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The consumer should not spend more than what percent of their take home pay each month on credit purchases?
Wiki User
∙ 9y ago
Ideally, a consumer should not use credit to make purchases that the consumer would otherwise not afford. The consumer should aim to pay off all credit balances at the end of the month. Technically, the aim should be to spend 0% on credit purchases.
Wiki User
∙ 9y ago
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What percentage of their take home pay should a consumer spend each month on credit purchases?
As little as possible.
Where can one find a consumer credit reporting company?
You can find a consumer credit reporting company by asking the local bank and they should have the correct contacts and information to help you out with what you need.
How do you esablish credit?
Start off first by getting a Sears, Target, Circuit City or similar in-store credit card. After making purchases and payments on that for six months, you should become eligible for small limit credit cards. Keep making purchases and payments on all credit and shortly you will have established a ground credit. DO NOT GO OVER LIMITS, MISS PAYMENTS, OR INQUIRE INTO TOO MANY CREDIT ACCOUNTS.
How can you boost your credit to from 550 to 640?
To boost your credit from 550 to 640, you need to make regular purchases monthly that you pay monthly. This means, whatever you purchase for a particular period should be paid in total and not minimum. However, this should be done naturally. The amounts should vary and don't make it appear that you have the money to pay for your purchases and you don't need a credit card. Also, make use of other credit that is recognized by the bureau as part of a credit report. You can visit the official website of the Trade Commission for more information on this.
How can you better your credit score?
There are thousands of good people migrating to USA, they will need a good credit score over a period of time for various purchases. So the moment he comes into USA he should buy a secured credit card, make purchases through that card & pay the entire payment well before the due date, this is a sure shot way of bettering the credit.
A consumer should not spend more than what percent of their take-home pay each month on credit purchases?
10%
What percentage of their take home pay should a consumer spend each month on credit purchases?
As little as possible.
When posting a column total in the purchases journal a credit should be posted to?
accounts payable
What transaction should I put on debt side and which one I should put on credit side?
All purchases on debit side and all sales on credit side.
Where can one find a consumer credit reporting company?
You can find a consumer credit reporting company by asking the local bank and they should have the correct contacts and information to help you out with what you need.
Where should you put the purchases and sales of inventories on credit on statement of cash flow?
in Account payable and account receivable
Does cost of goods sold account have a debit balance or a credit balance?
Expense accounts should always be debit balances. The only exception is when you are recording discounts received on purchases in a separate account than the COGS account used for purchases. Discounts should be shown as a COGS account so that it is netted against purchases, and will have a credit balance. But even in this case, the total of all COGS accounts should be a debit balance.
How do you esablish credit?
Start off first by getting a Sears, Target, Circuit City or similar in-store credit card. After making purchases and payments on that for six months, you should become eligible for small limit credit cards. Keep making purchases and payments on all credit and shortly you will have established a ground credit. DO NOT GO OVER LIMITS, MISS PAYMENTS, OR INQUIRE INTO TOO MANY CREDIT ACCOUNTS.
Which debts should be paid off first?
For consumer debts, credit cards. Highest interest.
How can you boost your credit to from 550 to 640?
To boost your credit from 550 to 640, you need to make regular purchases monthly that you pay monthly. This means, whatever you purchase for a particular period should be paid in total and not minimum. However, this should be done naturally. The amounts should vary and don't make it appear that you have the money to pay for your purchases and you don't need a credit card. Also, make use of other credit that is recognized by the bureau as part of a credit report. You can visit the official website of the Trade Commission for more information on this.
Does disputing unauthorized charges lower one's credit score?
No it should have no affect on your CR. All charges that a consumer feels are invalid should be challenged. With the CRA and with the credit issuer.
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
