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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2
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1answer
25 views

Do I build credit at the same rate when my wife and I share a card?

I searched for this question and found a similar one but wasn't able to find the answer to specifically what I'm asking. My wife and I share a credit card. I believe that she's actually the primary ...
0
votes
1answer
65 views

Is my spouse at risk for a joint filing in a year where I have settled a major debt? [on hold]

I settled and wrote-off a major debt. This was recorded as 1099-E income. I incurred all of this debt under my name only, and she was not my spouse at the time I got into the debt. She was my ...
0
votes
2answers
68 views

How to improve the late payment score on credit report

I have a question regarding payment history. I am trying to help a friend improve his credit score. My biggest challenge is that my friend has more than 20% in late payments. My question is how to ...
9
votes
4answers
540 views

Figuring out an ideal balance to carry on credit cards [duplicate]

Until recently, I was under the impression that it's bad for your credit history to not pay all bills on time and in full. However, a banker recently told me that it's a good idea to carry a small ...
3
votes
1answer
80 views

Does being added as an authorized user help credit score?

My wife and I both filed bankruptcy 15 months ago, and are slowly getting our credit back. We both got a credit card from Capital One. Does adding each other to the other's card as an authorized ...
6
votes
3answers
184 views

Is it a good idea to get a mortgage when buying a house, for credit reasons?

I'm thinking about buying my first house, and I'm wondering whether I should get a mortgage from a bank or not. This is mostly because I've heard that getting a mortgage is critical part of building ...
3
votes
1answer
52 views

Personal Line of Credit and Credit Utilization rate

Let's say I have a Personal Line of Credit for 20,000. If I use 80% of it, will it have the same effect (on Credit Scores) as that of a Credit Card with 80% utilization?
1
vote
2answers
78 views

How can I have credit cards without having a credit history or credit score?

Is your credit history/score like a criminal record? I mean is it always with you? Also, are there other ways to get credit cards besides with a bank? I want inside my credit score without having a ...
3
votes
1answer
63 views

How is credit-card utilization calculated when you have more than one card?

I know that your credit utilization affects your credit score, but I have a question about how exactly this is calculated. Suppose I have two credit cards: Card A has a credit limit of $1000 and ...
1
vote
2answers
73 views

Effect of early pay off and using again for credit card

I'm using below 30% of available credit and paying off all amount early. What will happen if I use some amount lets say again below 30% and pay it off again before the due date. Does it considered as ...
3
votes
2answers
77 views

How do I find out the recent negative information on my credit score?

I am accessing my Experian credit report from their website. In the summary of my account there is a tab for "Negative Information", where it states that it has been 0.5 Years since the last time ...
4
votes
1answer
126 views

What risks am I taking if my well-off close friend is asking to use my credit to flip a property?

I have very good credit that I've worked hard to obtain. My friend has flipped a few properties and made some good money doing so. He wants to pay me a fee along with any taxes I'll endure if I put a ...
8
votes
1answer
150 views

Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good ...
1
vote
3answers
77 views

Might I need a credit score to rent, or for any other non-borrowing finances?

I'm moving to Canada soon, and I've read that some people use credit cards for the sole purpose of building up a credit score that they might need. Personally, I consider a system requiring this ...
0
votes
2answers
70 views

How to get 0% financing for a car, with no credit score?

Is it possible to get a 0% interest rate for car loan for a used car in the U.S.? I've been working for 7 months and I just got my first credit card, so I don't have a credit score yet. I'm planning ...
4
votes
1answer
89 views

Effect of debt utilization on FICO score: is it overall, or individual?

I am currently at 42% utilization in overall revolving, credit card debt between three cards. My total credit lines equal $27K. I am looking to buy a house by the end of the year and I am working hard ...
2
votes
1answer
119 views

Home insurance score drastically decreases after car insurance claim?

I noticed something very peculiar on my home insurance. My parents have horrible credit, so last year they purchased a van in my name, with a finance plan. A few months ago, my father was involved in ...
4
votes
2answers
404 views

Does paying off a car loan increase or reduce a persons credit score?

