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No, the score model recognizes the balance on the account in proportion to the credit limit as a percentage. For example, if you have a balance of $10,000 with a $ 50,000
credit-limit your proportion of balances to credit limit would be 20%.
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Do joint credit card help both credit scores?
Yes but it will also hurt both credit scores if the payments are not on time.
Does having multiple credit cards hurt your credit score?
Having the cards does not. Having large debts on them does.
Can keeping inactive credit cards hurt your credit rating?
It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.
When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
How can credit cards hurt you?
if you sharpen it it could cut you and cause you to bleed
Do joint credit card help both credit scores?
Yes but it will also hurt both credit scores if the payments are not on time.
Does having multiple credit cards hurt your credit score?
Having the cards does not. Having large debts on them does.
Can keeping inactive credit cards hurt your credit rating?
It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.
When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
How can credit cards hurt you?
if you sharpen it it could cut you and cause you to bleed
Can opening and closing credit cards hurt your credit rating?
NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.
Should I get several credit cards?
Having a large credit limit can help your score but do not apply for several cards at the same time. Doing so can hurt your score and make you unable to get any new credit offers.
Can closing paying off credit cards hurt your score?
In Some Cases Yes It Can Lower Your Score.
Could having a home equity line of credit possibly hurt your credit bureau beacon score even if you don't use it?
Yes. In this way. Credit reporting agencies look at the total ability you have to borrow. If you have ten credit cards and have the ability to charge 75,000 tomorrow it could hurt you. If you have low debt on your credit cards [ keep them with no more than 30% of the amount you can borrow on each card ] Then it will probably not hurt you at all. I know people with large lines of credit that use them for business etc and pay it down right away and have great credit. If in other words you have a lot of debt as a percentage of your ability to put yourself in more debt it could hurt. It depends on your past credit history etc. As a side not I had a customer who was in chapter 13 for the past two years and his lowest score was 780???
Does carrying a balance on a 0 percent card hurt your credit score?
Amounts of debt in relation to available credit (the credit limit) is one of the factors used in establishing credit scores. Scoring software does not factor in the interest rates on the accounts. Here is an interesting website with general information about credit scores. http://www.moneycentral.msn.com/content/Banking/Yourcreditrating/P38053.asp
Will getting a new credit card hurt fico score?
If you already have too much debt, then yes. If you do get a card, make sure that your balance never goes over 35% of the high credit balance or this will reflect poorly on your scores. Also remember, when you go requesting your credit to be pulled for a new credit card, this will bring your scores down somewhat as well.
Can a secondary card holder's credit rating hurt the primary card holders credit?
No. The secondary cardholder's credit history has nothing to do with the primary cardholder's. The reason for this is even if there are two cards, there is still only one account for both cards which the primary cardholder is responsible. Jags
