So one of my credit card limits increased about a month ago it just posted on my Trans CR and my balance went down it only brought my score up 1 point! I was added as a AU on a good credit account is there a way I can contact the bank and have them report it ASAP...lol..I know that might sound funny but I really really really want my score up. I want to buy a house so I can get that tax credit before Nov 30
It is not a tax credit, it is an interest free loan. From Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years Q. How and when is the credit repaid? A. The first-time homebuyer credit is similar to a 15-year interest-free loan. Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayerâ??s income tax return for that year. For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024. You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld. However, some exceptions apply to the repayment rule. They include: * If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount. * If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion. *If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale. *If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments
Congrats on the credit limit increase - those are rare these days. Regarding the addition of the AU account, each creditor reports on its own timetable, and then you'll have to wait for the CRA's to update as well. Unfortunately, you won't be able to just call them up and request that they hurry up, but you should expect to see the change sometime within a 2 month time period.
Make sure that the card you were added to allowed the input of your social. Otherwise, you will need to get the cardholders address on your reports. The credit reporting agencies will block the line without a second data field match.
