i manage a hud facility and our company policy is to allow bad credit if you have no outstanding utility bills on the credit check; medical bills are generally ignored; proof that you are making amends to creditors-so maybe other companies are the same. by the way, our facility is not for elderly or disabled per say, and we have no openings right now--good luck
Can I get into a HUD home for the elderly and disabled if I have a bad credit rating?
YES YES AND YES
Wednesday, March 17, 2010
Does it help your credit rating to have more than 1 credit card?
From the same bank?
Does it help your credit rating to have more than 1 credit card?
It does help as long as you have financial discipline and don't misuse the credit.
Ideally it helps the most if you have a good mix on your reports - major credit cards, store cards, mortgage, car loans, etc.
Having more than one card from the same bank does not hurt either.
If you have a pretty thin file - short history and/or few accounts, you will take a pretty good hit on your scores for both the inquiry and the reporting of the new account. But, the inquiry will mean less around 6 months and, for the most part, mean nothing at the one year mark.
If the new account is kept in good standing, you should see an improvement in your scores at the 4 to 6 month mark.
If you already have quite a few accounts that are in good standing and with fairly long history, you won't be dinged as hard for either the inquiry or the new account.
edited to add - I agree with everything sandmom had to say, and that creditboards is my favorite site also
Reply:If lets_be_logical was actually a 'nationally known' anything, he would give his NAME. Report Abuse
Reply:it dont matter one way or another if you have more than one card from the same bank.
it does matter as to how many revolving accounts you have, what the limits are, and how long they have been open.
I had no revolving cards and was denied credit because of it regaurless that i was making lots of money. i applied for a really easy one and bam my credit limit was only $500 but my score jump about 20 points instantly tehn another one $500 and about 10 piont jumpt these were both from teh same bank. i then got another card $500 got about 7point score and two other store cards another 4 points from the frist one then zero point increase from the last card so that is were i stopped. once i hit the 6 month mark i got another 11 point increase.
having a mix of credit is very important. get cards that you are going to use, do just go on a card getting spree. inquires will sometime hurt your score so becareful of how many you applie for and only applie for those you think you will get.
take care of your credit. pay in full each month and you will see your credit score sore. become a member of a credit forum too where experts in this field help each other. my favorite is creditboards.com my fico when from 550 to 670 in less than a year thanks to their help. good luck.
Reply:The best score is achieved with 1 major credit card and 1 store card. Nothing more, nothing less.
Reply:Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns, etc.)...
You want as big a credit line as possible for best score. BUT, opening a new account CAN hurt your scores until the account gets older and is used correctly.
If you cannot get approved for anything more than $750 limit credit cards, do NOT open ANYthing except secured cards at Wells Fargo and/or Bank of America.
These are the ONLY secured cards that will raise credit scores.
Such cards as Cap One, First Premier, Orchard, Household, etc wherein they offer $250-$500 limits will HARM scores if you open them.
Good luck.
Reply:Credit rating depends on how you are transacting with the card, not depends on how many cards you are holding? Want a more details visit http://www.acreditlibrary.com/buildcredi...
Does it help your credit rating to have more than 1 credit card?
It does help as long as you have financial discipline and don't misuse the credit.
Ideally it helps the most if you have a good mix on your reports - major credit cards, store cards, mortgage, car loans, etc.
Having more than one card from the same bank does not hurt either.
If you have a pretty thin file - short history and/or few accounts, you will take a pretty good hit on your scores for both the inquiry and the reporting of the new account. But, the inquiry will mean less around 6 months and, for the most part, mean nothing at the one year mark.
If the new account is kept in good standing, you should see an improvement in your scores at the 4 to 6 month mark.
If you already have quite a few accounts that are in good standing and with fairly long history, you won't be dinged as hard for either the inquiry or the new account.
edited to add - I agree with everything sandmom had to say, and that creditboards is my favorite site also
Reply:If lets_be_logical was actually a 'nationally known' anything, he would give his NAME. Report Abuse
Reply:it dont matter one way or another if you have more than one card from the same bank.
it does matter as to how many revolving accounts you have, what the limits are, and how long they have been open.
