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Is high credit card debt or a high car loan more detrimental to your credit score?
Both are equally as bad. Credit Cards more so. Is easier to get things if creditors see your paying on one "big" thing. Where as it looks like you do not have control over your spending with High credit card debt.
You have to be a little more specific with your question. Credit scores are computed using sophisticated computer alogarithms. But basically they look at the ratio of your credit card limit to how much debt you have actually used on each card. For example, if you have a $1000.00 limit on a card and you have used $900.00 of it, that will have more of a negative effect on your score than if you were only using $500.00 of the available credit. If you have multiple cards then the total of all is considered. With auto loans, it is different. The most important score determining factor is whether you've been making the payments on time.
What else can I help you with?
What is the best score you can get in credit debt?
When people are in credit debt, they often wonder what their score is. The best score you can get in credit debt depends on many different things. You should ask your credit card company for this type of information.
Does accepting a pre-approved credit card lower your credit score?
Generally, anything you do that takes on more debt will lower your credit score.
How can I improve my credit score by paying off my credit card debt?
Paying off your credit card debt can improve your credit score by reducing your credit utilization ratio, which is the amount of credit you are using compared to the total amount available to you. Lowering this ratio shows lenders that you are managing your credit responsibly, which can positively impact your credit score.
Will paying off a credit card hurt my credit score?
Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.
Does paying off a credit card hurt your credit score?
Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.
What is the best score you can get in credit debt?
When people are in credit debt, they often wonder what their score is. The best score you can get in credit debt depends on many different things. You should ask your credit card company for this type of information.
Does accepting a pre-approved credit card lower your credit score?
Generally, anything you do that takes on more debt will lower your credit score.
How can I improve my credit score by paying off my credit card debt?
Paying off your credit card debt can improve your credit score by reducing your credit utilization ratio, which is the amount of credit you are using compared to the total amount available to you. Lowering this ratio shows lenders that you are managing your credit responsibly, which can positively impact your credit score.
How does credit card debt effect credit scores?
Having a large amount of credit card debt can take a toll on one's credit score. Ignoring your debt and not paying it off will certainly bring down your credit score making it very difficult to get other loans or even buy certain items.
Does paying off a credit card hurt your credit score?
Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.
Will paying off a credit card hurt my credit score?
Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.
Do you have to have debt in order to have a FICO score?
No, you do not need to have debt to have a FICO score. A FICO score is calculated based on your credit history, which can include factors like payment history, credit utilization, and length of credit accounts. If you have no debt but have a credit account, such as a credit card with a zero balance, you can still have a FICO score. However, without any credit activity, you may not have a score at all.
How much credit card debt should I transfer to my spouse to improve both of our credit scores?
none. how does putting your spouse in your debt help their score?
Is it bad to immediately pay off credit card debt?
Paying off credit card debt immediately is generally a good idea because it can help you save money on interest and improve your credit score.
Can a freelancer obtain a credit card?
Yes, freelancers can typically obtain a credit card as long as they meet the credit card issuer's requirements, such as having a good credit score and sufficient income to repay the credit card debt.
Your husband wants to put you as a second cardholder on his credit card you have a bad credit score as you were in debt a few years ago Will you be able to be the second card holder?
Yes because he is responsible for the debt, not you.
If you are on a spouses card as an authorized user of a credit card and not responsible for the debt and not charging and want to be removed will your credit score go down?
i just want an answer
