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In simple terms it’s the amount of revolving credit you're currently using divided by the total amount of revolving credit you have available.

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I Co-Signed For A Car That Got Repossessed!

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I Co-Signed For A Car That Got Repossessed!

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Repossession is something being seized or taken by a lender or the state. For example, a car can be repossessed if payments have not been made. If your car is repossessed, you have a right to get back your personal belongings that were in the car but laws can vary depending on state if you can get it back. You might have to pay the outstanding bill but this also brushes over into secured credit.

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Bankruptcy is a legal process that federal bankruptcy courts handle. It's a process to help liquidate one's assets and help get a fresh start. However, it will stay on your credit report for 7-10 years and can seriously impact your ability to open credit card accounts and get approved for loans with favorable rates.  You'll have to meet some requirements before you can file. You need to show proof you can't repay your debts and complete credit counseling with a government-approved counselor. This counselor will help you assess your finances, discuss possible alternatives and help you create a more sustainable financial plan for the future. If you do file for bankruptcy you will need to decide to file chapter 7 or file 13

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What are the Pros and Cons of a Credit Card?

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What are the Pros and Cons of a Credit Card?

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Pros: A credit card provides a credit report of all of your spending through your monthly statement and online account. Having these records kept, it will be a good resource when doing taxes. Also, if you pay your monthly payments on time you will build a good credit history.
Cons: If you don't pay your expenses on time, interest will be charged on them. Interest rates will add up, therefore one may spend more on interest and fees. Credit Cards are also very easy to use which can make it really easy to overspend.

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Payments made in a set period of time to repay set or varying interest rates like car loans or home loans also known as closed end credit. A secured line of credit is guaranteed by collateral, such as a home. An unsecured line of credit is not guaranteed by any asset

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Credit where there is no set time to pay back credit minimum monthly payments but interest does vary. These include credit cards and known as open end credit.

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Banks, credit card companies, auto lenders, mortgage lenders and employers can see your FICO scores. However, there are some legal limitations. Employers can not look at your credit score when your job performance is in question and written consent is needed for any other employer to be able to access your credit score. According to Fair Credit Reporting Act (FCRA), They must have written consent before checking an applicant's credit history.

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How to Fix a Low Credit Score and Maintain One

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How to Fix a Low Credit Score and Maintain One

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1. Paying a credit card bill on time and more than the minimum will show on time payments on a credit report.
2. Asking for a higher credit card limit.
3. Get a secured credit card.
4. Dispute any fraudulent or incorrect credit errors and contact the credit bureau.

Doing these can raise a credit score, but maintaining it includes being organized and strategic about paying, paying on time and keeping track of due dates, and keeping all your information current.

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A recommended site is https://annualcreditreport.com
You should also request a credit report from Experian, Equifax, and TransUnion. All three, not just one.

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A FICO score is a score created by the Fair Isaac Corporation. Lenders use the borrower's FICO score to evaluate the risk and credit reputation and can impact the borrower's interest rate or chances of being accepted or declined a loan. Minimum score is a 350 while the maximum is 850.

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https://www.experian.com/blogs/ask-experian/what-is-the-fair-credit-billing-act/

https://www.experian.com/blogs/ask-experian/credit-education/bankruptcy-how-it-works-types-and-consequences/

https://www.360financialliteracy.org/Topics/Credit-and-Debt/Credit-Cards-and-Reports/Credit-Cards-The-Pros-and-Cons

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At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.
The Fair Credit Billing Act (FCBA) is a federal law enacted in 1974 that limits consumers' liability and protects them from unfair billing practices in several ways. It amended the Truth in Lending Act (TILA), which was enacted six years prior. The FCBA applies to open-end credit accounts, including credit cards, charge cards and home equity lines of credit, but not other types of loans.

Gives You the Right to Dispute Billing Errors

Under the FCBA, you have the right to dispute billing errors that appear on your account statements. These could include:

Unauthorized charges: For example, charges that occur when someone steals and uses your credit card. You aren't responsible for charges that are made after you've reported the theft, and the FCBA limits your total liability to $50 for unauthorized charges. Major credit card payment networks and issuers often go even further and supersede this requirement with zero liability protections for all unauthorized charges.

Charges with incorrect dates or amounts

Charges for products or services that weren't delivered as promised: For example, an item you ordered that wasn't delivered. Some credit cards also offer a purchase protection benefit that may help if an item is lost, stolen or damaged soon after the purchase.

Bills that are sent to the wrong address: This only applies if you've written to the creditor and it receives your new address at least 20 days before the end of a billing period.

Questionable charges: You also have the right to request written proof of purchase or an explanation for a charge if you believe there's an error.

If you file a dispute due to a billing error, you don't have to pay the disputed amount and corresponding charges until after the investigation ends. However, you're still responsible for the rest of your bill.

Creates Notice and Timing Requirements for Creditors

Additionally, the FCBA requires creditors to:

Include a written notice when you open an account, and occasionally for existing accounts, that explains your rights to dispute billing errors.

Send your bill at least 21 days before the grace period expires if your credit card has a grace period, or at least 14 days before your minimum payment is due if the account doesn't have a grace period.

Credit your account for overpayments and attempt to refund the overpayment if your account has a negative balance for more than six months. Creditors also must send you a refund within seven business days after receiving a written request.

Apply payments to your account the day they're received, unless a delay won't lead to extra charges. Creditors can create rules and deadlines, but your payment deadline can't be before 5 p.m. on the bill's due date.

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At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.

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The Fair Credit Billing Act is a United States federal law enacted in 1974 as an amendment to the Truth in Lending Act. It limits consumer liability and protects them from unfair billing practices. It amended the Truth in Lending Act (TILA) made in 1968. The FCBA applies to open-end credit accounts, including credit cards, charge cards and home equity lines of credit, but not other types of loans. It gives the the right and power to dispute billing errors. The FDCPA prohibits debt collectors from engaging in harassment or abuse, making false or misleading representations, and engaging in unfair practices. A debt collector cannot harass or abuse any person when collecting debt

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