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There is no definitive answer to questions about credit scoring. The computations used to determine any individuals' credit score is emphirical, complex and relates to all the information reported on them.
Two factors which can impact credit scoring are inquiries and the proportion of money owed to credit available (credit limit). Generally, your credit card company does periodic inquiries anyway and would, most likely, do one in conjunction with a credit limit increase. This MIGHT negatively impact your score. If increasing your credit limit causes your proportional debt to decrease, this MIGHT increase your score. Once again, any change in the calculation would factor in all the information reporting on you at the time. The initial request for additional credit may temporarily lower your credit score, but having more available credit can actually improve your score, as it makes is easier to maintain a 30% (or less) usage of available credit. For example, let's say you have a $5000 credit limit among all of your credit cards and you owe $2500 on all of the cards combined. You are using 50% of your available credit. But if you get your credit limit raised on one card so that you now have $10000 in available credit, you're now using 25% of your available credit, even though you still owe the same amount of money ($2500 in charges with a $10000 limit = 25% credit usage). So, you're below the 30% threshold that the FICO people like to see, which gives the impression that you know how to manage money and live within your means.
What else can I help you with?
How does getting a second credit card help improve my credit score?
Getting a second credit card can help improve your credit score by increasing your available credit limit and diversifying your credit mix, which can positively impact your credit utilization ratio and overall creditworthiness.
What does your credit score have to be to get a credit card?
This completely depends on the bank you are going to and their guidelines. Currently, most banks are turning people down with credit score below 660. If your score is not high enough, one of my favorite ways to boost a person's credit card score is to teach them about the magic of authorized users. Authorized usersare people who have permission to use other people's credit cards. For instance, your husband might have a Citi card. His name, and his credit score, was used to apply for the account, but you have permission to use the account.Becoming an authorized user is a powerful way to boost your credit score because you get to borrow the account holder's good credit history. If you are an authorized user on a credit card in good standing, your credit score will reflect the credit card's positive payment history by increasing. Beware, though: If you are an authorized user on a credit card in poor standing, your credit score will reflect the credit card's negative payment history by dropping.
Why did your credit score drop?
Typical factors in a declining credit score are late/default payments, a high ratio of account balances versus accoung limits (e.g. $500 debt on a $1000 card is worse than $500 debt on a $2000 card), and recent credit inquiries.
How do you raise your credit score?
A good way to raise your credit score, is to get a credit card with a limit on it, and only use about $10 a month on it, and pay it back immediately. This will help to raise your credit score gradually.
What is Vanquis and can they help with credit scores?
vanquis is basicly a credit card company that will give you a credit card regardless of your credit score. you will be able to get a credit card and will allow you to get a better credit score
How does getting a second credit card help improve my credit score?
Getting a second credit card can help improve your credit score by increasing your available credit limit and diversifying your credit mix, which can positively impact your credit utilization ratio and overall creditworthiness.
What does your credit score have to be to get a credit card?
This completely depends on the bank you are going to and their guidelines. Currently, most banks are turning people down with credit score below 660. If your score is not high enough, one of my favorite ways to boost a person's credit card score is to teach them about the magic of authorized users. Authorized usersare people who have permission to use other people's credit cards. For instance, your husband might have a Citi card. His name, and his credit score, was used to apply for the account, but you have permission to use the account.Becoming an authorized user is a powerful way to boost your credit score because you get to borrow the account holder's good credit history. If you are an authorized user on a credit card in good standing, your credit score will reflect the credit card's positive payment history by increasing. Beware, though: If you are an authorized user on a credit card in poor standing, your credit score will reflect the credit card's negative payment history by dropping.
Why did your credit score drop?
Typical factors in a declining credit score are late/default payments, a high ratio of account balances versus accoung limits (e.g. $500 debt on a $1000 card is worse than $500 debt on a $2000 card), and recent credit inquiries.
How do you raise your credit score?
A good way to raise your credit score, is to get a credit card with a limit on it, and only use about $10 a month on it, and pay it back immediately. This will help to raise your credit score gradually.
What is Vanquis and can they help with credit scores?
vanquis is basicly a credit card company that will give you a credit card regardless of your credit score. you will be able to get a credit card and will allow you to get a better credit score
How can I increase my credit card limit by adding money to it?
You cannot increase your credit card limit by adding money to it. Credit card limits are determined by the credit card issuer based on factors like your credit history, income, and credit score. If you want a higher limit, you can request an increase from the issuer, but adding money to the card won't directly impact the limit.
Does your credit score go down if you do not use your credit card?
Generally, no, your credit score will not be reduced if a credit card that you own is not being used. You don't, however, want to cancel the card - cancelling a credit card (whether voluntary or forced by the issuer) does reduce your credit score.
How does locking a credit card affect my credit score?
Locking a credit card does not directly impact your credit score. However, it can prevent unauthorized charges and protect your credit score from potential fraud.
Quick Ways To Raise Your Credit Score?
While raising your credit score can take time and dedication, there are a couple of quick ways to boost your score. Before you start shopping for a mortgage or auto loan, use these quick tips to get a better score and a better rate on your loan: Get Your Report- Look over your credit report for errors, and dispute any mistakes to get them taken off your report. Increase Limits- Ask your credit card companies to raise the limits on your cards, making your available credit, and therefore your credit score, higher.
Can a person with a 639 credit score get approved for a credit card?
I would definitely believe so, though there are different types of cards available and different charge limits based on credit score. However, for the most part it requires a 640 credit score (620 in some places) to obtain a home loan, so I don't see why there would be an issue in getting a credit card with a 639.
How do you get your credit score without a credit card?
There's no need to have a credit card to get your credit score. You can use various web based services in order to get your credit score for free -- no credit card required. See the source links for links to sites that can help provide more information on checking your credit score.
How can someone with bad credit purchase a home?
Buying a home with bad credit can be difficult but not impossible. First check your credit score then try to have your card limits raised which will help the credit score. Then talk to a loan officer to see which debts are best to eliminate before applying for credit.
