Do credit card changes affect credit scores?

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Daqutequeenb
Re: Do credit card changes affect credit scores?

My financial institution is Bank of america lol isn't that on the bad list??? But i also heard it was bad to keep applying for cards because it takes a hit at your score too.

bella22
Re: Do credit card changes affect credit scores?

Yes, inquiries on your credit report DO bring down your score. Now don't confuse an inquiry with you getting a copy of your own credit report. A credit inquiry would be when you apply for a credit card and they check your credit report, applying for a home loan, personal loan, home equity loan, getting a cell phone and they do a credit check, etc. More than 6 credit inquiries a year on your credit report impacts your score negatively. so choose wisely.

 -Pain is weakness leaving the body- USMC OOrah!

Daqutequeenb
Re: Do credit card changes affect credit scores?

I think my score that i don't even have yet is messed up then! =/

AyBayBay
Re: Do credit card changes affect credit scores?

I originally built my score of off my mother's. She put me on one of her low limit credit cards as an authorizied user but never gave me the card when it came. After a few months of her good payment history I began to get my own offers but be careful not just on which one you chose but with credit in general like everyone says here. It is easy to buy something and pay later but you end up paying so much more and all of us sudden that sale wasn't so good anymore due to interest.

On another note a tactic I use to get the discounts that department stores offer I do this: I have department store cards because they always offer discounts when you use the card for your purchase. So what I do is charge my purchase to get whatever discount they are offering then I write a check and pay the card for the exact same amount in the next transaction right there before I leave the store. It takes a a few more minutes but I basically get the discount and still pay for it right there in a round about way. Make sense?

bella22
Re: Do credit card changes affect credit scores?

[quote=AyBayBay]

 It is easy to buy something and pay later but you end up paying so much more and all of us sudden that sale wasn't so good anymore due to interest.

 

[/quote]

As long as you pay off the balance before the finance charge hits you're good to go. You end up paying more if you leave a balance on your credit card and it starts accuring interest. So if you want to use your credit card so it won't close, use it, but as soon as you get your bill pay it off, that's the smartest way to use a credit card. *words from the expert ;)*

-Pain is weakness leaving the body- USMC OOrah!

AyBayBay
Re: Do credit card changes affect credit scores?

You know what I always found interesting? Even if you pay it off each month it shows a balance on your credit report. Example: I have a credit card with a very high limit. I use it for everything because a certain percentage goes into a college fund for my kids (Upromise-check it out!). So my statement can arrive and have a few thousand dollar balance which I pay in full before the due date. But if I run my credit report it still shows the balance because the 3 credit bureaus list your balance as what is on the credit card statement when it is generated even if you pay it off each month. So basically you will always show a balance even if you pay it off each month because of how they report the info. Does this make sense?

bella22
Re: Do credit card changes affect credit scores?

Well creditors are only obligated to report to ONE credit beareu once a month. So if you give your payment then check your credit report right away you won't see the deduction in the balance....does that answer your question?? I kinda had a hard time understanding it.

-Pain is weakness leaving the body- USMC OOrah!

Princessbell
Re: Do credit card changes affect credit scores?

Since we have our resident experts attention in this forum...I have another question.

I have a good credit score, however around april of this year I noticed it went down and i hadn't made any changes. Well I checked and I had another family members credit card on my report and they missed a payment. I fixed all of that and my score went right back up...

Well Chase raised my interest rate because of that. I have called them several times trying to get this fixed. I don't carry a balance on that card because of it, but still need it lowered in case I need to use it. What do I do?

"Time flies like an arrow. Fruit flies like a banana."

bella22
Re: Do credit card changes affect credit scores?

And this is a perfect example of what i mean by creditors looking for ANY excuse to rack up your interest rate. All you can do is call them to try and negotiate a lower APR. Explain the situation and tell them that it has been taken care of, tell them that you want to keep them as a creditor in case of an emergency but you're not willing to keep it if they keep your APR that high. At that point it's up to Chase whether or not they're willing to work with you to lower your APR back down.

-Pain is weakness leaving the body- USMC OOrah!

ArchiAngel
Re: Do credit card changes affect credit scores?

No,

 A non-used card would just show it's balance (0) and it's credit limit and it's Status (Closed) on the 3 Credit Bureaus' files.

As far as the Credit leanding crunch thing, nah, they are just holding back at the moment trying to see if Uncle same is going to throw money at them and how much.

Always remember you are the customer and if they can't meet you wants and needs for a favorable interest rate you always have the right to say "no, Thank you"

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