A credit score is a weighted number computed to determine your credit worthiness, and is relevant when arranging for credit or a loan. This tag is to be used for questions related to understanding how things would impact your credit score. Related tags are credit-history, credit-rating and ...

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How is Credit Score Calculated [on hold]

How is credit score calculated by credit companies? What factors can increase or decrease credit score values?
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1answer
26 views

Does transferring credit card providers affect your credit score?

I know that part of your credit score is the "average age of lines of credit". However, I'm not sure how the credit agencies determine what a particular "line of credit" is. To be specific, my bank ...
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7answers
3k views

Is it ever a good idea to close credit cards?

I have a bunch of credit cards with no balance, while others have fairly high balances. I'd like to close the 0 balance cards, but I know that will reduce my overall balance and hurt my credit rating, ...
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2answers
48 views

Does a SIM only cell phone contract help credit rating?

I have been told that cell phone contracts are sometimes a way to improve one's credit score. This makes sense to me as a phone contract involves a commitment to pay monies at a regular interval, ...
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1answer
70 views

Taking a small loan to improve Credit Score

Younger me made some horrible financial mistakes. Now as the idea of a house loan is not a far distance fantasy anymore, I think about how to improve the score. I already read several sources to ...
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2answers
54 views

Credit limit and regular payments

I have 3 credit cards with a total credit limit of $5,100. I pay my credits every week on Monday. I spend more than my credit limit every month BUT I never spend more than 50% of my credit limit ...
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2answers
87 views

High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?

I presently have: Credit Card, £2250 balance, interest rate of 17.43% Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment) Credit Card, £2400, interest rate of 34% Overdraft of ...
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3answers
93 views

Credit score in UK for foreigners

I've been living in the UK for 5 years and I've been working in here for 3 years. Although my credit score is in good condition now as I set some regular debit card payments; according to experian, I ...
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1answer
68 views

Holding Multiple Credit Cards. Does the credit limits add up and work together? [duplicate]

So lets say I have the following credit cards with the following limits: $1,500 $8,500 $9,000 If they all sat at 0 usage, and I was to charge one of them at say $3000 and let that sit on 0% APR ...
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7answers
12k views

Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?

I am planning to make a big purchase. I have the money in savings to cover it, but I don't want to drop $2500 all at once if I can avoid it. I have a credit card with a $9000 limit, but I know that ...
5
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2answers
148 views

Getting a credit card exclusively for the sign-up bonus

There are quite a few credit cards with exceptional sign-up bonuses (and then fairly average terms). If I signed up for one, fulfilled the spending conditions for the signup bonus, used that bonus, ...
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0answers
18 views

Can an authorized user of a credit card build their credits from using the card [duplicate]

I have a few years' credit history, and most of the time a FICO score of 780 to 820. I believe my spouse never had any credit accounts. If I add her as an authorized user of one of my credit cards, ...
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2answers
94 views

Is keeping a credit card with a fee open worth the positive impact on credit score? (due to age of account)

I have recently paid off my credit cards and would like to close most of them. I have six cards total, three of which are no-brainers to close. The newest card (less then one month old) has quite a ...
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2answers
111 views

Paying credit card bill in segments — good, bad, or neutral?

So I prefer to keep total utilization under 25%, and I am at around 20% now. I thought that, since I don't have a due date until next month, I could pay the bill in pieces, little by little, and ...
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1answer
106 views

Using credit card near the closing date

Say my closing date is on April 28. and I currently have $0 balance. Is it ok to use the credit to buy something around today (April 24)? Or should I keep my $0 balance until the next closing date and ...
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1answer
143 views

Canceling a heavily used Credit Card to pick up a new one

I've heard people say if you cancel a credit card it hurts your credit score... not sure how true that is. Anyway... I have a credit card with a $8500 limit that I push a good $2000+ through a month ...
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2answers
124 views

Lost credit card replaced with new card and new numbers. Credit score affected?

I recently left my credit card at a bar so I reported it as lost to my bank, and my bank said I will get a replacement within a few days. For what it's worth, I picked my card up from the bar a few ...
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2answers
86 views

Can I maximize my credit card rewards and keep a low utilization?

I have seen that low utilization is key to keeping or improving my credit score. My question is more in line with credit limit, cash back rewards, and ulitilization. If I make a purchase and then ...
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2answers
183 views

I owe a small amount on a credit card. Is it better for my credit rating to pay it off right away or to make monthly payments?

On one of my cards (one that I don't really use), I have a balance of $70. If I do nothing, it will pay itself off over the next few months. (It's set to automatically make the minimum payment on ...
2
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2answers
170 views

Why does my 1.5 years old credit card not appear on my credit report?

I tried to buy my credit score on Equifax but it wouldn't let me buy it but told me I can purchase a report for $15 instead of the $25 one required for my rental application. So in the $15 one it was ...
4
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5answers
1k views

Can you have negative credit utilization? How would it appear on your report and affect your score?

I know from this answer that having 1% utilization is better than 0%, but what about -1%? Is this even possible? Every time I make a charge with my credit card, I pull up my bank's app and pay it ...
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3answers
178 views

Can putting someone else's Social Security Number on my credit cards hurt my credit score?

First of all, the other person would not get the physical cards (I would get the second card with their name, but destroy them upon receipt), so the balances should be safe. However, I'm unsure if ...
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2answers
109 views

How much will a short sale on your home hurt your credit?

This answer says: Short sale or foreclose and kill your credit for a few years. And that made me curious - how badly does a short sale or foreclosure hurt your credit, and for how long?
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1answer
120 views

How will getting a second credit card from another bank impact my credit score?

I am almost 20 and have had a credit card since I was 18, I was working (officially) since I got my chequing account in early teens. I have been with TD Canada Trust ever since (Canada). Now I want to ...
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2answers
92 views

Using credit after statement issued — but paying in full?

