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Is Revenue accounts increase by credit or debit?
revenue accounts increase by credit
Is a decrease in accounts receivable debit or credit?
A Credit entry reduces Accounts Receivable
What is the order of the accounts in preparing t accounts?
debit and credit
Are accounts payable a credit or debit?
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
How can I legally sell authorized user credit card accounts?
It is illegal to sell authorized user credit card accounts. This practice is considered fraud and can result in serious legal consequences. It is important to only use credit cards that are in your name and to avoid engaging in any activities that involve selling or buying authorized user accounts.
How many cosigners you can have on a credit CARD?
None, cause credit card companies are getting away from co-signers and joint accounts and having authorized shoppers instead. By having only authorized shoppers the full responsibility of the credit card is the Primary card holder.
Does the credit score of an authorized user on your credit card affect your credit score?
No, the credit score of the authorized user will not affect the main cardholders credit score but the authorized users score can be affected as you can see creditcardideas.com/blog/adding-an-authorized-user-to-increase-credit-scores
Does adding an authorized user affect my credit score?
Yes, adding an authorized user can potentially affect your credit score. If the authorized user has a good credit history, it may have a positive impact on your credit score. However, if the authorized user has a poor credit history, it could potentially have a negative impact on your credit score.
How can your wife fix her credit if you're filing Chapter 7 but she is not however she was an authorized user on four of your cards and the charge offs are showing up on her credit which was perfect?
Your wife, as an authorized user, is not liable for those debts. Have your wife's name removed from the accounts. Wait at least 30 days and then she can try disputing those tradelines with the credit bureaus.
As an authorized user on a credit card, am I able to apply for my own credit card?
Yes, as an authorized user on a credit card, you can typically apply for your own credit card. Being an authorized user does not prevent you from applying for and obtaining your own credit card.
Does adding someone as an authorized user affect my credit score?
Yes, adding someone as an authorized user can potentially affect your credit score. If the authorized user has a good credit history, it may have a positive impact on your credit score. However, if the authorized user has a poor credit history, it could potentially have a negative impact on your credit score.
What are the 3 categories of consumer credit?
The three types of accounts on a consumer credit report are installment accounts, revolving credit and open accounts. Credit cards are considered revolving accounts.
Does it effect your credit score when you get married to someone with bad credit?
No, you can get bad credit only if you have a joint (co-signed or authorized user) on the bad person credit card. Keep your accounts separate. If you want to buy a house a lender may require both credits and that is when it would affect you.
What are the benefits of adding an authorized user to a credit card?
Adding an authorized user to a credit card can help the user build credit, improve their credit score, and access the primary cardholder's credit limit. It can also make it easier for the authorized user to make purchases and track expenses.
What are the benefits and risks of adding authorized users to credit cards?
Adding authorized users to credit cards can help build their credit history and improve their credit score. However, there are risks involved, such as the primary cardholder being responsible for any charges made by the authorized user and potential damage to the primary cardholder's credit if the authorized user misuses the card.
Can an authorized user on a credit card become the sole account holder?
No, credit card accounts are not transferrable. It might be possible for the person to become a joint account holder, but that would depend upon the card issuer's lending policy.
