Low Interest Credit Cards

Question:

My credit score was 628 (not very good to begin with) I went to look for a new car and 3 dealers told me that if they tried to get me financed it wouldnt affect my score very much, however a few days later my score dropped to 601 because of the hard inquiries! My first question is will these stay on my report for 7 years? and my second question has to do w/ a balance. Since I was about 15 years old my mom has had me on a credit card account w/ her. The account is and has been in good standing but the balance is over 2,000 dollars and my report says I have a high balance to limit ratio because of this. Would it be better for me to be removed from the account or just make sure that she pays it down to a lower balance because it is the longest standing account?

Answer:

Generally speaking, closing out an old account on your credit report tends to negatively impact your credit rating. It may be best to pay the balance down.

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Question:

I have no established credit so my credit report says. I bought a truck from a buy here pay here lot. It is paid off and titled in my name. How do I report that so that it shows? I asked the company and they have never reported to anyone so they left it up to me. I need to build my credit so where do I start?

Answer:

If you do not have a credit score because you have not established credit yet, the good news is that you probably are not haunted by an array of unpaid debt. Generally speaking, it is up to the creditor to report to the credit bureaus to report the debt. However, I am unclear as to the transaction involved in purchasing the vehicle so I cannot say whether the company is required to report this to the bureaus. Below I will give you an overview of how you can build credit.

I’ll give you a quick overview on credit scoring and 6 simply ways to build and maintain credit.

Credit scores are calculated based on factors including:

Repayment history
– A history of not paying debts, or not paying on time each month, will lower scores.

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Question:

I have been in a dispute with an on-line service for several months now. I have contacted my credit card company on this issue and have received my money back and have had my credit number changed. However, this on-line service insists i owe them the money still. This issue went to my card services fraud dept. I canceled this on-line service several times but they chose to ignore me. Would this issue hurt my credit rating?

Answer:

It is possible that the online service may be able to send the account to a collection agent. Generally speaking, when an account is sent to collections it will be reported on the credit report and therefore negatively impact your rating. However, if you believe that the information reported on your credit report is inaccurate then you can dispute the inaccuracy. Below I will provide you with information as to how you can dispute the item, in case this happens.

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asked:

Kurt

CNN New York states that most of the amendments according to the CARD Act (Credit Card Accountability Responsibility and Disclosure Act) of 2009 were implemented in Feb and the new changes made to the Act will be put to the test starting 2nd April.

Credit Bureaus marketing free credit reports are now ordered by the law to give consumers clarity, to ensure consumers are aware that the credit reports from these companies are not free of charge. The consumers must also be aware of the services they are enlisted into.

RADIO and TV credit bureau advertisements are also expected to show warning labels in their advertisements stating the difference between the credit report the company is offering and the credit reports the government is offering, starting September.

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