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My credit score is 537. I have 1 negative account on my bureau for $67 due to a H.S.B.C credit... |
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Date:
February 19, 2007, 5:15 pm |
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My credit score is 537. I have 1 negative account on my bureau for $67 due to a H.S.B.C credit card w/ a $300 limit which I maxed out completely w/a current balance OF $720. I have 1 credit card w/$1000 limit which I spent $920 w/ one on time payment which is current because its a new card. A Capital 1 Card with $500 limit w/ 6 on time payments-1 late payment w/ them not the bureau which I set up a payment plan w/ them to help get me back in good standards.The balance on that card is $567.A Macys card with $100 limit Which is on time & in good standards. I applied for Sears & IKEA which both rejected me.My 1st question is On the HSBC credit card statement they say I owe them $720 due to over the limit & late fees. Since they already put $67 due on my credit report can they go back & add moe delinquncies & cause more damage to my score or is the damage already done? Secondly would accepting new pre approved/ credit offers or applying for new credit help boost my score? Third how long do inquires stay on yo |
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Answer:
Firstly, there is no infringement in cutting money for exceeding the limit as these are the official terms for credit. Secondly, I wouldn't recommend you to open the new account. It is better to pay down all your debts and continually earn score, and only after it accept new credit offers. Each time you apply for a new credit, your credit report gets checked. New credit cards won't help your credit score and credit account. Negative information may stay on your credit for up to 10 years. Exceeded payments make your credit history worse and put some obstacles in the future. But still there is a way out. Improving your score can be done relatively quickly through a systematic plan. First review your reports from all three bureaus and scrutinize them so that to change mistakes on your reports. You may order your reports from each of the 3 companies at the same time. Improve your credit by repairing your credit reports. Pay off your debts rather than moving them around. Only after it you can apply for a credit card. Look through our site and choose the card that will help you in rebuilding your credit history. Secured credit cards are beneficial for those who have a bad credit history. Banks with secured credit cards are not very strict about your financial past and credit history. Just read all terms and conditions very attentively and choose the card. |
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