Posts Tagged Credit Card Company
How Well Do Your Understand Your Personal Credit Report?
Donald Saunders asked:
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude
Are there unsecured credit cards for business expenses only if you have bad personal credit?
Q’s from MN asked:
I am a little over a year out of college and took on a sales position in the health care industry. I made about $73k my first year and am looking forward to a similar or better year this year. I travel about 60-70% of the time and all of my hotel, gas and restaurant expenses are my responsibility up front (I of course turn in expense reports and get reimbursed). I have been using a separate checking account up until this point. I have of course thought of a secured card, however I haven’t had a break in the past few months where I can afford to have a couple thousand sitting out there for 2 weeks waiting for my card; it is tight as is with the amount in my checking and the little time between my trips. I used to have an corporate AMEX in college for a sales internship I had that had a very high limit on travel expenses (food, gas, hotel, etc.) and a low limit on retail expenses. Is there anywhere that I can get a card similar to this by providing proof of my high income (ie. pay stub, checking history) or is a secured card the only way I can go? I am very good at always making sure I have enough in my checking for my trips, so payment responsibility is not an issue. My credit is in the low 600s due to credit cards and medical bills in college; I have about $1k is credit card and $5k in medical bills left to pay off. This would be a great deal for any credit card company that was willing to help and put restrictions on spending types like my old corporate card did, but I understand your credit score means everything. Any guidance would be greatly appreciated!!
Claude
I am a little over a year out of college and took on a sales position in the health care industry. I made about $73k my first year and am looking forward to a similar or better year this year. I travel about 60-70% of the time and all of my hotel, gas and restaurant expenses are my responsibility up front (I of course turn in expense reports and get reimbursed). I have been using a separate checking account up until this point. I have of course thought of a secured card, however I haven’t had a break in the past few months where I can afford to have a couple thousand sitting out there for 2 weeks waiting for my card; it is tight as is with the amount in my checking and the little time between my trips. I used to have an corporate AMEX in college for a sales internship I had that had a very high limit on travel expenses (food, gas, hotel, etc.) and a low limit on retail expenses. Is there anywhere that I can get a card similar to this by providing proof of my high income (ie. pay stub, checking history) or is a secured card the only way I can go? I am very good at always making sure I have enough in my checking for my trips, so payment responsibility is not an issue. My credit is in the low 600s due to credit cards and medical bills in college; I have about $1k is credit card and $5k in medical bills left to pay off. This would be a great deal for any credit card company that was willing to help and put restrictions on spending types like my old corporate card did, but I understand your credit score means everything. Any guidance would be greatly appreciated!!
Claude
What is Inside a Credit Report?
S. Michael Windsor asked:
What Is Inside a Credit Report?
As we all know, our credit is one of the most important things we have, financially speaking. Keeping a regular check on it is imperative as we could face major changes at any moment due to such things as identity theft and so on. In fact, our ability to get loans, insurance and even jobs in many cases depends on it. So what exactly is inside a credit report that controls the minds of so many decision makers? This is what we will cover in this article.
Your credit report is a device used to provide lenders with the information they need in order to consider the level of risk they will be taking of a person defaulting on a loan or simply not making payments. They base these views on your credit history and more. The difference between a FICO credit score and a credit report is simply that a credit report shows not just a number but all of the details as to how they came up with your current credit score. The credit report also shows lenders how much you currently owe and how much you have available on the different types of accounts.
How well you had made payments on your loans in the past and if there are any collections notices that a person had received are included as, again, they just want to know that you will be able to pay back the loan. In addition to the payment history, lenders also want to know how long you have had the account, or accounts, that you currently have opened. If it has only been a month since you opened your mortgage on your new house, it will hold much different weight as opposed to a mortgage that has been getting paid off for 7 years now.
Account inquiries are a substantial part of the credit report as well. Now we are no talking about those “pre-approved” credit offers where the credit card company apparently looked at your credit, those inquiries do not count. We are referring to actual applications for new credit and inquiries by firms such as car dealers.
Your credit report also includes the type of account, such as a car loan versus a retail store card, which holds a substantial position in the lines of credit reports and what is actually considered more. Some individuals may believe that a new line of credit being paid off for a $1,200 HDTV holds the same weight as a car loan as it is being paid off, but this is not true. The type of account, and apparent risk on your part, has a lot to do with how much weight is placed on the given revolving debt account.