I had no revolving cards and was denied credit because of it regaurless that i was making lots of money. i applied for a really easy one and bam my credit limit was only $500 but my score jump about 20 points instantly tehn another one $500 and about 10 piont jumpt these were both from teh same bank. i then got another card $500 got about 7point score and two other store cards another 4 points from the frist one then zero point increase from the last card so that is were i stopped. once i hit the 6 month mark i got another 11 point increase.
having a mix of credit is very important. get cards that you are going to use, do just go on a card getting spree. inquires will sometime hurt your score so becareful of how many you applie for and only applie for those you think you will get.
take care of your credit. pay in full each month and you will see your credit score sore. become a member of a credit forum too where experts in this field help each other. my favorite is creditboards.com my fico when from 550 to 670 in less than a year thanks to their help. good luck.
Reply:The best score is achieved with 1 major credit card and 1 store card. Nothing more, nothing less.
Reply:Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns, etc.)...
You want as big a credit line as possible for best score. BUT, opening a new account CAN hurt your scores until the account gets older and is used correctly.
If you cannot get approved for anything more than $750 limit credit cards, do NOT open ANYthing except secured cards at Wells Fargo and/or Bank of America.
These are the ONLY secured cards that will raise credit scores.
Such cards as Cap One, First Premier, Orchard, Household, etc wherein they offer $250-$500 limits will HARM scores if you open them.
Good luck.
Reply:Credit rating depends on how you are transacting with the card, not depends on how many cards you are holding? Want a more details visit http://www.acreditlibrary.com/buildcredi...
How do I get a consolidation loan fast with a bad credit rating.?
When you want to get consolidation loan fast you have to do it online. As of now the fastest way of getting a loan is applying online. The process is so quick that you get the loan in hours. Just visit any lenders website. Do a little of reading their terms and other stuffs. Then do a little research about the company. And Apply online if you are fully satisfied.
I hope http://loan-guides.net will help you in getting a bad credit consolidation.
How do I get a consolidation loan fast with a bad credit rating.?
it is very easy to get debt consolidation loans with a bad credit a lot of company is offering such type of loans.but in the case of bad credit history you have to pay i little bit more interest rate and you can get this loans with in 48 hours.this is website where you can get debt consolidation loans very easily http://www.onlinedebtconsolidationloan.c...
Reply:Bad credit debt consolidation help permits a person with poor credit rating, to obtain bad credit debt consolidation loan so that monthly installments can be reduced. What a person has to do is ask for a free debt consolidation quote from%26lt;!--reputed company.Do not worry, the bad credit debt consolidation loan is not another high interest problem that will eat away your resources.
http://best-loans.awardspace.com/...
Rather it is a convenient method of taking care of your debts at the present moment. After your--%26gt;present debts have been dealt with, the bad credit debt consolidation loan can be paid off easily.
Reply:go to www.creditfinancialservice.com they will give you are free analysis on your detb and offer you a debt consolidation loan or detb settlement.
http://www.creditfinancialservice.com/
I hope http://loan-guides.net will help you in getting a bad credit consolidation.
How do I get a consolidation loan fast with a bad credit rating.?
it is very easy to get debt consolidation loans with a bad credit a lot of company is offering such type of loans.but in the case of bad credit history you have to pay i little bit more interest rate and you can get this loans with in 48 hours.this is website where you can get debt consolidation loans very easily http://www.onlinedebtconsolidationloan.c...
Reply:Bad credit debt consolidation help permits a person with poor credit rating, to obtain bad credit debt consolidation loan so that monthly installments can be reduced. What a person has to do is ask for a free debt consolidation quote from%26lt;!--reputed company.Do not worry, the bad credit debt consolidation loan is not another high interest problem that will eat away your resources.
http://best-loans.awardspace.com/...
Rather it is a convenient method of taking care of your debts at the present moment. After your--%26gt;present debts have been dealt with, the bad credit debt consolidation loan can be paid off easily.
Reply:go to www.creditfinancialservice.com they will give you are free analysis on your detb and offer you a debt consolidation loan or detb settlement.
http://www.creditfinancialservice.com/
Will my credit rating be effected by getting a new number?
I have a credit card and how will my credit be effected if I cancel curtrent card and get a new number from my credit company
Will my credit rating be effected by getting a new number?
Not at all. Your previous credit rating will apply to the new card number. Also, they go by your social security number and that stays the same.