I know that closing credit card accounts reduces the number of open credit lines, and paying off a car loan would also reduce the number of credit lines. I have had the car loan for over 3 years, it ...
10
votes
4answers
224 views

Should I pay an erroneous bill in collections if it is a tiny amount?

I have a very small bill amounting to $43. I was billed this amount when a medical services company sent me a product that I did not order. (It was probably ordered on my behalf by a doctor I ...
2
votes
3answers
128 views

What is the best way to fix my credit?

My credit has been really poor for a lot of years. I really want to be able to have better credit but everything I do does not help. Can anyone give me any insight on how to fix it up?
5
votes
1answer
246 views

How does Bill Me Later check a person's credit using DOB and Last four SSN digits?

Currently, I'm looking to open Bill Me Later account. I notice that it only asks Date of Birth and last 4 digits of SSN. According to this website, The first three digits are based on the state ...
2
votes
2answers
48 views

Can an individual have multiple credit scores from different credit rating agencies?

As an individual, is it possible to have two different credit scores if rated by two different agencies, just as a corporation can have different credit ratings based on the rating agency?
4
votes
1answer
188 views

How do I get a debt settlement letter to agencies to erase bad credit details on the three reporting agencies?

I have just settled a debt with a collector and received a settlement letter. They told me they don’t report to creditors. How do I get this information to agencies to erase bad credit details on ...
4
votes
1answer
69 views

How can a UK citizen recently living in the U.S. establish a U.S. credit rating?

I am a UK citizen who has been living in US for the last year. About 6 months ago (although maybe less) I got a Social Security Number for the first time. I have been renting an apartment under my ...
1
vote
1answer
107 views

Credit Card vs Personal line of Credit

I have a question regarding the effect of opening a Personal line of Credit. I know for a fact that opening a new Credit card reduced the "Average age of credit history". Will a personal line of ...
0
votes
1answer
106 views

Taking a car loan vs cash and effect on credit score

As a follow up for Should I finance a used car or pay cash? Will taking a loan improve a credit score? Does it matter how long it takes to pay off the loan? I wonder if taking a loan and paying it off ...
0
votes
3answers
1k views

Will paying off a credit card early affect my credit score?

I am 24 years old and have been trying to keep a close eye on my credit. I know that i should be using about 20& of my credit limit. However, I now have about 40% used. I have plenty of money ...
5
votes
2answers
129 views

Is it advisable to take small planned loans before going for a huge home loan?

The area that I am focusing on is related to get lower interest rate when applying for a house loan 4-5 years down the line. After graduating from school and having a job, the credit score> ...
8
votes
3answers
206 views

Does a balance transfer from a credit card affect our credit score?

If we do balance transfers from our credit card, pay more than the minimum payment within the due date and payoff the entire amount slowly within the specified time-frame, does it improve our credit ...
5
votes
2answers
209 views

How to deal with a landlord charging more than what is specified in the lease when I break the lease?

I am not from the U.S. and this is my first experience breaking the lease. I had to break it to move for a new job, and no one would like to sublet the apartment since it is a damp basement. The ...
2
votes
1answer
331 views

How does an eviction affect a guarantor's credit score?

If I am the guarantor for someone (say a child, or a younger sibling), and that person got evicted, under what conditions (if any) does this show up on my credit score/report?
3
votes
2answers
182 views

Is the age of my parents' credit card helping my credit more than the balance is hurting it?

I am listed on one of my parents' credit cards with an account age of 37 years. I am 28. This makes my credit history very very old — 37 years old — and significantly older than my oldest credit card. ...
1
vote
3answers
918 views

Which is a better method for keeping my credit utilization low: spending less or getting a credit limit raise?

I'm currently a graduate student and since I want to build credit, I got my first credit card. However, the credit limit is really low (< $1000). I've been reading that I should always keep my ...
2
votes
1answer
300 views

Should I finance a car to build credit for a mortgage next year?