In addition to the aforementioned areas covered are such things as bankruptcies, public record, delinquent payments, collections reports and so on. These are all reported on your credit report! These are obvious “red flags” to potential lenders in that it instantly increases their level of risk in that the individual with those items on their credit report would possibly default or go to collections. So it is a very important thing to consider your credit report whenever making any financial decisions whether it is to open a new account or not to pay on money that you owe. That one month you miss a payment could put a really nasty mark on your credit report, which will be seen by those who consider you for loans, jobs, insurance and more. Also, it is a good idea to constantly monitor your credit monthly using services such as those at Experian or more. There are more details at our website. But, all in all if you continue to improve your credit score and keep on making those payments on time, your credit report will open many doors for you in the financial world of loans, jobs, insurance and more.
ANGELO
What Is Inside a Credit Report?
As we all know, our credit is one of the most important things we have, financially speaking. Keeping a regular check on it is imperative as we could face major changes at any moment due to such things as identity theft and so on. In fact, our ability to get loans, insurance and even jobs in many cases depends on it. So what exactly is inside a credit report that controls the minds of so many decision makers? This is what we will cover in this article.
Your credit report is a device used to provide lenders with the information they need in order to consider the level of risk they will be taking of a person defaulting on a loan or simply not making payments. They base these views on your credit history and more. The difference between a FICO credit score and a credit report is simply that a credit report shows not just a number but all of the details as to how they came up with your current credit score. The credit report also shows lenders how much you currently owe and how much you have available on the different types of accounts.
How well you had made payments on your loans in the past and if there are any collections notices that a person had received are included as, again, they just want to know that you will be able to pay back the loan. In addition to the payment history, lenders also want to know how long you have had the account, or accounts, that you currently have opened. If it has only been a month since you opened your mortgage on your new house, it will hold much different weight as opposed to a mortgage that has been getting paid off for 7 years now.
Account inquiries are a substantial part of the credit report as well. Now we are no talking about those “pre-approved” credit offers where the credit card company apparently looked at your credit, those inquiries do not count. We are referring to actual applications for new credit and inquiries by firms such as car dealers.
Your credit report also includes the type of account, such as a car loan versus a retail store card, which holds a substantial position in the lines of credit reports and what is actually considered more. Some individuals may believe that a new line of credit being paid off for a $1,200 HDTV holds the same weight as a car loan as it is being paid off, but this is not true. The type of account, and apparent risk on your part, has a lot to do with how much weight is placed on the given revolving debt account.
In addition to the aforementioned areas covered are such things as bankruptcies, public record, delinquent payments, collections reports and so on. These are all reported on your credit report! These are obvious “red flags” to potential lenders in that it instantly increases their level of risk in that the individual with those items on their credit report would possibly default or go to collections. So it is a very important thing to consider your credit report whenever making any financial decisions whether it is to open a new account or not to pay on money that you owe. That one month you miss a payment could put a really nasty mark on your credit report, which will be seen by those who consider you for loans, jobs, insurance and more. Also, it is a good idea to constantly monitor your credit monthly using services such as those at Experian or more. There are more details at our website. But, all in all if you continue to improve your credit score and keep on making those payments on time, your credit report will open many doors for you in the financial world of loans, jobs, insurance and more.
ANGELO
Will my credit score go up once a disputed item is taken off of my credit report?
awsomenurse asked:
I applied for a personal loan through capitol one and was denied d/t something on my credit report. So I did the 1 time a year free credit report and found out that Sears/City reported me for nonpayment on a card that belongs to my exhusband of 8 years. (he is filing bankruptcy) It has me as an authorized user. We called the credit card company and they said that I was not on that credit card. I am disputing it with equifax. Once it is taken off of my credit report, will my score go up? Should I reapply for the loan? I had excellent credit before this. I make good money and I always pay my debts. We have been divorced for 8 years.
WENDELL
I applied for a personal loan through capitol one and was denied d/t something on my credit report. So I did the 1 time a year free credit report and found out that Sears/City reported me for nonpayment on a card that belongs to my exhusband of 8 years. (he is filing bankruptcy) It has me as an authorized user. We called the credit card company and they said that I was not on that credit card. I am disputing it with equifax. Once it is taken off of my credit report, will my score go up? Should I reapply for the loan? I had excellent credit before this. I make good money and I always pay my debts. We have been divorced for 8 years.
WENDELL
How to tell if an account is yours or the person that took your identity on your credit report?
JadedSin asked:
The issue is that I found out that my mother has been using my S.S. number to open tons of accounts and she doesn’t pay her bills. I would like advise on the easiest way to figure out if an account is actually mine or not. Some of the accounts go back 2-3 years and I can’t find any paperwork from those companies in my files and I’ve never heard of their names. When you request validation from a credit card company, what do they send you as proof? How do they prove it’s actually your account? I’m just afraid that it will be very hard to prove that they are her accounts and not mine since we have the same last name and we lived at the same address. She also knows most of my personal information.
