i am a student and wanted to open my account should i open a current account or credit account
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.
Diff. between CC account & current account
owners current account is called a personal account and it has a credit entry
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.
It goes on your Credit History as an incomplete pay history and in the comments sections in the Credit History for that bank they will give the reason for the negative history.
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.
No, but your credit history accounts for about 15% of your credit score.
It will not affect your credit if you pay off the balance when you close the account.
Closing an account will affect your credit score and decrease your score.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
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.
yes it can, both parties are equally responsible for the account
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.
You can get credit history by having a credit card or line of credit. Anything that reports to the credit bureaus that you are paying each month. You can also get some credit accounts added to your credit history by becoming an authorized user on a spouses or family members account. All this doesn't matter if it isn't paid on time, so a credit history length with a good payment history will help your credit score.
If you are on the account your are building a credit history, hopefully a good one.
Yes, your payment history will still be a part of your credit report as well as the Chapter 7.
No. Credit history pertains to the individual. With the exception of joint accounts such as credit cards, not bank accounts.
In many cases, yes, it will hurt the business credit history due to you having bad personal credit history. Being a "silent" partner is the best option you have if you want to be involved in the business.
If you have a chargeback, that is a credit to your account. This will not affect your credit score negatively or positively.
== == Collection account are 20% of the total credit score module.
Most people know that your credit report history can affect the rates you pay for mortgages and auto loans. Few people, however, are aware of how your credit history can affect employment. The majority of employers conduct a background check on their applicants and many screen for credit history. This used to be prevalent only in the financial sector, but it is a now widespread practice. A poor credit report history may signal to an employer that you are not trustworthy, are unable to manage money and may compromise the company. Before applying for a job, it is helpful to get a copy of your credit report history.
Yes. Any new credit account or loan will effect your rating.