That would be the same thing as if you lost your credit card and had to cancel it - you don't lose your credit rating thru that either.
Reply:EASY MAN
Reply:You will lose points for closing an account. Pay it off, put it away and don't use it. Open another account and keep it in good standing. And your numbers will go up, provided you pay all your other bills ontime.
You also lose points everytime your credit is checked. Applying for a new card, regardless of who with, they will run a credit check, even if it is with the same bank.
Reply:i think it wont change anything because they have your personal information, right? If for instance you have had bad credit they will still know.
Reply:The rule of thumb to keep your score up, is to use no more than 1/3 of your credit limit on your card. If you have $1500 of credit, divide that by 3 and use no more that $500 at any time. Other than that, as long as you pay your credit card off, they will not hold it against you. It will show that you requested the account to be closed, but that should not create bad credit, unless you do not pay what you owe.
Reply:no. sometimes you have to get a new account number, like when your card is lost or stolen. it would be rotten to loose credit score points for that!
Reply:no,..not at all
Will my credit rating be effected by getting a new number?
Not at all. Your previous credit rating will apply to the new card number. Also, they go by your social security number and that stays the same.
That would be the same thing as if you lost your credit card and had to cancel it - you don't lose your credit rating thru that either.
Reply:EASY MAN
Reply:You will lose points for closing an account. Pay it off, put it away and don't use it. Open another account and keep it in good standing. And your numbers will go up, provided you pay all your other bills ontime.
You also lose points everytime your credit is checked. Applying for a new card, regardless of who with, they will run a credit check, even if it is with the same bank.
Reply:i think it wont change anything because they have your personal information, right? If for instance you have had bad credit they will still know.
Reply:The rule of thumb to keep your score up, is to use no more than 1/3 of your credit limit on your card. If you have $1500 of credit, divide that by 3 and use no more that $500 at any time. Other than that, as long as you pay your credit card off, they will not hold it against you. It will show that you requested the account to be closed, but that should not create bad credit, unless you do not pay what you owe.
Reply:no. sometimes you have to get a new account number, like when your card is lost or stolen. it would be rotten to loose credit score points for that!
Reply:no,..not at all
How does three late car payments affect your credit rating?
It can cost you about a loss of 40-60 points on your credit score.
You might consider setting up auto withdrawal from your checking account that recives your direct deposit check to avoid this. (make sure to have enough in your account when the payment comes due). Good luck.
How does three late car payments affect your credit rating?
Well I still stand by what I said...if you were simply "late," then it does not get reported to the credit bureaus, therefore your score stays the same. A "lateness" only gets reported if it's excessive, like %26gt;30 days late. So your score did NOT go down. Report Abuse
Reply:It depends on how late the payments were. Most car loans(unless it is a rip-off subprime loan) give you a 5-day grace period, meaning that they don't add on late fees unless your car loan payment is MORE THAN 5 days past the duedate. Also, most banks do not report latenesses to your credit report unless the lateness was more than 30 days late. So if you simply paid your car loan say, 10 days late three times in a row, you might be stuck with extra late fees to pay, but there would be no effect to your credit rating.
Now if each of these three late payments were made more than 30days past the duedate, then your credit rating will plummet quite a bit. Each 30day lateness is reported to the credit bureaus. One 30day lateness on your entire credit report isn't too big of a deal. The more latenesses that you have reported to your credit report, the worse you look. But three 30day latenesses, especially in a short period of time, definitely can lower your credit score as much as 50-100pts.
Now if you meant "three late car payments" as simply skipping your car payment for three months, you are in SERIOUS trouble, credit rating-wise. Technically, missing 3 payments is equivalent to a 90-day lateness. The later the lateness, the worse you look. While 30-day and 60-day latenesses on your credit report can lower your score, they are not viewed to be ultra serious until it hits a 90-day lateness. At that point I wouldn't be surprised if your credit score has gone down 100-150pts.
Reply:It depends, are you three payments behind? Look for the car to be repoed any day.
If you have made three payments over 30-days late? Your credit score will suffer and it will make it very hard to get any other types of credit for at least 6-months.
If you have made three payments 60-90 days late? Your credit score will take a major hit and it will be next to impossible for you to get any additional credit for 1-year.
