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Is having multiple open credit cards with no balance bad or good for your credit rating?
Wiki User
∙ 17y ago
It's wise to use your credit cards ONLY if you have cash in your bank account. Purchase something on each one, then when the statement comes pay it in full.
Wiki User
∙ 17y ago
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Is there a difference between a balance on a credit card or a loan from a financial institution in terms of credit history and credit rating?
AnswerDo you mean does a loan balance impact your personal credit differently than a credit card balance? Your rating and score are both contingent upon your pay history. The loan company is irrelavent.will a deliquent credit card hurt my other creditors or ruin my credit history
Does closing a credit card with a balance affect your credit rating?
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
What are the dangers of having a poor credit rating one is getting a loan?
There are very few actual dangers, however inconveniences of having a poor credit rating when one is applying for a loan are that the lower one's credit rating is, the less chance one has of gaining the loan one wants. Another inconvenience is that if one has a poor credit rating, one does not attract the more favorable interest rates that someone with a good credit rating will attract, and the amount of credit one is offered may well be a lot lower than a person with a favorable credit rating.
What is the cause of poor credit mortgage?
Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.
If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?
Not as long as you don't default in the payments.
Will having a negative balance in an unused checking account affect your credit rating?
No, having a negative balance in an unused checking account will not directly affect your credit rating. However, if you fail to pay off the negative balance and the account is sent to collections, that could potentially have a negative impact on your credit rating.
Is there a difference between a balance on a credit card or a loan from a financial institution in terms of credit history and credit rating?
AnswerDo you mean does a loan balance impact your personal credit differently than a credit card balance? Your rating and score are both contingent upon your pay history. The loan company is irrelavent.will a deliquent credit card hurt my other creditors or ruin my credit history
Does closing a credit card with a balance affect your credit rating?
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
What are the dangers of having a poor credit rating one is getting a loan?
There are very few actual dangers, however inconveniences of having a poor credit rating when one is applying for a loan are that the lower one's credit rating is, the less chance one has of gaining the loan one wants. Another inconvenience is that if one has a poor credit rating, one does not attract the more favorable interest rates that someone with a good credit rating will attract, and the amount of credit one is offered may well be a lot lower than a person with a favorable credit rating.
What is the cause of poor credit mortgage?
Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.
Where can auto loans for people with no credit rating be found?
If one is interested in getting an auto loan despite having no credit rating, it is recommended to check out the Easy Auto Lender website. They offer great deals regardless of credit rating.
If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?
Not as long as you don't default in the payments.
Can a bad credit rating for a primary borrower improve once a balance has successfully been paid off even when there are cosigners involved?
It will not improve as much as it would with no cosignor but some. A "bad credit rating" would not be impacted by an account being co-signed, or paid off. Your credit is affected by having an inquiry to open the loan, having a new loan granted, making payments on time (or not, as the case may be). If the loan was paid on time, as agreed, your credit will improve. If it was not, the credit of all signatories will be damaged.
How to obtain a mortgage with bad credit?
If you have a bad credit rating, you will have to pay a higher interest rate. This will be like a penalty for having bad credit.
Can business credit card debt affect my personal credit card balance?
A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.
How is having good credit beneficial?
A good credit rating allows a person to gain more credit and at preferential rates. This is because lending institutes use a credit rating to establish if a person has a reliable history of repaying money on time.
New card with 4000.00 help your score?
It depends; there's something called 'balance to available credit', its one of the factors taken into account when calculating your credit rating. If you don't use most of that 4000, it increases your Balance:available credit, thus increasing your credit rating by a few points.
