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If you already have too much debt, then yes. If you do get a card, make sure that your balance never goes over 35% of the high credit balance or this will reflect poorly on your scores. Also remember, when you go requesting your credit to be pulled for a new credit card, this will bring your scores down somewhat as well.
What else can I help you with?
If you reduce your credit limit on a credit card does it affect your credit score?
yes, it will lower your FICO score.
Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
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.
Where can I obtain my FICO score?
You can obtain your FICO score from credit bureaus like Equifax, Experian, and TransUnion, as well as from many financial institutions and credit card companies.
Once you have completely paid off credit card debt should you throw away your credit cards or will this mess with your credit?
If you feel it absolutely necessary to "throw your card(s) away" after paying them off, I suggest to just cut the card, and toss. However, DO NOT, DO NOT close your credit card account! Why, you may ask . . . one of the things that effects your FICO score is your credit history with the credit card company. Another factor is the debt ratio. For instance, if you have a $2000 credit limit, and you have no balance on your card, that will positively affect your FICO score. But, on the same token, if you have a $2000 credit limit, with a $1500 balance on the card, that will reduce your FICO score.
If you reduce your credit limit on a credit card does it affect your credit score?
yes, it will lower your FICO score.
Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
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.
Where can I obtain my FICO score?
You can obtain your FICO score from credit bureaus like Equifax, Experian, and TransUnion, as well as from many financial institutions and credit card companies.
Once you have completely paid off credit card debt should you throw away your credit cards or will this mess with your credit?
If you feel it absolutely necessary to "throw your card(s) away" after paying them off, I suggest to just cut the card, and toss. However, DO NOT, DO NOT close your credit card account! Why, you may ask . . . one of the things that effects your FICO score is your credit history with the credit card company. Another factor is the debt ratio. For instance, if you have a $2000 credit limit, and you have no balance on your card, that will positively affect your FICO score. But, on the same token, if you have a $2000 credit limit, with a $1500 balance on the card, that will reduce your FICO score.
How can a FICO credit score be obtained?
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
If you have good credit and skip credit card payments for 60 days what happens to your credit?
Your credit score (FICO) will decrease by at least 40 points. If you'd like to know more about the FICO score models you can read "So you want to fix your credit huh". www.wowifixedmycredit.com
What is the minimum credit score required to obtain a credit card?
There is no real definitive answer to this question due to the fact that credit card companies can set their own qualifying standards. However, the majority of companies use the FICO credit score model when evaluating a person's creditworthiness. The parameters of the FICO range from 300 (lowest), up to 850 (highest) credit rating. Suffice to say, that the majority of people fall somewhere in the 600 and 700 range. Using this credit score rating (FICO), an applicant for a credit card would find it difficult if their score was 600 (more precisely, 580)or below. This does not mean that they might not qualify, however, the amount of interest they would be repaying on their credit card would be significantly higher than someone who has a higher FICO credit score.
Is FICO the only credit score company?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
What is the opening balance that is normally granted when someone first applies for a credit card?
Depends on your current FICO score and credit history.
What is max credit score?
The maximum credit score based on FICO is 850.
