Repair Credit Score

Archive for January, 2008

Question: Best way to maintain high Credit Score?

I have a Bank of America credit card with a high limit but it has a higher interest rate than my other card. If I transfer the BoA balance to the other card for a lower rate and leave it at a zero-balance for too long, will this card be closed?
(I've heard that it's best to keep some kind of activity on credit cards to keep up credit scores and that some companies will close your account without telling you if you don't use them)

Answer: You can transfer balances to lower-interest credit cards without negatively affecting your Credit Score, as long as your overall debt-to-credit ratio remains low. This ratio represents the used amount of your overall credit (from all of your credit cards). If you make a transfer the ratio Will not change. It changes negatively as you increase your debt and positively as you reduce it.

It is true that some credit card companies will close your account due to inactivity (Capital One comes to mind) but I don't think it's a widespread practice. In any case you can make small purchases and pay them off at the end of the month to avoid that.

Credit Card - Bank of America JEFF CRAWFORD Update!!

Question: What Credit Score is needed to rent an apartment?

I need to get an apartment ASAP but last I checked my Credit Score was 615. I recently consolidated my student loans (I'm still in college) and was told that would help it. What does my Credit Score need to be in order for me to get an apartment?

Answer: It depends on the landlord. Some require a certain score (usually around 620) others just look at your report to make sure you dont have tons of PAST DUE accounts or prior evictions.

You should be OK.

Beef Up Your Credit Score