dina12

This will be smart for you as long as you make the initiative to pay off the debt that you have on the new card before your interest rates become effective. Paying off debt will increase your score.

Yes, secure credit cards should show up on your history. You need to dispute this with TransUnion. They may not have this credit card record on file, or Visa may not be reporting this history to them.

Most likely you will not get approved for the card and they will lower your credit score even more because you will have an additional hard inquiry on your file.

It is important to understand that comparing scores from different providers is often difficult. Different lenders often use different bureaus or different credit scoring models. Also, timing is a very important factor since credit scores can change anytime.

When it comes to improving your score, there are several things to consider. First, your past derogatory accounts (collections, delinquencies, liens) are going to affect your credit score for some time to come. Each time a new derogatory is registered on your credit report; it could lower your score for years to come so avoid them moving forward.

Second, improving a credit scores involves being able to demonstrate responsible spending to other lenders. This means you should have accounts in good standing.

If you have some bad accounts (late payments or previous mistakes), one option would be to apply for a secured card here:
http://www.creditkarma.com/creditcards/secured_cards

These cards have guaranteed approval but they also have hefty fees. Secured credit cards will provide you a credit limit equal to your deposit. Most importantly, they report your credit account to the bureaus and help build your credit history, that is of course that you keep it in good standing. Once your credit score moves into the 650 range, try applying for non-secured card. Remember to use credit sparingly and don't spend beyond your means.

Third, improving your credit score will take time. It takes years to build a good credit score but only a few missed payments to destroy it. So make sure you have the right expectations and don't get discouraged. Check your score every month and see how it tracks over time. That is one of the feedback mechanisms that should keep you motivated. If you want to see how time will affect your score, try the credit simulator "https://www.creditkarma.com/simulator". It can take your specific credit report and forecast how time and good payment history will improve your score.

Good Luck!

Without knowing the individual's specific situation, it is very difficult to answer this question. You clearly have to evaluate your debt and understand if there is a way to restructure or repay the debt. If not, you probably should consider bankruptcy.

Just remember the bankruptcy has its own costs as well. First, the cost of filing for bankruptcy is about $1,500 including attorney fees, court costs, and filing fees. Next, consider the additional headache of having a bankruptcy on your credit file for years to come. Things like renting an apartment, receiving a car loan, finding a job, or even buying a mobile phone can be considerably more difficult.

As an alternative to bankruptcy, you can call your creditors directly and ask them to settle your debt or develop a new repayment schedule. Your creditors are under no obligation to do anything for you but many will work with borrowers in the hopes of collecting something. The settlement won't help your credit score but it is better than a charge-off.

Lastly, remember that a low credit score is recoverable. You could raise that score with diligence about paying bills and reducing your debt over the next year or two. With a bankruptcy, the affects to your credit score will stay with you for up to 10 years.

Credit score formulas use over 200 variables to determine your credit score. CK's simulator currently allows consumers to model changes to the credit score based on only 14 of the most common attributes. Needless to say, building a simulator with all 200 attributes would make the tool overly complicated and almost unusable.

If are looking to increase your score with the credit score simulator, paying down debt and simulating a longer on-time payment history are the best scenarios. If neither of these scenarios increases your score, it generally means that you have little or no debt, a long credit history, and your credit score is likely to already be have a high credit score (750+).

With a high credit score, it becomes increasingly more difficult to increase your credit score. Here a few additional tips not in our simulator that we can share:

Use a range of credit products.Show that you can be responsible across multiple credit types: auto loans, mortgages, credit cards, student loans are all different classifications that can help demonstrate your ability to responsibly manage different types of credit products.

Have available credit.Having 3-6 credit cards with good credit limits and zero or low balances is a great way to show lenders that you are responsible.
Use your credit.Using credit cards once every couple of months on gas or groceries is a good way to show active credit use while not splurging. This shows lenders that accounts are active.
Just remember that with a credit score of 750+ you should qualify for most loans at the best rate so there is little direct benefit after a certain point. These tips are for the people who need to nudge their credit score higher.

This is a very common question and there is no one answer for all. With hundreds of different credit cards, it can be difficult to pinpoint the right credit card for you without knowing how you plan to use the card. Whether or not you need to carry a balance, your transaction activities, and your credit score all play important parts in choosing the right card.

If you carry a balance every month, as opposed to paying your balance off each month, then interest rate will likely be more important to you. If you have poor credit, then the best credit card for you will be very different from the best card for someone with excellent credit.


For those reasons, CK has attempted to provide a summary of preferred credit cards based on credit score, rates, features, and member feedback.The credit card reviews are updated once per month based on changes. It is extremely important for consumers to use the right credit card since it could save you thousands of dollars in fees, interest, and benefits.

having the credit card and not using it will not help you. You have to use the card so that you have credit history (payments made). You can use a small amount as long as you use it. For example, gas or food. As long as you can pay it off or make a payment every month. This will help your score :)

The best thing to do is contact them directly. Writing a letter would help but you should consider speaking to somebody. You should definitely get this straightened out so that it won't harm your credit profile now or in the future. If you don't do anything about it, the credit agencies will never know.

It will still count because you still have debt with the card. it will probably lower your score as well because you have just closed an account. so you have 1/2 total cards which is 50%=F

This can be due to many factors. Although he had collections and such, he might have also had longer credit line history than you. There are so many areas to take into account so its hard to really tell.

The score from CK is the Transrisk score, I'm not sure what score your previous loan inquiry was from. Credit scores vary depending on what the inquiry is for. Even within the same company like TransUnion, you can have more than one score. You may want to inquire scores from other bureaus as well for comparison. My scores are about 20-30 points different for each bureau.