The issue is that I found out that my mother has been using my S.S. number to open tons of accounts and she doesn’t pay her bills. I would like advise on the easiest way to figure out if an account is actually mine or not. Some of the accounts go back 2-3 years and I can’t find any paperwork from those companies in my files and I’ve never heard of their names. When you request validation from a credit card company, what do they send you as proof? How do they prove it’s actually your account? I’m just afraid that it will be very hard to prove that they are her accounts and not mine since we have the same last name and we lived at the same address. She also knows most of my personal information.
Is it better to try and have this stuff removed from your file before you contact the DA’s office and file charges?
What are some of the first steps that I need to take (other then run my credit reports)?
Thanks!
LUIS
How Well Do Your Understand Your Credit Report?
Donald Saunders asked:
You probably know all too well that the information which is contained in your personal credit report is used by the loan and credit card companies when determining whether to extend credit to you, but do you know exactly what information your personal credit report contains? For example, did you know that the details which are contained in your personal credit report could determine whether or not you can buy a new house or are going to have to stay in your current ‘shoebox’?
Many people think that if a lender looks at your personal credit report they are simply looking to see your credit score and, although this is certainly one of the things that they do look at, they are looking at a great deal more. Above all, lenders are looking to see how much debt you have in comparison to to your income and even fairly small accounts, such as those with a mail order company, will be treated as an income deduction when when it comes to considering an application for a loan.
If a credit card company or other lender calculates that you have more money going out than you have coming in then your request will undoubtedly be turned down. In fact, by law a certain percentage of your income has got to be available to meet loan payments before the lender is allowed to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how you have handled loans in existence during that period. In particular, they are looking at whether you have made payments on time and will play close attention to any payments which were more than thirty days late. It may not have appeared particularly important to you at the time that you ran into a few problems and were late making payments for a few months on an account, however any new lender will certainly consider this when assessing the risk of lending to you now.
Lenders is also going to see whether or not any of your accounts have run into debt during the past seven years and ifthese debts have now been paid off. If you have payments outstanding on an existing agreement lenders will be very wary about extending you additional credit until these are cleared.
Finally, your personal credit report will also show whether you have filed for personal bankruptcy, usually in the past ten years. Some people think that a company is far more likely to advance you credit if you have filed for bankruptcy because they have the protection of knowing that you may not file again for a number of years. However, this is not the case and filing for personal bankruptcy is viewed by lenders as a red warning flag indicating that you have already demonstrated a tendency to get yourself in over your head when managing your finances.
Your personal credit report is an extremely important document that you should not only understand but which you ought to review occasionally for your own protection and peace of mind. Fortunately, the law states that you must be sent a copy of your personal credit report once each year if you ask for it.
personal credit report
You probably know all too well that the information which is contained in your personal credit report is used by the loan and credit card companies when determining whether to extend credit to you, but do you know exactly what information your personal credit report contains? For example, did you know that the details which are contained in your personal credit report could determine whether or not you can buy a new house or are going to have to stay in your current ‘shoebox’?
Many people think that if a lender looks at your personal credit report they are simply looking to see your credit score and, although this is certainly one of the things that they do look at, they are looking at a great deal more. Above all, lenders are looking to see how much debt you have in comparison to to your income and even fairly small accounts, such as those with a mail order company, will be treated as an income deduction when when it comes to considering an application for a loan.
If a credit card company or other lender calculates that you have more money going out than you have coming in then your request will undoubtedly be turned down. In fact, by law a certain percentage of your income has got to be available to meet loan payments before the lender is allowed to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how you have handled loans in existence during that period. In particular, they are looking at whether you have made payments on time and will play close attention to any payments which were more than thirty days late. It may not have appeared particularly important to you at the time that you ran into a few problems and were late making payments for a few months on an account, however any new lender will certainly consider this when assessing the risk of lending to you now.
Lenders is also going to see whether or not any of your accounts have run into debt during the past seven years and ifthese debts have now been paid off. If you have payments outstanding on an existing agreement lenders will be very wary about extending you additional credit until these are cleared.
Finally, your personal credit report will also show whether you have filed for personal bankruptcy, usually in the past ten years. Some people think that a company is far more likely to advance you credit if you have filed for bankruptcy because they have the protection of knowing that you may not file again for a number of years. However, this is not the case and filing for personal bankruptcy is viewed by lenders as a red warning flag indicating that you have already demonstrated a tendency to get yourself in over your head when managing your finances.
Your personal credit report is an extremely important document that you should not only understand but which you ought to review occasionally for your own protection and peace of mind. Fortunately, the law states that you must be sent a copy of your personal credit report once each year if you ask for it.
personal credit report