Credit Card Application

Arif R asked:


If for some reason they do not give me the loan, will that hurt my credit score? Because I know when you get declined from credit card applications it hurts your score. Also, do you need to have a real god reason to take out a loan or is “I want to improve my credit valid?

I want to take out a 500-1000 dollar loan and pay it off without using the money. I know I will be paying some extra due to interest but I want to improve my credit.

DUNCAN

Shyr Miles asked:


If you’re planning on getting a credit card, are you apprehensive because you are worried you will be approved or rejected? Here are a few words of advice to ease your worries.

Make sure you are aware of your credit score. You can get a copy and check if all the data and charges on your report are all correct. If it is precise but you become aware that you have a low credit score, it is time to start a make over on your credit.

Be an on time payer. It is best to improve your credit score because every business credit card application requires you to have a good credit score. After you receive your statement of account, make it a point to settle all your bills and submit your payments on time. One should not miss or delay on your payment because you aim to improve your score.

It is also a sound idea to keep your old credit cards. Although it is not active and you want to close them because of their high cost and interest, it is best to keep them because they play a significant role in your credit card history. Closing down your old credit cards would be like deleting your previous parts of your credit history. So keep them but you don’t have to use them.

If you can, it is best to focus on repaying all your balances with all your creditors in full. In a way, you are pushing a boost to your credit score.

If you have a credit limit of $20,000, an ideal consumption of your credit limit would amount to only $8,000. That is only 40% of the actual credit limit. Going beyond 40% o



FIDEL

Rosie V asked:


I was informed that if my husband list you as a second card holder on some of his credit cards my credit score will improve almost immediatley. Is this true? He listed me on one of his applications and all it asked for was my name. no social or nothing, how will this affect my credit in a positive way when they don’t even have my social to link it to,

EZRA