking your credit score.
Does not activating a credit card harm your credit score?
No, but it doesn't help your credit score either. In order to build and maintain your credit score, you need to use credit on a monthly basis.
What does a FICO score of 612 mean?
Your credit score. That's a little under whats considered "good" which would be 640-850. You may need a co-signer.
Where can one get their FICO score?
The best place to go on the internet for information regarding their FICO score is the website called myFICO. The site provides everything one would need to know about their FICO score.
Which action will help increase a low FICO score?
Reduce your credit card balances down to at least 50% of your limit. The next break is at 30%, then 10%. Paying a card off can actually drive your scores down. If your credit scores are really low, that is below 620, you may need to acquire assistance from a credit repair professional.
Where to get a secured business credit card?
In order to get a business credit card with no PG you will need to have a strong business credit score. That is the first step.
Is there a minimum credit score to apply for an amex card?
You do not need a minimum credit score. You just need to be able to pay off the amount at the end of every month.
