Credit Check Facts

Question by Dr Yes!!!: Since the word "Credit" comes from the Latin "Credo"?
Which means "I believe". Then isn't that further evidence that money is the one true god?

Best answer:

Answer by Brother Wind
I believe that you mean the word creed comes from the Latin "credo"

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Question by The Marvelous Mad Madame Mana: "Bad credit" from applying for multiple credit cards?
Say you apply for a Wal-Mart credit card multiple times, though you know you'll probably be declined because you only have a little bit of credit... could something like that contibute to "bad credit"?
i've only had my capital one card for a few months, and i've applied [for special offerers and such] for 2-3 other cards and have been denied.
i just over heard the butt-end of a conversation about this and wanted to know if it was true or not.

Best answer:

Answer by trdconsult
Yes, recent inquiries do negatively affect your credit. The impact is marginal, but multiple inquiries will hurt more. I've seen this happen with people trying to buy a car, and going through the application process at multiple dealerships. After 4-5 attempts, they start getting denials and don't understand why.

Look at it from the lender's standpoint. When a creditor extends credit to you, they want to be reasonably sure that you can pay them back. But if they know there are 3-4 other lenders out there also considering offering you credit, that fifth lender will be reluctant until they have more details about the commitments you'll be making to those other companies.

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Question by Jae_im B: If I withdraw funds from paypal to my credit card, how is it listed...as a "Credit" or as a "payment"?
I want to use paypal to send a payment to my credit card, but I'm not sure how the withdraw is sent as...(credit or payment). Any help would be great.

Best answer:

Answer by efflandt
A PayPal account is not really a bank account. If you have a positive PayPal balance I think your only choices to use the money other than PayPal purchases are direct transfer to your bank account, a PayPal debit card, or for a fee they can mail a check to you, I don't think you can directly pay a credit card bill.

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Question by tg5398: Can the 1099-R form from an IRA in a divorce settlement be used with the "Earned Income Credit"?
Where would it be entered?

Best answer:

Answer by Dr Dave
It can be used and they may call it when they ask for your tax returns from the past years.

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Question by your mom's pimp: what is considered "bad credit" that will disqualified you from getting a job?
in financial services or as a police officer? How much debt would you have to be in, to be disqualified?

Best answer:

Answer by justbeingher
High debt to income ratio, liens, uncollected debt (chargeoffs), bad credit score

What do you think? Answer below!