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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33 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 ...
15
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2answers
2k 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
107 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 ...
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5answers
153 views
+100

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
41 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 ...
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3answers
230 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 ...
0
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1answer
48 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
51 views

Does closing accounts lower one's credit score?

Does closing accounts lower or increase one's credit score, or does it depend?
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2answers
164 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 ...
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2answers
180 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 ...
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1answer
53 views

What remedies exist for damaged credit score relative to collection agency?

Background Ricfer Sanras got a bill in the mail from CompanyX and refused to pay it because she never signed a contract for the services the CompanyX claimed to render. CompanyX sold the alleged ...
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2answers
126 views

How to get rid of bad credit cards without impacting credit report

I have two bad credit cards, one at 11.8% + Prime (working out to about 18%+) and another recently raised to 30% (card issuer swears they did this on every cardholder, and that I'm a member in good ...
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1answer
57 views

Credit card for low CIBIL Score? [closed]

I have CIBIL score of 628. I want to improve it using credit card. I applied in one bank but they declined it. Is any bank provide credit card for this score in India?
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0answers
59 views

Optimal Credit Card Utilization? [duplicate]

I was wondering what percentage of credit card utilization is optimal to improve credit? Currently I have a "good" credit rating, but there is always room to improve.
0
votes
1answer
175 views

Personal Loan without CIBIL check? [closed]

I have Low CIBIL score. Its take another 1 year for me to improve CIBIL score. But now I have to apply for a loan Rs.100000. I am salaried employee in private sector. And my CIBIL score is 628. Is ...
9
votes
2answers
154 views

Does the history of credit utilization affect FICO score?

Most people are aware that the debt to credit limit ratio is a vital part of the FICO score. The FICO score is updated every time new information is received by the credit bureaus. However, is it ...
1
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1answer
43 views

Demat & Trading account will reduce Cibil score?

I have opened Trading Demat Account before 2 years. But i used only 2 months. Will it reduce cibil score?
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1answer
61 views

How Secure credit card Increase Cibil Score?

I have Low Cibil Score(628). Take Example, I buy secure credit card say for Rs.25000, and i get Credit Limit as Rs.20,000.I do use Secure credit card 50% every month.And i pay EMIs correctly. Than ...
3
votes
2answers
92 views

Best way to get my credit rating higher?

I've never needed to borrow money. The only loan I owe is my student loan which I've been paying for a year now. The only way I can think of getting my credit rating up would be to get a car, so when ...
4
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3answers
217 views

Does credit card declined negatively impact your credit score?

I have been told that trying to make a payment with a credit card that declines due to no funds, negatively impact credit score. Is this true? Edit: This was for a payment online. Note that I don't ...
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1answer
43 views

Time of CIBIL score update?

I have Education loan EMI of Rs 4500 per month. I didn't pay EMI for last 5 Months. So my cibil score has reduced to 600. I plan pay last 5 months EMI in a single payment and EMI regularly from this ...
1
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1answer
104 views

Should I get another credit card?

A few months, ago, I got a $250 secured credit card - for the sole sake of building up credit. On my credit records, I have 3 inquires, everything else is pretty much perfect (I carry a balance of ...
1
vote
1answer
113 views

Do pending transactions count towards credit utilization?

Usually when I use my US credit card for transactions, they are posted as pending. At this time the balance does not reflect this transaction, but available credit is reduced. I have set a target for ...
6
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2answers
211 views

Will paying off an old $8 collection hurt my credit?

Let me explain a little more. I was the victim of a car accident and medical bills went through the roof. I had about $16k racked up, then my settlement finally kicked in 3 years later and paid it all ...
2
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1answer
57 views

Do zero percent APR offers help build positive credit?

I recently bought product "X". This was something I had saved for and I was prepared to pay the full amount. However, the store had an offer of a 12 month payment plan with 0% interest. I'm in my ...
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1answer
67 views

Is it safe to have pension plans with an insurance company with a strong brand but not-that-good credit rating?

I am looking for a pension plan and as part of my investigation, I am checking the credit ratings of the company(eg Moodys). What I am seeing is that the company is having a Baa2 rating. Though the ...
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0answers
103 views

How does a debt consolidation loan affect my credit score?

I am in a stinky situation where I accumulated lots of debt by paying my tuition fees on my credit cards and now they are just killing me with interests. Being on a visa, I was not eligible for a ...
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2answers
91 views

Can I remove a legit negative from credit report?

I had a student loan like 10 years ago, and it is since paid off completely and closed. However, in September 2009 and January 2010 I had late payments. Is it possible to ask that they be removed? Or ...
1
vote
1answer
76 views

Does a car lease count as a car loan for credit reporting purposes?

I've been told that I need to get a loan on my credit report to increase my credit score. I've never gotten any type of loan before. If I get a car lease, does that count as a loan for increasing my ...
13
votes
3answers
752 views

How can I build up credit using a credit card?