If I get a statement with $10 on it, but charge 2 more after that it's no longer the same statement -- but if I still pay the $12 on it in the grace period I am still not charged interest. My ...
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1answer
74 views

If I pay my credit card bill before the company reports it, will they always report zero? [duplicate]

If I spend 20 and pay back that 20 instantly after using it, will the credit card company state that I spent 20 and paid 20 back (to the bureaus), if I paid that amount before they reported it? ...
4
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1answer
87 views

Will the AMEX to CitiBank portfolio sale affect my credit score?

I've had my Costco-branded American Express credit card for 12+ years. CitiBank will be purchasing the portfolio from AMEX in line with their new deal with Costco. Assuming no hard credit pull and no ...
4
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2answers
136 views

If I pay my credit card balance immediately, will my credit score still go up fast?

I heard that it's good to have a balance because then the bureaus report that balance -- if you pay it off before they report it, they report zero. Since you want the bureaus to know that you use ...
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2answers
89 views

Credit score and paying my balance before the closing date?

If I pay my balance before the closing date, my balance goes to zero and that is what is reported to the bureaus. Given so, would that hardly affect credit? I want my credit to go up as fast as ...
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0answers
50 views

Establishing $10K line of personal credit with minimal interest from zero credit score

I am a fresh expat from the UK, having recently moved to California. Working as a Sole proprietor, I'm providing software contract services across San Francisco. This business has significantly ...
4
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1answer
120 views

USA: Build credit score with second credit card - no history

I am new to the U.S. and therefore have no credit history at all. I am employed here and my salary is good. I want to build credit history and therefore opened a secured credit card which I use ...
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0answers
45 views

At what point does applying for more credit cause your score to rise faster than if you do not?

They say that the number (and diversity) of accounts tends have a positive impact on your credit score. However, to acquire such accounts, one must suffer hard inquiries against your report. ...
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0answers
35 views

Equifax No Credit Report/Score

I started my credit score history about two years ago. I am about to pull my credit reports from transunion and Experian but not from equifax website. Same thing when I try to put a freeze on my ...
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3answers
67 views

Could my credit ratings have been hurt even if I use a virtual credit card?

I had subscribed to NY Times during an introductory offer with a Virtual Shopsafe credit card. I didn't increase the limit on my credit card and after the first month, my subscription became ...
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0answers
34 views

In Canada, does a 'Soft Credit Check' publicise the Credit Score?

I ask about the entitled question for only a 'Soft Credit Check' in Canada requested by someone else (other than you). I already know that: 1. the Credit Score is excluded in the free Soft Credit ...
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5answers
207 views

Do I need to use all of my credit cards, especially the oldest, every month to build credit?

I understand that it's important to keep my longest line of credit open, which is about 5 years. However, I really don't like using that credit card for logistical reasons (out of state bank, etc.) I ...
8
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3answers
272 views

How can I inform the collector that I have paid the landlord in full, to update my credit report? Will it help my credit score?

Unbeknownst to me, some apartment debt I paid had already been sold to a collections agency before I actually paid it. Now the collections agency still thinks I owe, (according to my TransUnion ...
3
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3answers
149 views

Closing a store card I just opened

I recently opened a Walmart card account last week with the promotion they had going on. Today I got a credit alert and when I checked it, I noticed my score was a few points lower, seven to be exact. ...
3
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2answers
46 views

Removing unused credit card from CIBIL credit report

I used to hold an ABN Amro(Now RBS) co-branded credit card back in 2008. After using it for a period, I realized that the card was no good for my needs. I called up the customer care and asked for the ...
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4answers
3k views

How much does credit score matter?

The higher your credit score, the better. If you ever had the choice of two different credit scores, you are always better off preferring the higher one. However, while the utility of a higher score ...
1
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1answer
82 views

Credit score impact of immediate card payments

Some background In an attempt to get out of the rental game, I'd like to get my score boosted to the point where I can get considered for first time homebuyer programs. I'm spending north of ...
49
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10answers
14k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
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3answers
183 views

Why do credit card companies want people with good credit scores? [duplicate]

In order to get approved for most credit cards, you need to have a good credit score. But why do the credit card companies want people with good credit scores (which indicate that you're more likely ...
5
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5answers
279 views

What evidence that reporting a small utilization (vs no utilization) leads to a better credit rating?

In North America, it is common advice to make your credit card shows utilization. That is, let some balance remain until the statement issues so that utilization will be reported to the credit ...
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1answer
50 views

Is it ok to just report to 1 credit bureau instead of all 3

I work for a company that reports customer account activity to all 3 credit reporting agencies (Experian, TransUnion, EquiFax) which requires a lot of effort and opens us up to a lot of risk if care ...
5
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3answers
252 views

Have plenty of cash flow but bad credit

I had financial issues back in 06-08 (when the nation in general also did). I had debt I couldn't pay, and I had to sell our house short. I since then have not purchased anything I couldn't pay cash ...
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1answer
72 views

Is credit score affected if an account is closed from whom I am an authorized user?

A couple of years ago, my father added me as an authorized user on a store credit card, to help me create credit history. Since then, it has been appearing on my credit report, and it is right now the ...
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2answers
59 views

Does closing accounts lower one's credit score?

Does closing accounts lower or increase one's credit score, or does it depend?
3
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2answers
498 views

Can I pay off my credit card balance to free up available credit?

Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a payment period? I just got a credit card to start rebuilding my credit. I have ...
4
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2answers
222 views

Is there any downside to opening credit card accounts and then leaving them inactive?

I currently have a single credit card. I don't really use it at all, maybe $50-500/month on it which I pay off. In checking my credit score, which is already near 800, I got a pretty good ding for ...