Reply:it will show late on your credit report and it may make your score go down a lil
Reply:this will hurt your credit score buy about 30 points or so and also post a 90 days past due on your credit report which in the long run could cost you hundreds of dollers in interest on your next loan, if you need more information about credit check out my blog listed in my profile, I hope that this was helpful, Best of Luck and by the way if they haven't yet I would be worried about them coming to take the car.
Reply:and you still have the car?....it will affect a great deal as you according to the bank are not very reliable person.....
You might consider setting up auto withdrawal from your checking account that recives your direct deposit check to avoid this. (make sure to have enough in your account when the payment comes due). Good luck.
How does three late car payments affect your credit rating?
Well I still stand by what I said...if you were simply "late," then it does not get reported to the credit bureaus, therefore your score stays the same. A "lateness" only gets reported if it's excessive, like %26gt;30 days late. So your score did NOT go down. Report Abuse
Reply:It depends on how late the payments were. Most car loans(unless it is a rip-off subprime loan) give you a 5-day grace period, meaning that they don't add on late fees unless your car loan payment is MORE THAN 5 days past the duedate. Also, most banks do not report latenesses to your credit report unless the lateness was more than 30 days late. So if you simply paid your car loan say, 10 days late three times in a row, you might be stuck with extra late fees to pay, but there would be no effect to your credit rating.
Now if each of these three late payments were made more than 30days past the duedate, then your credit rating will plummet quite a bit. Each 30day lateness is reported to the credit bureaus. One 30day lateness on your entire credit report isn't too big of a deal. The more latenesses that you have reported to your credit report, the worse you look. But three 30day latenesses, especially in a short period of time, definitely can lower your credit score as much as 50-100pts.
Now if you meant "three late car payments" as simply skipping your car payment for three months, you are in SERIOUS trouble, credit rating-wise. Technically, missing 3 payments is equivalent to a 90-day lateness. The later the lateness, the worse you look. While 30-day and 60-day latenesses on your credit report can lower your score, they are not viewed to be ultra serious until it hits a 90-day lateness. At that point I wouldn't be surprised if your credit score has gone down 100-150pts.
Reply:It depends, are you three payments behind? Look for the car to be repoed any day.
If you have made three payments over 30-days late? Your credit score will suffer and it will make it very hard to get any other types of credit for at least 6-months.
If you have made three payments 60-90 days late? Your credit score will take a major hit and it will be next to impossible for you to get any additional credit for 1-year.
Reply:it will show late on your credit report and it may make your score go down a lil
Reply:this will hurt your credit score buy about 30 points or so and also post a 90 days past due on your credit report which in the long run could cost you hundreds of dollers in interest on your next loan, if you need more information about credit check out my blog listed in my profile, I hope that this was helpful, Best of Luck and by the way if they haven't yet I would be worried about them coming to take the car.
Reply:and you still have the car?....it will affect a great deal as you according to the bank are not very reliable person.....
Is someone trying to use my address to get an illegal credit rating or card?
Is someone trying to get an illegal credit rating or card? I received a letter with a total strangers name on it in the mail, sent to my address. It was an application for a credit card.
I checked the name out on the Internet people search and there is no one by that name in the entire state, in the one where I live.
http://www.savetheinternet.com/=faq
Is someone trying to use my address to get an illegal credit rating or card?
call the credit card company and see when it was applied for. also tell them that you didn't apply for the card. if you find out that someone did apply for the card you might want to get a credit check done to see if there's anything that shouldn't be there. if there is you need to file an id alert
tanning
I checked the name out on the Internet people search and there is no one by that name in the entire state, in the one where I live.
http://www.savetheinternet.com/=faq
Is someone trying to use my address to get an illegal credit rating or card?
call the credit card company and see when it was applied for. also tell them that you didn't apply for the card. if you find out that someone did apply for the card you might want to get a credit check done to see if there's anything that shouldn't be there. if there is you need to file an id alert
tanning
Where can i get a £18000 loan, i have a bad credit rating?
Im in dept big time and i need to consolidate really badly!!
