CreditRepairFree.Org » credit card companies

What do credit card companies base your credit limit on?

Tue, 22 Feb 2011 01:28:29 +0000

I am pretty positive it’s based your salary.
And that they look at your credit reports to see credit limits in other cards.

My guess is no more than 25% of your salary in credit.
Any other guesses on how credit card companies figure out credit limits?
Credit card companies do not give out this information.

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What is the difference between a credit card and a pre approved credit card or is there no difference?

Thu, 12 Aug 2010 00:12:24 +0000

I am looking to raise my credit score and I have been turned down buy credit card companies and I spoke with someone that said I could get a pre approved credit card but i thought all credit cards were pre approved. Please help me I need to raise my credit score. Thanks

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How do I close empty credit card accounts?

Mon, 09 Aug 2010 00:13:56 +0000

I have recently checked my credit report and I realized I had several credit card accounts which were unused for several years running with a zero balance for some time.

I would like to close them to resolve my accounts and improve my overall credit.

I have to admit that some of the credit companies are quite odd (not cititbank or MBNA) but smaller credit houses from obscure stores I once purchased something to earn the 10% off etc.

How do I go about contacting the credit card companies to close these empty accounts?

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How do you get a credit card with bad credit?

Sun, 25 Jul 2010 00:14:00 +0000

I am trying to pick my credit score back up off the floor and have heard that you can do this by applying for credit cards and making the payments on them. Nice! Except, I went through a divorce and my credit is now lowsy. I pay all my bills on time and have a decent job, yet credit card companies don’t give me the time of day. Does anyone know of a company that will work with a credit slacker like me?

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How can I get my credit card company to report account information?

Thu, 24 Jun 2010 00:18:43 +0000

I got my credit report today and it shows that my total credit amount is 0 and I have 6 available. After further inspection I noticed that only one credit card had reported a credit limit/max balance and that all of my credit cards hadn’t been reported since April. Is there an effective way to contact the credit card companies and get them to report accurate and up to date information to the credit bureaus? I feel that this issue is affecting my credit score, so I would like to fix this.

Thanks in advance.

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How can one use their credit cards to invest without the investment qualifying as a cash advance?

Sun, 18 Apr 2010 19:15:06 +0000

Everybody knows using a credit card at the ATM or bank will qualify the transaction as a cash advance and cash advances carry a rather high rate. However today I heard a bit on the news;how to make money off of the credit card companies rather than them making it off of you. It featured some investment guru who talked about using available balances on credit cards for investments that have a higher rate of return than the credit card carries. I have a 0% until July 2007 with plenty to invest if I decided to do this, but how would I avoid the cash advance rate if it would be regarded as cash? Are there any investments that would list the transaction as a purchase? Please help, I am confused.

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How does the interest on my credit cards get lowered?

Sat, 17 Apr 2010 18:17:54 +0000

I was just wondering how interest rates get lowered on credit cards? Why do some people have lower interest rates, and some have higher? I understand the whole difference between credit scores and that some people have better credit than others. But I know that every single person with a low interest rate on credit cards didn’t "call and dispute with the card company until they lower the interest rate". So, how do they get it? Is it something the credit card companies monitor regularly and lower according to your credit improvement and such over the time? I’m 24 years old, my credit score is 750+. My cards have been allowed higher credit increases in very short times that I’ve had them, due to zealously paying them above and beyond the expect (and sometimes multiple times a month). None of the cards are charged up 1/3 of their limit..less than that. What things can I do to get lower interest rates? One has 22.24%. Not sure about the other two.
Absolutely nothing bad on my credit…
Actually…while it is a good practice to stay on top of what you charge on credit cards (and to immediately pay off what you owe to avoid interest)…it’s good to carry a balance from time to time. Credit cards are for that; for credit. Meaning you DON’T have the money at the time – Thus, that’s the whole point of credit. You can buy what you need now, and pay it a little later when you have the money. Though of course, you don’t charge up what you know you won’t be able to pay back, either. But good credit isn’t built without carrying a balance at some point. If you cancel out your charge each month by completely paying it off, where’s the ongoing charge for ‘credit’? It shows them you are just playing a game, trying to make your credit better, but not being able to apparently handle needing a higher credit limit (which can and does indeed affect your credit score, that I do know). So…if they see that you "pay it off instantly", what’s the point of them upping your credit line??

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Is it safe to rely on Debt Settlement Program to free from one's credit card debts? How about credit score?

Sun, 11 Apr 2010 04:52:42 +0000

I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?