NEEDHELP218

7 Contributions 14 People Helped

Member Since: November 2015

Most Helpful Contribution

lack of income to pay bills 80 years old

Jul 14, 2016
Helpful to 10 out of 10 people

In response to tsarcdl's reply, the amount has to do with how much money they made over the years. If you make more money in your life time, you paid more into social security therefore you will get more out. Obviously you made more money.

Activity (7 Total Contributions)

lack of income to pay bills 80 years old

Jul 14, 2016
Helpful to 10 out of 10 people

In response to tsarcdl's reply, the amount has to do with how much money they made over the years. If you make more money in your life time, you paid more into social security therefore you will get more out. Obviously you made more money.

paying off debt

Jul 14, 2016
Helpful to 3 out of 3 people

Your score most likely went down temporarily because by opening a new credit card you also added a new hard inquiry to your credit report. The inquiry will stay on for 2 years, but it will only affect your score for about 6 months or so. By adding a new account you also affected your average credit history age. You can't expect huge positive changes to happen right away. Did you close the cards you transferred the balance from or keep them open? If you closed them, then essentially you have the same amount of debt just moved to a new account. Which is why you will see a drop. If you kept them open your score should go up shortly, because while you opened a new account, you are adding to your available credit, just do not spend on the cards until you get more paid off. I've learned/used as a rule of thumb if you are looking for a quick credit jump, you should not open new accounts. If you are just slowly trying to rebuild and don't necessarily need a good credit score right away, then you can take these moves to transfer money around, open new 0% interest accounts, etc.

Credit Score Dropped After Auto Refinance

Jul 14, 2016
Helpful to 1 out of 1 people

Absolutely normal is correct. You should only ever open new accounts if you do not need an immediate credit score jump. Sure, it can save you money in the long run with interest, etc. but if you are in the market to buy a house, car, etc. you need your credit score to be good to score lower interest rates or to get approved at all.

Major credit drop no changes?

Jul 14, 2016

How late were you on the payment? Sometimes you can call the credit card company and they will forgive the late payment. The only way to fix would be to call the CC company or to give it time and continue to make on time payments. Good luck with buying your house. I am on credit repair mode to buy one as well!

Does Income to Debt ratio affect my credit score?

Jul 14, 2016

Debt to income ratio does not affect your credit score, but it can be used as a deciding factor in whether or not you can pay back an auto loan or home loan.

my credit score is 509 whwere ca I get a personal loan to pay off my debt

Jul 14, 2016

That is a poor credit score and you will most likely not qualify for a personal loan. It also depends on what kind of debt you are trying to pay off. Is it credit card debt? If so, getting a personal loan could help pay them off, but you can't charge the cards up again or else it will hurt your score even worse than before because now you have incurred even more debt.

can debt consolidation help me payoff all my bills

Jul 14, 2016

It really depends on what the interest rate on the debt consolidation loan would be, especially compared to the interest rate of any credit cards you may have. If it is a lower interest rate, and you can combine all your debt into one monthly payment then go for it. If not, then it probably isn't worth it. Also, I have tried to get debt consolidation loans and not gotten approved. This only added inquiries to my credit report and dropped my score. So be careful before applying for these loans.