Where can i get a £18000 loan, i have a bad credit rating?
when you find out let me know i need 25k!!!!
the lottery is mine this week, if i win il give you some!!!
try this website too has some good tips on it, is genuine too nothing dodgy
www.moneysavingexpert.com
Reply:definatly check out the cab at http://www.citizensadvice.org.uk/ they helped me alot just reading the articles on what i should do next. best thing to do is dont let it get to you, if we are talking credit cards, you cant be put in prison and they cant take anything either, worse that can happen is they take you to court. all the judge will do is sort out a reasonable payment plan for you. please get some advice as moving it around doesnt work been there done that! your credit rating just gets worse its a visious circle. and its not fair on you! or you could try northern rock for a loan.
Reply:I'd say be very careful about consolidating as if you haven't changed your spending habits you'll just run up more debt. Equally any loan you take will be at a sky high rate because of your credit rating.
1st is to go to the Citizens' Advice Bureau
2nd Avoid these debt companies who promise to write off your debt.
The BBC have a couple of interesting programs, spendaholics
http://www.bbc.co.uk/bbcthree/tv/spendah...
and
Bank of Mum %26amp; Dad
http://www.bbc.co.uk/entertainment/banko...
Another website that i fined useful is The Motley Fool www.fool.co.uk - they have loads of advice
Reply:Have you a property? For that amount any lender weould want a guarantee on your house, if you haven't and that is a large sum of money - try somewhere like money-news.co.uk that offer best buy loan tables http://www.money-news.co.uk/guides/best-...
Good luck!
Reply:if you are a homeowner you can do debt consolidation. Otherwise move your credit cards to a low,no interest one for starters. Some companies loan to those with a bad credit rating but interest rates will be sky high.Why not try working out what you can afford to pay and speak to those you owe money to?
Reply:have you tried uswitch they do the best loan deals on there.
Reply:So you'd rather get into more debt to pay off another debt? Good luck to you.
Reply:I just declared bankruptcy,
Sorry I'm the wrong person to ask.
Reply:i'd lend you it but i'd want a 100% return in a week or your legs'll be mine
Reply:Don't even try this on your own. Go to Citizens' Advice Bureau and get their help in addressing your debt situation and rescheduling of payments.
Debt consolidators always want their own pound of flesh.
Where can i get a £18000 loan, i have a bad credit rating?
when you find out let me know i need 25k!!!!
the lottery is mine this week, if i win il give you some!!!
try this website too has some good tips on it, is genuine too nothing dodgy
www.moneysavingexpert.com
Reply:definatly check out the cab at http://www.citizensadvice.org.uk/ they helped me alot just reading the articles on what i should do next. best thing to do is dont let it get to you, if we are talking credit cards, you cant be put in prison and they cant take anything either, worse that can happen is they take you to court. all the judge will do is sort out a reasonable payment plan for you. please get some advice as moving it around doesnt work been there done that! your credit rating just gets worse its a visious circle. and its not fair on you! or you could try northern rock for a loan.
Reply:I'd say be very careful about consolidating as if you haven't changed your spending habits you'll just run up more debt. Equally any loan you take will be at a sky high rate because of your credit rating.
1st is to go to the Citizens' Advice Bureau
2nd Avoid these debt companies who promise to write off your debt.
The BBC have a couple of interesting programs, spendaholics
http://www.bbc.co.uk/bbcthree/tv/spendah...
and
Bank of Mum %26amp; Dad
http://www.bbc.co.uk/entertainment/banko...
Another website that i fined useful is The Motley Fool www.fool.co.uk - they have loads of advice
Reply:Have you a property? For that amount any lender weould want a guarantee on your house, if you haven't and that is a large sum of money - try somewhere like money-news.co.uk that offer best buy loan tables http://www.money-news.co.uk/guides/best-...
Good luck!
Reply:if you are a homeowner you can do debt consolidation. Otherwise move your credit cards to a low,no interest one for starters. Some companies loan to those with a bad credit rating but interest rates will be sky high.Why not try working out what you can afford to pay and speak to those you owe money to?
Reply:have you tried uswitch they do the best loan deals on there.
Reply:So you'd rather get into more debt to pay off another debt? Good luck to you.
Reply:I just declared bankruptcy,
Sorry I'm the wrong person to ask.
Reply:i'd lend you it but i'd want a 100% return in a week or your legs'll be mine
Reply:Don't even try this on your own. Go to Citizens' Advice Bureau and get their help in addressing your debt situation and rescheduling of payments.
Debt consolidators always want their own pound of flesh.
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