Answers
I have a business credit card that I use for personal expenses. I am going to discontinue doing this at the advise of my credit card company (Chase). However, I recently decided to increase my credit line from $17,500 to $20,000 for no reason really. They declined it and sent me a letter stating that they received their information from Experian. The letter's tone is negative overall.
Will their declining of my credit line increase request negatively affect my credit score? Keep in mind that it is a business card.
Thanks.
Declining the credit line increase won't affect your credit score.
However, if this is a business credit card, it shouldn't even be showing up at all on your personal credit file.
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I have two banks. In writing a check, I mistakenly grabbed the wrong check book and bounced a check (1st bad check in 14 years).
I immediately called the bank and spoke with a sales executive. He advised me to sign up for check protection so that this wouldn't happen again. Nothing else was discussed, no papers signed, nothing sent to me in writing.
I thought this was a gratuity by the bank for being a loyal customer, so I said ok; I had no idea this was actually a line of credit with finance charges, interest, and my personal credit report accessed (which lowers your credit score).
I didn't catch it on the first statement as I travel extensively, but I did catch it on the second statement. I called the bank. They refused to help me when I asked for a letter of deletion for the credit bureaus. I stated that there was no disclosure of any loan.
I took this up the chain of command. I feel that since there was no disclosure, this is illegal, and the bank refuses to help .
Sorry, but ONE hard inquiry does not lower your credit score
I opened a personal line of credit with the bank, but didn't realize what it was. I was thinking to close it, however, I was told that it would make my credit report look bad if I did that. Is it good to have a personal line of credit, if you are not thinking to use it anytime soon. I'm not to sure how that works. Thanks for any advise.
I believe that any open line of credit, whether it is bank credit or cash available credit on a credit card, even if unused, adversely affects your credit score, insomuch as credit bureaus look at it as if you already owed that money since you could potentially access it at any given time. The best thing to do, if you have no intention of using the line of credit is to close it, and have it reported as closed at customer's request. No, that does not detract from your credit rating; to the contrary, it displays fiscal responsibility.
today i was advised someone on this site to apply because they are a revolving line of credit, they dont do credit checks and they report to the credit bureaus experian and equifax just two i believe, the interest rate is a little high 21% i think. i applied and i got approved but i am still a little leary, they had some nice jewelry on the site, i only got a charm bracelet for 49.00 i plan on paying the remainder of the balance next month do you think that i made a wise decision
I have read on other self-help credit repair sites that they are a good store to go with in getting credit if you have little or bad credit to begin with. I heard their jewelry is bad quality but all you are really looking for is helping out your debt to income ratio credit wise.
I've opened a couple new credit card accounts (Visa Signature) and they open my account with a $20,000.00 limit. I will never use that much so I called to have it lowered to $5,000.00. How will this affect my credit score? Am I better to accept the high limit? Or, was it smarter to have them lower it? I also declined future "automatic" credit line increases. Please advise. Thank you.
You are better off with the higher limit. Part of your score is based on how much of your available credit you use. 4000 of 20000 is only 25%; 4000 of 5000 is a huge 80%. Additionally, I know of one creditor who requires that you have at least one credit card with a limit of 10000 or more.
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