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18 contributions to Credit MasterClass
Closing bank account
When I close a bank account. Does it impact on my credit score? I have a Bank of America checking account but I don't use it. I use my Chase checking account more. So I was thinking of closing it because I have to pay the maintenance fee every month. Before that, I want to make sure it won't impact my credit.
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New comment 19d ago
0 likes • 19d
No, your personal checking/savings account won’t impact your credit unless you get into the Chex system or your account was closed by the banks for any negative reasons.
Struggling with Personal Credit Used for Business? Have You Faced This Issue?
My friend has been running a business for 15 years, but he's facing a common issue. He uses a personal credit card for business expenses, leading to high balances that fluctuate frequently. As a result, his personal credit score is negatively affected. When he pays off the card, the score improves, but recurring expenses cause the balance to rise again, creating a cycle that impacts his credit. Have you deal with this kind of situation?
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New comment 21d ago
0 likes • 21d
That’s why you utilize business credit cards they don’t report the utilization
Removing Late Payments from Settled C/O Account
Hello, has anyone here disputed late payments on a charged off account that has been settled? I would try and remove my C/O accounts altogether but they make up a big part of my history so instead I want to try and remove the late payments to help my score go up. TYIA.
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New comment Sep 3
1 like • Sep 3
@Ricco R use the consumer laws.
0 likes • Sep 3
@Sanju Varghese Yes, no point in removing g late payments on an account while it’s charged off or went into collections. I wouldn’t suggest anything that I haven’t done myself!
FICO
I used way over 30% of my card limit last month and my FICO dropped from 760 to 701 😢 is that easy to get back up if I stay under 30%, pay on time, etc. ??? Or will it take a while now to work my way back up to where I was?
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New comment Jun 20
3 likes • Jun 20
If you lower your utilization and you have no negative items on your report it will shoot back up. Your credit utilization will report on a monthly basis and not report from 2+ months ago. I always recommend keeping it below 10% since utilization and on time payments make up 65% of your score. The only things that are hard to come back from are late payments and any other negative items
Checking ACCOUNT
Yo so I have a checking account with Wells Fargo and I'm trying to switch to a different bank for checkings to create a relationship with a better bank but I have a discover credit card but i am planning to move to chase or capital one credit cards and then hopefully to Amex but I don't know what checking bank I should switch to. So I need advice for which checkings account is best and is chase or capital better for checkings and credit cards ?
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New comment Jun 28
3 likes • Jun 20
I do chase and navy federal for checkings/savings - for American Express sign up for a savings account this is a great way to just get started with them and build a relationship with them.
1-10 of 18
Shamsuddin Khan
2
8points to level up
@shamsuddin-khan-7055
I’m interested in starting and owning multiple businesses, as well as long term investments.

Active 8h ago
Joined May 21, 2024
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