That's interesting, Lisa, about your account age staying the same.
@Janet I thought so too...credit pro John Ulzheimer told me that it's a prevailing myth!
Young, have you tried applying for a card through your own bank or credit union? Through a retail store? Or applying for a secured card?
Lisa, now you've busted the myth!
Have you tried a retail credit card such as Target or somewhere that you shop? Those are generally a little easier? If that doesn't work, a secured card might be your only alternative
Young, just don't apply for too many cards at the same time. That's a no-no.
I would try that although it's a catch -22 . You don't want to keep filing applications. That hurts your score
Sounds like some some sound advice.
Hmmmm....that's one problem with mixing your credit record and his.
FICO does look at a secured card the same way it does an unsecured, FYI.
Next up, a question from Steph.
If you have filed a number of applications, that is good advice . Wait six months or so before you try
Steph, what was your question again?
Not sure what happened there, the chat seems to have deleted your question Steph. If you're still there, can you please resubmit it? Thanks!
I would correct it even though it's a nuisance. You don't want to get mixed up with someone else . It's never good to have incorrect information on your credit report
Joan, you're quick! Looks like you caught the question before it got deleted.
Thanks for following up, Joan. That was Steph's question!
Alright, next question is from Mike K.
It depends on your whole financial picture and what else you might need some of the money for.
What else would you do with that money? Have you funded your IRA/401K/529 plan? Think aobut your total financial picture, not just that debt
And, here's Steph's question again, in case Janet, Lisa or Joan wants to add anything more.
I'd go with Joan's advice and make the change.
It can be a pain to go through the process
, but you don't want any incorrect information causing problems down the road.
It's good that you checked. Getting your free credit reports each year at www.annualcreditreport.com is definitely worthwhile
Another question from creed0207.
I feel strongly that it isn't. Your younger sibling (how young?) should establish credit on her own as she gets older.
She will get the benefit of your credit history, which will help her get her own card later. If she does use the card, you'll be responsible for any changes.
Sorry that was a typo. You'll be responsible for any charges she makes on that card for as long as you have the card.
Now, a great question from Mike about student loans.
It's time to give away the first round of free copies of our Top 100 Money-Saving Tips. Since you've all asked such great questions, Creed0207, Steph, Young&Trying, Susie and WayneDC, please e-mail me at alilly@kiplinger.com, and you'll receive information on how to download your free copy. We hope you find it helpful!
Your question is a bit confusing. If you mean that you'll take out loans to help pay for your
son's college costs, then the debt would act just like any other debt on your credit report. If it's a manageable amount and you keep up the payments, it shouldn't have a bad impact on your record.
I'm not an expert on college loans. I think there is a difference between government loans and private one in terms of how they are reported. I would have to do some research on that and get back to you. If you pay on time, it should be fine.
Mike, Kiplinger's student loan expert Jane Clark will be hosting a live chat about student loans next Thursday, March 5. Be sure to tune in then if you have more questions!
Our next question is from Jennie.
I would point out here, on a related note, that a mix of installment debt--like student loans, mortgages, auto loans--and revolving debt (credit cards) is good for your score as long as you're following the rules for keeping a high score.
