0
You can become on an Authorized User on someones good credit Card account that is over 10 years old with no dergoggs, high credit limit and a major card. Pay off your balances to zero, dispute negative info with the CRA's.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
If your credit card balance is close to your credit limit does that hurt your credit score?
ANSWER Paying your debts in a timely manner doesn't give your credit score best results !!!! Crazy isn't it ! This is called your balance-to-limit-ratio and counts for 30% of your credit score. In order to get best result you have to keep your balances at least 70% away from your limits.
My credit monitor says proportion of balance-credit limits on revolving charge accounts are to high was this because I closed a line of credit affecting my FICO?
Yes you should never close a card. 35% of your credit score is determined by the number of derogatory items. 30% of your score is your credit to debt ratio. Credit to Debt ratio is the difference between your balances and your limits on your cards. The further the balance from the limit the better the score. Paying in a timely matter is not the only detail the bureaus look at. You should always try to keep the balances 70% away from the limits if not at zero. 15% of it is credit history. 10% of it is pursuit of new credit; recent inquiries, on-time payments, etc. 10% of it is how many accounts are in use (mix ratio).
How many points will your credit score go up if you pay off a collection agency?
It could go up anywhere from 30-70 points. it may take a couple of months to take effect though. When you agree to pay or send in the payment, attached a letter detailing the terms and conditions of payment (ie. pay for deletion letter). Reference in the Memo section of the check that cashing the check acknowledges agreement with the terms. Good luck!
Is 590 a bad credit score?
This is a subjective question. The answer can only be determined by you and the people you do business with. Think of it this way. If you have a 590 credit score out of a possible 850 you are running your financial life at 69.41% of full capacity. If you were a lender would you take a risk on someone who only pays their bills 70% of the time? If you needed surgery would you trust a doctor who graduated with a D+ grade point average?
How do you repair bad credit?
Fix Bad Credit1. DELETE COLLECTION ACCOUNTSDid you know that paying a collection account can actually reduce your score? Here's why: credit scoring software reviews credit reports for each account's date of last activity to determine the impact it will have on the overall credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as "Paid Collection". When this happens, the date of last activity becomes more recent. Since the guideline for credit scoring software is the date of last activity, recent payment on a collection account damages the credit score more severely. This method of credit scoring may seem unfair, but it is something that must be worked around when trying to maximize your score.How is it possible to pay a collection and maximize your score? The best way to handle this credit scoring dilemma is to contact the collection agency and explain that you are willing to pay off the collection account under the condition that the all reporting is withdrawn from credit bureaus. Request a letter from the collector that explicitly states their agreement to delete the account upon receipt/clearance of your payment. Although not all collection agencies will delete reporting, removing all references to a collection account completely will increase your score and is certainly worth the involved effort.2. DELETE PAST DUE ACCOUNTSWithin the delinquent accounts on your credit report, there is a column called "Past Due." Credit score software penalizes you for keeping accounts past due, so Past Dues destroy a credit score. If you see an amount in this column, pay the creditor the past due amount reported.3. DELETE CHARGE OFFS AND LIENSCharge offs and liens do not affect your credit score when older than 24 months. Therefore, paying an older charge off or a lien will neither help nor damage your credit score. Charge offs and liens within the past 24 months severely damage your credit score. Paying the past due balance, in this case, is very important. In fact, if you have both charged off accounts and collection accounts, but limited funds available, pay the past due balances first, then pay collection agencies that agree to remove all references to credit bureaus second.4. DELETE LATE PAYMENTSContact all creditors that report late payments on your credit and request a good faith adjustment that removes the late payments reported on your account. Be persistent if they refuse to remove the late payments at first, and remind them that you have been a good customer that would deeply appreciate their help. Since most creditors receive calls within a call center, if the representative refuses to make a courtesy adjustment on your account, call back and try again with someone else. Persistence and politeness pays off in this scenario. If you are frustrated, rude, and unclear with your request, you are making it very difficult for them to help you.5. CHECK YOUR CREDIT LIMIT(S) AND EVENLY DISTRIBUTE BALANCESMake sure creditors report your credit limits to bureaus. When no limit is reported, credit scoring software scores the account as though your current balance is maxxed out. For example, if you know that you have a $10,000 limit on your credit card, make sure that the limit appears on the credit report. Otherwise, your score will be damaged as severely as if you were carrying a balance of the entire available credit.Credit scoring software likes to see you carry credit card balances as close to zero as possible. If it is difficult for you to pay down your balances, read the following guidelines to maximize your score as much as possible under the circumstances:There are different degrees that scoring software can impact your score when carrying credit card balances.Balances over 70% of your total credit limit on any card damages your score the most. The next level is 50% of your balance, then 30% of your balance.In order to maximize your score without having to pay down your balances, evenly distribute your credit card balances