I'm hoping to purchase my first home next year, but I'm having trouble deciding on the best way to raise my credit score. Here is a summary of my current situation: Credit Score Estimates (via ...
4
votes
3answers
1k views

Am I still building a credit score if I use my credit card like a debit card?

I have a credit card through my local credit union. I am not sure if this is normal: Essentially, I am using my credit card like a debit card. If I anticipate any major purchases I will put money on ...
14
votes
3answers
5k views

What happens to my credit history if I pay before my credit card bill is generated?

I've read that keeping one's credit card utilization below 20% improves your credit score. If for some reason I have an expense that is greater than 50% of the credit limit and I pay by credit card, ...
3
votes
2answers
333 views

Do credit checks by mortgage companies affect my credit score?

My wife and I are applying for a mortgage and I have been using a median score that I had run in April of this year. We are getting ready to lock in our rate, but speaking with one of the mortgage ...
1
vote
1answer
76 views

How long will it take for my credit score to reflect my name having been taken off a mortgage?

As part of divorce settlement (January 2011) my ex was required to remove me from our Mortgage and Home Equity Loan ($600,000). For 23 years we made timely payments, so there was no BAD DEBT - just ...
6
votes
3answers
515 views

Should I cancel an existing credit card so I can open another that has rewards?

I have four credit cards. One has a cash back rewards, one a discount, and the other two do nothing for me. However, one of those two is my oldest card, so I cannot close that account. I would like ...
3
votes
2answers
425 views

What is a reasonable credit limit?

Given my existing credit score and annual income, how do I calculate what a reasonable credit limit for me should be? I'm really looking for an order-of-magnitude estimate. e.g. should it be 40% of ...
5
votes
1answer
117 views

Why does my credit score bounce back and forth over a 30'ish point range?

My credit score seems to bounce back and forth over a 30'ish point gap. I have changed nothing (edit: that I know of). I have the same number of credit cards I've never had a late payment I ...
9
votes
2answers
405 views

No Late Fee Credit Cards - What is the gotcha?

For weeks now I've been seeing ads for the Citi Simplicity card and Discover IT Card all over (be it on the NYC subways, TV, magazines, etc.) which boast a couple of features but I'm very curious ...
4
votes
1answer
139 views

Debt sold after 5 years in collections

So for a not so dumb reason 5 years ago I decided not to pay a utility bill (charged me $300 for 2.5 days of service when my normal bill was < $100). Fought with them back and forth and told them ...
3
votes
3answers
2k views

Does a cash advance hurt your credit or (official) reputation in any way?

Does a cash advance hurt your credit or (official) reputation in any way? Does it appear in records at all, and would it be frowned upon if it did? What if the cash advance were taken at a casino? ...
2
votes
3answers
134 views

Building Credit with Credit Card

I recently got my first credit card (although I have had a debit card for a long time). It has a $1200 limit. In order to maximize my credit building, which of the following is the best method (or, ...
6
votes
1answer
1k views

How quickly does decreasing credit utilization affect your credit score?

There is a lot of advice out there about keeping your credit card utilization above 0% but less than 20%. I'm currently carrying about 85% utilization on my card and have plans to lower it. How long ...
2
votes
4answers
1k views

Should rebuilding credit include getting multiple credit cards?

In short, I had bad items on my credit report that I found by getting a free copy of the trans-union report on myself. I contacted the numbers to the items on my unpaid/ bad list and after about a ...
1
vote
0answers
37 views

“Dispute” Credit Report by pointing out debt that they don't show? [duplicate]

I have looked all over and it seems as though whenever anyone suggests disputing inaccurate information on your credit report, they are always referring to removing or changing existing records. ...
0
votes
1answer
703 views

Do I have to spend money with my credit card to increase my credit score? [duplicate]

I opened my first credit card a few weeks ago. How much money do I need to spend with my credit card to increase my credit score? Do I even need to spend money with it to increase my credit score?
2
votes
1answer
138 views

How long does it take to have no credit history?

In considering my 5-10-20 year goals recently, one of them is to not use debt - whether credit card, mortgage, car loan, etc - even on a monthly basis. I currently am young, single, and have no debt ...