Your credit rating can depend partly on how you use revolving credit accounts. If you have no recent revolving activity, then you might not have as high a credit score as you might like. Continue reading
Credit
Lack of Recent Bank Revolving Information
It is true that your credit scores can drop if you lack any recent activity on your bank-issued credit cards. There are a couple of primary reasons for this decline. Continue reading
Credit Card Transfer Deals are a Careful Way to Save Money
A credit card transfer deal is the transfer of a balance from one credit card to another. Many credit card companies offer transfer deals at good rates in order to attract new customers, but it is also to get a transfer using your existing credit cards. Although you have to be careful, credit card transfers are good ways to save money. Continue reading
Length of Credit History is Too Short
When creditors evaluate your credit applications, they are looking for positive repayment habits. While bad credit can block new credit, having too short a credit history can also prevent many types of credit applications from being approved. Continue reading
Proportion of Balances to Credit Limits is Too High on Revolving Accounts
You were approved for $10,000 in credit, so why can’t you use it? You can, but understand that using too much of that available credit can lower your scores. That’s not a big problem, as long as you don’t anticipate opening a new credit account anytime soon. Continue reading
Federal Reserve Board Launches Consumers Guide to Credit Cards
New rules are in place for credit card issuers, thanks to the Credit CARD Act of 2009. These new rules are designed to make consumer credit more transparent and easy to understand. Continue reading
Time Since Delinquency is Too Recent or Unknown
One of the most frequent error codes for credit scores is “time since delinquency is too recent or unknown.” Since 35% of credit scoring formulas depends on your payment history, late payments can be a big blow to good credit. The impact is greater the more recent your delinquency. Continue reading
Length of Revolving Credit History is Too Short
Seasoned revolving accounts can be a tremendous credit builder. You may find however that opening credit card accounts did not give you the boost that you needed to your scores, and may in fact have lowered your scores! Continue reading
How is average daily balance calculated?
The Average Daily Balance, is the average amount that exists in an account over a period of time, the period of time is typically a billing cycle. The average daily balance is calculated by adding the daily balances over a period of time and dividing by the total number of days in that period. This calculation method is used to calculate interest. Continue reading
Amount Owed on Revolving Accounts is Too High
Credit bureaus routinely lower credit scores when a debtor owes too much on credit accounts in general. There is an additional penalty if the amount owed on your revolving accounts is too high. Continue reading
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