Posted on 10 February 2011
Tags: application, apply, apply for credit, Bed credit, beneficial, Business, card, card holder, cards, credit agencies, credit bureau, credit card, credit card agencies, credit card application, credit card applications, credit card companies, credit card holder, credit card use, credit card users, Credit cardCredit card, Credit Cards, credit history, Credit historyCredit history, credit reports, Credit scoreCredit score, CreditCredit, customer, financial obligation, financial services, information maintenance, information maintenance protocols, loan, loan repayments, Loans, no credit, proof, rejection, united states, US
Credit cards are very important for the people of United States. From day to day small expenses to monthly payments like utility bills, loan repayments etc, all are settled through credit cards.
What is Credit History?
Aspirants frequently face complications for the submission of their first credit card application. The persons who are becoming new residents of or have temporarily shifted to United States are quite puzzled on various aspects of their credit card applications. In most such cases, it happens. The problem starts when they submit formal request for their first credit card, as they have no credit history at all. If you have no credit history, it means technically you are not eligible for credit card.
Credit history refers to the proof of your’ or your business’ previous track for loans and their repayments. It reflects the complete record of your repayments whether they were on time or late. If you defaulted from your financial obligation at all, the credit history will maintain too, the record. The credit card agencies thoroughly analyze your credit history before extension of the credit card. If you apply for a credit card and have no credit history at all, the straight answer to your application shall be a plain rejection.
Overseas Credit History
Normally the credit reports of overseas credit agencies can be used in place of credit history. Such reports, if issued by the credit agencies of neighboring country, are used to create base of your credit history in US.
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Posted on 30 October 2010
Tags: bureaus, credit card agencies, credit card counseling, credit card limits, Credit Cards, credit counseling agencies, credit reports, credit reports myths, credit scores, Debt, FICO score
Credit cards, credit reports, credit history, and credit card debts. These are the words that have strong impact on one’s financial status. Fluctuations in credit reports have made people assume a lot of concepts about credit history ,debt and credit reports. Eventually, there are many myths associated with credit reports and most of the people’s majority practices are based on believing these myths. The list of 5 common myths attached with credit report are mentioned below:
If I pay my bills, my credit report will be clear:
Well, the finance experts don’t consider this myth at all. A credit report is a complete history of past, and it is not merely a report of a particular time interval when bills are paid. So, it doesn’t mean if paying a month’s bill will clear previous dues itself.
Credit counseling effects my credit score:
As far as credit counseling is concerned, Credit counseling practices or credit counseling programs do not effect your credit score. If you were or still engaged in credit counseling, credit counseling programs has nothing to with it. Rather they don’t like to prefer it for credit scoring.
Credit cards cancellation can help me boost my credit score:
Not at all, all the credit reporters judge your credit card utility. The credit card lenders usually observe your use of two or three credits cards to know how much you can afford on your income and pay debt responsibly. Credit cards has no direct impact on credit scores. No matter you have 2 or 6 credit cards, it will not decrease your credit score.
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