among all of your credit cards, rather than carry a large balance on one credit card. For example, if you are carrying a $9000 balance on a credit card with a $10000 limit, and you have two other credit cards with a $3000 and $5000 limit, transfer your balances so that you have a $1500 balance on the $3000 limit card, a $2500 balance on the $5000 limit card and a $5000 balance on the $10000 limit card. Evenly distributing your balances will maximize your score.6. DO NOT CLOSE YOUR CREDIT CARDSClosing a credit card can hurt your credit score, since doing so affects your debt to available credit ratio. For example, if you owe a total credit card debt of $10,000 and your total credit available is $20,000, you are using 50% of your total credit. If you close a credit card with a $5,000 credit limit, you will reduce your credit available to $15,000 and change your ratio to using 66% of your credit. There are caveats to this rule: if the account was opened within the past two years or if you have over six credit cards.The magic number of credit card accounts to have in order to maximize your score is between 3 and 5 (although having more will not significantly damage your score). For example, if a card was opened within the past two years and you have over six credit cards, you may close that account. If you have more than six department store cards, close the newest accounts. Otherwise, do not close any at all.7. BECOME AN AUTHORIZED USER(Note: Although this tactic is no longer effective for Experian, both Trans Union and Equifax consider authorized user accounts when calculating your credit score.) If you have a short and limited credit history you can ask someone who is a primary account holder to add you to their account as a joint account holder or an authorized user. When added, the primary account holder's credit card will appear on your credit report. Credit scoring software will treat the added account as though it is your account and you will benefit from the low balance and the long payment history for that account. It is important to remember that being an authorized user is helpful for your credit score only if (1) the person is carrying debt below 10% of the credit limit and (2) has had good payment history on the card for seven years or longer. The longer the history, the better. Being an authorized user is potentially detrimental to your credit score if, for example, the primary card holder carries a high balance on the card and has had it less than five years.8. KEEP YOUR OLD CREDIT CARDS ACTIVE15% of your credit score is determined by the age of the credit file. Fair Isaac's credit scoring software assumes people who have had credit for a longer time are at less risk of defaulting on payments. Therefore, even if your old credit cards have horrible interest rates, closing those cards will decrease the average length of time you've had credit. Use the old card at least once every six months to avoid the account rating to change to "Inactive." Keeping the card active is as simple as pumping gas or purchasing groceries every few months, then paying the balance down. An inactive account is ignored by Fair Isaac's credit scoring software, so you won't get the benefit of the positive payment history and low balance that card may have. The one thing all credit reports with scores over 800 have in common is a credit card that is twenty years old or older. Hold onto those old cards!
What is highest score in a USC Trojan football game?
70 points. In 2005 against Arkansas, the Trojans demolished by a final score of 70-17.
If your credit card balance is close to your credit limit does that hurt your credit score?
ANSWER Paying your debts in a timely manner doesn't give your credit score best results !!!! Crazy isn't it ! This is called your balance-to-limit-ratio and counts for 30% of your credit score. In order to get best result you have to keep your balances at least 70% away from your limits.
Randy franks basketball did he score 70 points in one half in a basketball game?
== == no he scored 69
How many points per correct question to score a seventy on a 110 question test?
each question, if equal points per question, is 1/1.10 = 0.9 points; you need to answer 77 questions out of 110 correctly to score a 70
How many questions be wrong on a 70 question test to get 70 percent?
In order to score exactly 70% on a test with exactly 70 questions ... if every questionis worth the same credit ... you have to get 21answers wrong. You can do it.
Parramatta eels best score in nrl?
Their biggest win was beating the Sharks 74-4, which is a difference of 70 points. This would probably be their highest score.
Did David Robinson ever score 70 points in a game?
no he never scored 70 points in a game, as matter of fact he never scored over 60 points in a game. 71-David Robinson, San Antonio at L.A. Clippers, April 24, 1994.
Is 70 IQ bad for a 12 year old?
An IQ of 70 is considered to be on the lower end of the intelligence scale and is categorized as being in the range of intellectual disability. A 12-year-old with an IQ of 70 may face challenges in academic performance, problem-solving, and general cognitive tasks compared to peers with average or above-average IQ levels. It is important to provide appropriate support and resources to help the child thrive in their individual capacity. Consulting with professionals in psychology or education can offer guidance on how to best support the child's development.
Who was the first person to score 100 points in a regulation nba game?
If you mean exactly 70 points, then that would be Wilt Chaimberlain, the only NBA player to ever score exactly 70 points in an NBA game. He did so on March 10, 1963 against the Los Angeles Lakers. If you mean 70 points or more, then that would be Elgin Baylor, who scored 71 points on November 15, 1960, against the New York Knicks.
What is the passing score for any tests?
The passing score for most tests is a C-, or 70%. Anything less than 70% is considered a failing score.
What does 3 score and ten mean?
1 score = 20 years So 3 score and ten would be 70 years.
Who was the first ncaa basketball player to score over 2500 points in his career and stand under 6 feet?
Pat haden Calvin Murphy of Niagara '70 scored 2548 points in his career, averaging 33.1 points a game. He is 5' 9" tall.