I am a poor/broke 20-something, I make minimum wage (or a few dollars above it.) I've been trying to build up credit, in case I need it someday - the likely event my aging vehicle explodes, for ...
6
votes
1answer
68 views

Who are the consumer credit reporting agencies in Canada?

I'm trying to determine what credit freeze and reporting options are available in Canada. In the United States it seems freezing your credit requires contacting all of the credit bureaus. I have ...
2
votes
1answer
108 views

Will getting a second credit card from Citibank lower my average account age on my credit report?

I just got a new credit card from Citibank (double cash back card). Whenever the Citibank Visa for Costco is available, I would like to get that too. When I get the Costco card will this lower my ...
3
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3answers
308 views

Improve credit score by removing adverse account

So my wife and I are trying to improve our credit scores in preparation to buy a house. I don't have any adverse things on my report, but my wife has one. She had a US Bank account a few years ago ...
3
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3answers
240 views

Multiple hard inquiry for a single loan from car dealer?

I'm new to the US and trying to build a good credit history from the beginning. I've just purchased a new car (an hour ago) from an Toyota dealer with a loan from them. I received an alert now from ...
2
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0answers
56 views

Most Efficient Spending Habits To Build Credit Given My Circumstances

I had a question regarding building credit. I have no past credit history, and just opened a secured card with a $200 credit to help me build mine (yes, it reports to all 3 bureaus). I currently have ...
0
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2answers
103 views

How much impact does employment have on credit score?

I'm in college, so I'm not exactly employed, ignoring occasional jobs here and there. I'd like to apply for a few new credit cards, and I noticed I don't have employment on my credit report. My ...
9
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1answer
906 views

If Sears is canceling my account that hasn't been used in years, will it hurt my credit score?

I have a Sears credit card that I haven't used in 14 years. They have recently contacted me and told me that if I don't make a purchase by Nov. 30, that they will cancel my credit card. If they (not ...
2
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1answer
80 views

How can I make a wire transfer as a credit card purchase?

I try to use a credit card for everything, to improve my credit score (as I moved to the US only last year). However, my landlord only accepts wire transfers. I know I can get money off my card and ...
1
vote
1answer
76 views

Overdraft on students account damages credit rating?

I have a student account with a bank in UK with a overdraft of 500 pounds. Speaking to one of the clerks, he explained to me that the overdraft bears no cost and I can keep my bank account in the red ...
3
votes
1answer
129 views

Does LendingClub's quick screening impact credit score?

I'm new to the US and trying to get a loan for buying a car. I know it's hard to get a loan without credit history, but I just clicked around. I typed some information from the homepage of ...
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2answers
69 views

how does a new credit card impact my credit score?

I took a new credit card 2 weeks back and now I saw an exciting offer for a new travel credit card. I know there is definitely an impact because of the hard inquiry but would it impact the score in ...
6
votes
1answer
182 views

My credit score has been erased. What happened?

In 2006, I bought my first car with a loan. In 2008, facing a number of emergencies, I took out a credit card and maxed it out. I worked hard not to miss a single payment on either and to pay off the ...
0
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1answer
136 views

Creditscore dropped drastically

I am new to this community and hoping to get some answers from the knowledgeable crowd here. I have recently started using Transunion Credit monitoring. Last month my score dropped almost 80 points. ...
1
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1answer
145 views

Credit limit decrease in order to get a credit limit increase?

I just opened a new credit card because it gives me better cash back on the things that I purchase. However, it has a credit limit that is only 1/3 of that of my existing card. Just before I got the ...
3
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1answer
128 views

will using credit card a lot help building credit score?

I have a credit card with a very low limit, which I finish regularly in a very limited time. will using it to the limit and pay the balance several time per one statement help to build the credit ...
7
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1answer
85 views

For the purposes of building credit, does dividing up a loan help?

I want to enhance my credit with share secured loans (I'm a member of a credit union). All else being equal, will paying off 5 $200 loans give my credit score more of a boost than one $1000 loan?
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5answers
3k views

Can I pay $20 on my credit card daily?

Here's the scenario, I'm new to credit card and I'm a college student. I need to buy laptop for Fall Semester and my credit card limit is $800. The laptop that I want to buy is $700. If I purchase the ...
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1answer
66 views

How long do unpaid bills remain visible on credit report?

If one has an unpaid bill from a non-credit institution, such as a gym or a doctor's office, how long does that stay visible on the credit report?
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2answers
336 views

Will paying off my mortage quickly harm my chances in the future?

I'm currently nearing the end of the first year of my new 25-year mortgage, which is a five-year fixed plan at 3.39%. As it stands, I can make overpayments of up to 10% of the original loan every year ...
2
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1answer
117 views

Optimal number of credit cards for a given length of credit history

I'm a graduate student in the US since Fall 2013. While I started working at my university the same year, I applied for my first credit card(Discover it) only during March 2014. After about 6 ...