This article answers some of the frequently asked questions regarding your credit score and balance transfer.

1)    For credit card statements, is it ok, if I make only the minimum payment every month, for the credit score?

The credit or balance limit of the credit cards’ statements has a significant amount of influence on the credit score. If you are planning not to pay off the entire amount, this will have a good impact for the credit score. However, you would have to pay the interests for the credit balance on your credit card.

2)    Is the credit score affected by the credit card’s balance transfer?

The rate of “use of credit” has an impact on the credit score. If your rate of “use of credit” is very high, then this will cause a negative impact for the credit score. However, this impact is only for the short – term and once the “balance transfer debt” is paid off by you this will vanish. The advantage you get when you transfer the balance is that your credit limit can be increased after paying the balance transfer debt. However, you have to request for it to happen. Balance Transfer will definitely help you to increase your credit limit.

3)    Does my credit score decrease for non – usage of credit card for very long time?

No, neither your credit score nor your credit report will be affected. However, your card company might not be too happy about it.

4)    Is my credit score decreased for many several bank accounts?

No, no information about CD, money market, checking or savings accounts is reflected in your credit profile.

5)    Can I shop around to get a car loan or a housing loan?

Yes, if your inquiry is the same, within 14 days. Only one inquiry will be seen in your report.

6)    Will the subsidiary credit card help in building a credit history?

Yes, a credit history can be built using the subsidiary card.

7)    How to raise the limit of a credit card?

Your yearly income or salary has the highest priority while deciding the credit limit for your credit card. This is the primary reason why students don’t get a good credit limit by the companies. One thing that can be done is: do a huge balance transfer while applying for another credit card. This will give you a higher credit limit on the new card. You can ask your card provider to increase your limit, which will be approved after consideration of many factors.

8)  Does “merchant credit cards” help in improving the credit score?

Yes, the more positive information on your report the better it is for your credit score.

9)  How can fix the credit report and credit score that has been damaged due to the collection company?

There are several methods to fix the problem and you should put some efforts to search for the right solution. It is available on the net or you can consult an expert.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.