0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Difference between current account and cash credit account?
i am a student and wanted to open my account should i open a current account or credit account
What is the different between cash credit account and current account?
Diff. between CC account & current account
Would taking a loan from your current 401K account to pay off your credit card affect your credit history?
No. Loans from 401(k) accounts are not usually reported to credit reporting agencies, so it should not affect your credit history favorably, or negatively.
What is owner's current account and it's accounting entry?
owners current account is called a personal account and it has a credit entry
What does a credit balance on partner's current account mean?
current liability
What steps are involved during Merchant Accounts credit card processing?
A Merchant Account is an account linked to a business's current account that will accept and provide the credit card transaction process. In order to get a Merchant Account one must apply in a process similar to getting a personal credit card whereby credit worthiness, history of trading and likely spend will be assessed.
Will closing a 16 year old credit card account with an excellent payment history and a 18500.00 credit limit in order to get a card with a much better interest rate affect your credit rating?
Closing a 16 year old seasoned credit card account with an excellent payment history will NEVER improve your credit. As a matter of fact, opening a new credit account will also temporarily reduce your score. If you need a lower rate, call your current credit card company and request it. It is a much better solution that can save you money on interest. The following link can show how to request a lower interest rate on your current credit card account.
I've heard about getting a triple credit report, what three companies provide those?
The three are TransUnion Score, Experian Plus Score, and the VantageScore, but it is recommended you don't do this. These are not the real deal. The report you want to get is FICO, and was developed by the Fair Isaac Corporation, and takes into consideration your entire credit history, current debt, payment history, account makeup, and all credit related activity.
How is your credit score affected if a credit card company closes your account because of inactivity?
Your credit score is affected by ALL the information in your credit history. Specifically, a recently closed, inactive, revolving account would impact the amount of credit available to you, thus changing your debt-to-available-credit ratio. If this particular acccount was the oldest account in your file, closing it would also shorten the history of your open credit accounts. The amount of impact to your current score would depend upon what remained open in your file and, once again, ALL the data showing, not just this one account.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
Will having no credit cards or outstanding loans improve a credit rating over time or is having at least one account that is current better?
You have to have credit in order to have a credit history and a credit score. Every consumer needs at least one installment account and two revolving accounts that are managed properly for optimal points during the calculation that produces a credit score. It can be harder to get the credit you need, such as a mortgage loan, with no credit history than when a borrower has bad credit. Also, if a consumer has bad credit; positive, ongoing,accounts will offset the negative information.
If your husband is the primary card holder does that give you credit history in a joint account?
Yes, as long as your listed as a "Co-signer" on the account. Credit is not build if you are just an "Authorized User" if this was a credit card account. Lastly, this all assumes that whatever this joint-account is that it reports to credit.
