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What should you do if the credit limit you get is not high enough?
Wiki User
∙ 13y ago
Transfer the maximum amount that the balance transfer card allows, and then perhaps consider applying for another balance transfer card so that you can transfer the remaining debt there. Since the card is recorded on your credit profile, you might as well use it instead of leaving it unused.
Wiki User
∙ 13y ago
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When you start to obtain credit what are important factors you should remember?
First pay all your bills within the 30 day limit. Makes sure that you stay at about 35% of what your total high credit limit is. Use this formula .35 x $500 (or whatever your high credit balance is on your card)=$175. You do not want to have no more than that on your card. The reporting agencies look at this as if you are financially mature and can handle your credit The closer your balance gets to your high limit, the credit report companies will start penalizing as if you are having to use to much credit.
Does keeping a balance on your credit card improve your credit report?
Not necessarily. You should have a high credit limit, but not use more than 50% of it. This is what improves your score. As a good rule of thumb, don't get into credit debt. Pay off the balance.
What are the bad habits of a credit card?
Paying late Going over the credit limit Keeping your balance high
What is a danger to having a high credit limit?
we are afraid because we have mind to think it will not be stole or it will stole
Will having a credit card with a high limit affect your ability to get a loan?
if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates
You continually charge things to your credit card with 1000 limit and spend more than limit in a given cycle and to avoid going over limit you keep making early payments is this bad for credit score?
Yes it will affect your score because of your utilization rate. Important: Reduce the balance of your credit cards to 30% and below of your credit limit. If you have a credit card with a $5,000 limit, your balance reported to the credit bureau should be $1500 and under in order to have a excellent credit score. If you go over this amount it will affect what is called your "utilization rate." Credit score formulas respond favorable to utilization 30% and below. It's a good idea to assess all of your credit cards and align them correctly with this formula. Use the form in the appendix. Please note: if you have an American Express card or card with no preset limits. You will be rated on the highest credit you have charged and the 30% rule still applies. Try using the card to increase your high credit limit by spending more with the card with cash you were already going to use and get that limit up to a ratio that will keep you within 30% of that high credit. This is why if you pay your credit off each month in full will not give you a great credit score.
What is Hackensack High School's motto?
The motto of Hackensack High School is 'There is no limit to the good a man can do, if he doesn't care who gets the credit.'.
Is a 650 credit score high enough to rent an apartment?
Yes.
The late fee penalties on credit cards are too high and should be lowered.?
The late fee penalties on credit cards are too high and should be lowered.
What are some of the things that make the Yamaha Credit Card unattractive?
Some things that make a Yamaha Credit Card unattractive are: Very high interest rates, bad customer service, considerably high credit limit and the company has a mediocre reputation.
What are good systems to keep your credit score high?
Generically, the following actions will help increase or keep your credit score high: * Make payments on time and every time * Don't carry a credit card balance that is more than 30% of the credit limit (e.g., for a limit of $2,000, don't carry a balance greater than $600) * Don't cancel outstanding cards * Don't apply frequently for new credit
How to Get Beneficial Credit Cards with Bad Credit ?
While it�s possible to get credit cards with bad credit, most of these cards will have high interest rates or require a security deposit. The good news is that you can make these cards work for you. When choosing a credit card, select one with a low credit limit and fair interest rate. Make all of your payments on time and keep your balance from exceeding 75% of your limit. Once your your credit score has improved, request a higher credit limit. This is a great way of getting a good credit card without getting ripped out.
