Tagged Questions
6
votes
1answer
92 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
3answers
112 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
30 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.
...
2
votes
1answer
101 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 ...
9
votes
1answer
203 views
What can I plan for to save money on my mortgage?
I am a first time home buyer and any advice is greatly appreciated.
I am going to start shopping soon for getting a mortgage and I need to know what strategies I can use to avoid paying more than is ...
1
vote
1answer
29 views
Closing intermediary credit lines
So one consequence of closing a credit line is that it can adversely affect your credit history if it is your oldest credit line.
But what about closing credit cards you acquired along the way that ...
0
votes
1answer
84 views
Does putting my name on my wife's condo mortgage raise my credit score?
Would it be wise for me to put my name on my wife's condo mortgage (which she owned before we met) to raise my own credit score?
5
votes
2answers
87 views
Do I have an option to transfer parent plus loans to myself?
My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
4
votes
3answers
149 views
Can I check multiple lenders for mortgage rates, via preapproval, and have it only count as one hard inquiry on my credit?
Note: This applies to the State of New York (the NYC metro area), in the United States.
I'm shopping around for mortgage rates. I'm not sure if I have to get a preapproval mortgage to get their ...
6
votes
3answers
125 views
I have an “excellent” credit rating. Do I need to get a preapproval mortgage letter?
I'm in the infancy of buying a residential property. I have a credit rating of EXCELLENT. Do I need to get a preapproval mortgage letter? I thought that getting preapproved would expedite the ...
2
votes
2answers
109 views
How frequently should I request additional credit?
Assuming I simply want additional credit to improve my credit utilization ratio, how frequently (how long between requests) should I request the credit increases? What negative consequences should I ...
1
vote
1answer
62 views
To what extent should I seek additional credit? How much is enough?
I currently have 2 credit cards, each with a $2500 limit. I rarely exceed 20% utilization over the course of the month, and I don't expect any increase in expenses over the course of the next year ...
3
votes
3answers
133 views
Building Credit for a Young Person with No Credit
I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
3
votes
1answer
263 views
Credit History from ITIN to SSN
I am an international graduate student on an ITIN (I recieve fellowship and not assistantship so I am not eligible for SSN). I will be changing to a job that allows me to have an SSN next July.
Right ...
3
votes
1answer
124 views
How does Credit Karma calculate the credit report score?
I signed up for Credit Karma awhile back and I noticed that they are able to run an inquiry just about any time that I hit "update".
How do they do that, since my understanding is you are only ...
13
votes
3answers
331 views
When applying for some jobs, why do they check your credit?
Why is it that some jobs check your credit score? Is this normal? Is it even legal?
0
votes
0answers
34 views
Credit score impact of shopping around to get the best home loan? [duplicate]
Possible Duplicate:
Multiple mortgage pre-approvals and effects on credit score
My wife and I are starting the process of buying our first house. We would like to shop around a bit to get ...
6
votes
3answers
509 views
What does high credit utilization really mean?
I've heard and read that high utilization of credit hurts, but what does that mean exactly? Does that mean high utilization month-to-month, or simply high utilization at all, even when paid off in ...
2
votes
2answers
256 views
What is considered a low credit limit?
I was using a tool that suggest how I can increase my credit score. One thing was that it said my credit limit is "low." But it didn't say what "low" is.
What is considered a low credit limit?
5
votes
1answer
500 views
What if you get pre-approved for a mortgage but don't find a house in the pre-approval timeframe?
If I get pre-approved for a mortgage, that's generally good for 60-90 days, but what if I don't find the right home in that time frame? Another hard-pull on the credit to get pre-approved for ...
4
votes
2answers
2k views
Multiple mortgage pre-approvals and effects on credit score
Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
4
votes
3answers
2k views
Does paying off loans increase or decrease your credit score?
It's a pretty simple question, but I've read a lot of conflicting information on this. From my basic understanding of credit, I know that it's good to have lots of long-standing accounts. That's why ...
2
votes
1answer
189 views
My credit score went through the roof. Why?
3 months ago, my credit score took a massive dip. The consensus was that this happened because I no longer had any credit cards and thus no revolving debt.
So I went out and got myself a new ...
4
votes
2answers
168 views
Do I have to pay interest to increase my credit score?
I am going to ask this oft repeated question one more time because:
I have heard many of my friends say that the best way to increase your credit score is to take a loan ( at an interest) and then ...
3
votes
2answers
95 views
Improving credit score by taking on spouse debt, possible?
My wife and I recently purchased a car, during the process I was shocked to learn my credit score was below average (no debt, healthy credit limit and always paid balances in full, good income) while ...
2
votes
4answers
104 views
What more can I do to improve my credit score?
The earliest history of any credit lines for me is roughly 5 years back. I have 1 credit card, and when I graduated from college I had 7 college loans. I rent my apartment, and pay for ...
4
votes
5answers
1k views
Can signing up at optoutprescreen.com improve my credit score?
I recently discovered optoutprescreen.com, the "official Credit Reporting Industry website" for consumers to opt-out of credit offers. A lot of people recommend signing up there, simply to reduce ...
3
votes
2answers
109 views
What kind of an impact does moving have on your credit (score)?
Being an international student, the room I rent near campus has been my domestic home address since I came here to study.
Now that I am working at a place quite far from campus, I would like to ...
4
votes
2answers
141 views
In the US, will closing a bank account negatively affect your credit score?
In the US, will closing a bank account negatively affect your credit score? I've had it with my bank and I'm thinking of moving my money to a smaller Credit Union. Would this affect my credit score? ...
