by kathywardteam | Nov 8, 2014 | Revolving/credit card accounts
We have several clients who had a JC Penney account for several years, were recently issued new cards and their credit reports post a new JCP account. The downside is the new account/card has a new OPEN date, thus the credit scores are lowered. The reason this...
by kathywardteam | Feb 1, 2013 | Revolving/credit card accounts, Scores
We have just seen evidence that some mortgage scoring models prefer a very small balance on at least one credit card. Equifax score rose 9 points when a client added $10 balance to one credit card. Paying your cards to zero every month does boost scores, however...
by kathywardteam | Jan 26, 2013 | Revolving/credit card accounts, Scores
In your credit reports credit card accounts are referred to as ‘revolving credit’. Because your credit score is calculated independent of your income, your use of revolving credit is very important. Keeping your balance 30% or less of your credit limit and paying...
by kathywardteam | Jan 30, 2012 | Revolving/credit card accounts
Cancelled debt may constitute income that is subject to state and federal taxation. Consult with a tax professional if you receive a 1099-C form. We have heard of these forms being sent out fifteen years after debt had been generated. If you don’t submit this...
by kathywardteam | Oct 12, 2011 | Revolving/credit card accounts
You might be confused to find you have an account reading AMEX/DSNB. Macys is now associated with American Express, which is noted as AMEX in credit reports.
by kathywardteam | Sep 12, 2011 | Revolving/credit card accounts, Uncategorized
The person added as ‘authorized user’ does not need to use the account, or be provided a credit card for use, therefore the holder of the account is not impacted by this move.
