tg101688

497 Contributions 1,240 People Helped Top Contributor

Member Since: October 2008

Most Helpful Contribution

How to Choose the Best Credit Card for You

Mar 20, 2014
Helpful to 60 out of 69 people

Great info on this article, a lot of people are uncertain of which card to choose so this should help clear things up. Be advised though, you need to have good credit to get approved for many of the credit cards that were listed in this article.

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How many revolving credi accounts do I need to have active in order to increase my credit score?t

Sep 27, 2010
Helpful to 34 out of 35 people

Here are some ways to help increase your credit score

  • Pay down the current debt on those 3 revolving accounts
  • Pay your bills on time every time
  • Use only about 20% of your limit on each of those cards (example: $300 spent on a $1500 credit line is 20% utilized)
  • Apply for new credit in moderation or only when you really need to,... don't apply for new credit too often as that may lower your score by adding multiple hard inquiries and lower the average age of credit history.
  • simply give it time, if you keep paying on time and dont max out your credit cards your credit score will simply begin to rise as the average age of your credit lines increases.

Also keep in mind sometimes the credit bureaus don't update their info which Credit Karma retrieves to update your credit score. There have been times where it took over 3 months before there has been changes made to my report so I believe that could be a factor why your score isn't increasing.

What is the ideal number of credit cards to have for a high credit score?

Sep 15, 2010
Helpful to 52 out of 58 people

http://www.creditkarma.com/res/img/layout/article/infographic.jpg <-- According to this link people with the highest credit scores have an average of about 7 credit cards with almost 9 open accounts total (not just credit cards). These are just averages, if your score is already excellent there may be no need to have more credit cards but if you choose to apply for new credit do it only in moderation because applying for new credit too often could lower your credit score by adding multiple hard inquiries to your report and lowering the average age of your credit lines.</p>

I purchased an auto and the dealer did 4 hard inquiries is there any way to remove them?

Aug 20, 2013
Helpful to 11 out of 11 people

Dealerships will often check with multiple banks to get you the best possible interest rate. A credit check done from each bank will result in a hard inquiry from each of those banks. As long as it was you that walked into the dealership and signed the papers, then you can't dispute those inquiries. They will stay on your credit report for 2 years, but their effect on your credit score usually only lasts 6-12 months.

What does it really mean when it says "account reported as closed"?

Mar 22, 2014
Helpful to 10 out of 10 people

A closed account means you no longer have access to the credit or any features that were available on that account, and if you still owe a balance on the closed account, then yes you need to continue to pay on it in order to keep it in good standing. Once you pay it off it should say "closed and paid" or something similar.

How long does it take to show that all my credit cards have been paid off

Nov 05, 2010
Helpful to 10 out of 10 people

Most of the time it usually takes up to 30 days to show up but can sometimes take longer (60-90 days)

How can I get my score up.

Aug 18, 2013
Helpful to 28 out of 31 people

These tips below can help increase your credit score

  • Pay your bills on time and maintain a healthy on time payment history (no late payments)
  • Pay down your current debt and keep your credit card utilization under 30%
  • Check your credit reports - make sure everything is accurate and doesn't contain errors
  • Apply for new credit in moderation (only apply if you really need to). If you apply for credit too often your score can go down because you will have a lot of hard inquiries and your average credit line age will stay low.
  • Use credit to build credit (don't let accounts go inactive), but do so responsibly (only spend what you can afford monthly and then pay it off) to show positive credit usage.

How to Choose the Best Credit Card for You

Mar 20, 2014
Helpful to 60 out of 69 people

Great info on this article, a lot of people are uncertain of which card to choose so this should help clear things up. Be advised though, you need to have good credit to get approved for many of the credit cards that were listed in this article.

what dose the green number above my credit score mean

Apr 23, 2014
Helpful to 9 out of 9 people

It is the number of points your score has risen since the previous update. If you see the same thing with a red number then it tells you the number of points your score has fallen.

How do I get a paid bill off of my report?

Aug 29, 2013
Helpful to 9 out of 9 people

Go to annualcreditreport.com to get your full credit reports from each bureau. From there you can check through the delinquent accounts. Their name, status of account and contact information should be listed on your credit report.

do you have to turn in credit cards,if you get a debt consloidtisn loan for that anf other debts

Mar 16, 2014
When getting a consolidation loan...
Helpful to 7 out of 7 people

As far as I know I've never heard that you have to turn in or close out credit cards, but they will often advise you not to use your credit cards for major purchases that would likely cause you to fall in debt again.

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