6
votes
3answers
684 views
Why do lenders do a hard pull when they can do a soft pull instead or are these different reports?
After I was done with my month long credit card applications to establish a credit history, I read and discussed more on how to build a good credit history.
During my conversations, I spoke with a ...
2
votes
1answer
280 views
Paying off all your credit cards but one before statement generation date : helpful?
Some people advocate paying off all your credit cards but one before statement generation date, and maintain a utilization of no more than 9% on that card
Here is my understanding and information I ...
0
votes
1answer
107 views
Better ask for secured credit card rightaway or risk asking for an unsecured credit card first, the secured credit card later if it does'nt work out?
I had applied to DCU for a share-secured credit card, over the phone, but today I came to know they lost my application!
The application number they gave me does not turn up anything and when they ...
2
votes
4answers
87 views
How does a non-uniform utilization across your credit cards affect you?
I have three secured cards with me, one of which gives me rewards for gas and another for online purchases.
The third one is a Mastercard - I use that only where my VISA cards do not get accepted.
...
5
votes
2answers
192 views
What happens to my credit card or line of credit if my bank goes bust?
What happens to my credit card or credit line if the bank goes bust?
I'm not concerned about the BALANCE on them, I'm concerned about losing an older credit line and its effect on my credit history ...
5
votes
2answers
70 views
If there's no credit report at one of the three agencies does this affect decisions by creditors to offer me credit?
This is a very naive question, but I don't know much about this. I asked a similar question before, but the emphasis was different. I managed to get a credit report through Experian and Equifax (and ...
3
votes
2answers
284 views
Transunion is “unable to locate credit report.” Should I be concerned?
I've been reviewing my different credit reports (from Experian, Equifax and Transunion). Equifax spelled my name wrong, and it's not extremely clear that I managed to fix that. But that's not the ...
2
votes
2answers
714 views
Is it a bad idea to have 3 secured credit card accounts open?
I initially signed up for a Wells Fargo cash secured credit card, last month, but lately with their changing the ToS and extra fee, I am worried about my choice.
People have asked me not to close ...
3
votes
3answers
154 views
How do I lower my debt-to-credit ratio?
I have a debt to credit ratio of 38% on a credit card with a limit of $1000. I thought I did every thing well: I paid on time, I spent moderately. I understand that %38 is bad. What have I been doing ...
15
votes
11answers
679 views
When should I walk away from my mortgage?
I bought my home in California in 2006, at the height of the boom. Now I owe $100K more than the home is worth.
California is a "no recourse" state; if I stop payments, the bank can take the house ...
0
votes
2answers
312 views
Can I save our credit with a quickie divorce?
I bought a house in 2006, at the height of the boom. Now I owe more than $100K what the home is worth, and considering walking away from my mortgage.
(I'm in California, which is a "no recourse" ...
4
votes
2answers
107 views
Should I look up my credit report or score before applying for a credit card?
Right now I have two Credit Cards, Amex and a Visa through Wells Fargo.
I am planning changing over to Chase Freedom card for their 5% cash back. Part of the sign ups, depending your your credit, can ...
9
votes
2answers
186 views
How to pay off a loan to maximize credit score?
Which is better for your credit score, in terms of paying off a loan?
Paying the minimum every month, on time, through the entire period of the loan
Paying a certain amount above the minimum every ...
4
votes
3answers
126 views
Is there a website which will let me pull my 3 bureau FICO and not make me sign up for some subscription?
I've read 3 or 4 other posts on here about free credit reports and scores. What I'd like to know is if there's a way for me to get my 3 bureau FICO without having to do some ballet to get a ...
12
votes
4answers
2k views
Can it really hurt your credit to pay off things in collections?
I have 4 items in collections according to my credit reports - 2 medical bills totaling $1700, and unpaid traffic ticket for $200, and an old utility bill for $185.
I have one credit card that I've ...
6
votes
4answers
163 views
What's a good next step in rebuilding my credit rating?
Here's a summary of my current position:
Current credit rating of 600/610 (I think. I'm positive it was in the lower 600's 4 months ago)
I've had a card for a year, $500 limit, no late payments, ...
11
votes
7answers
1k views
What's the average credit limit?
For a number of reasons, I recently asked my credit card company for a credit limit increase. I was hoping they'd propose a new limit to me, but they instead the reverse happened: they asked how much ...
3
votes
1answer
224 views
Does reopening a Chapter 7 bankruptcy to reaffirm a mortgage change the date of discharge for reporting to credit bureaus?
I am considering reopening my Bankruptcy Chapter 7 that was discharged last year for the purpose of reaffirming my mortgage for the purpose of boosting my FICO score by adding a mortgage to my mix of ...
3
votes
3answers
1k views
Adding myself as a co-holder of my parent's credit card will build my credit history?
I have been in the U.S. since 2007 as a student, and only recently realized the importance of buliding my credit history.
My belief is that a credit card is the way to start building a credit ...
4
votes
2answers
160 views
Should I try to optimize my credit score before applying for a loan?
I am considering shopping for a house somewhere this year, which of course would involve shopping for a mortgage. And mortgage rates depend on the credit score. My credit history is clean from ...
11
votes
3answers
375 views
Should I really pay off my entire credit card balance each month or should I maintain some balance?
I've heard two conflicting things:
One is that you should pay your entire credit every month, and the other that you should maintain roughly %30, %50 (it varies by who you ask) of your available ...
