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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5
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1answer
211 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 ...
14
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3answers
417 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?
4
votes
2answers
215 views

How would a collection against me affect my credit

I went to a new city two weeks ago and rented a 2011 Civic in the meantime. On the last week of the rental, someone hit my car in the front bumper in a parking lot. The damage was a 2 by 3 inch dent ...
25
votes
8answers
2k views

Optimal way to use a credit card to build better credit?

I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
0
votes
0answers
38 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 ...
8
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3answers
1k 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
684 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
2k 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 ...
6
votes
2answers
16k 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 ...
5
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3answers
3k 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 ...
0
votes
1answer
362 views

What percentage of your credit card limit should you use [duplicate]

Possible Duplicate: What is the optimal ratio of used credit to credit limit for your credit score? Does length of credit history or percent of credit used count for more? I just read ...
2
votes
2answers
188 views

Does length of credit history or percent of credit used count for more?

When I was back in college my mom added me as an authorized user to her credit cards. I have now graduated and been paying my own student loans (on time) for the past year. In checking my credit ...
2
votes
4answers
135 views

Canceling credit cards - insurance rate increase?

So, in the U.S., everyone seems to want to have a great credit score. But, if you are doing well financially, you probably won't have much debt. In fact, I don't really want to have a bunch of ...
5
votes
3answers
1k views

Should I get a personal loan or a line of credit?

Looking to buy a new computer. While I can afford to buy it outright, I'm looking to get a loan to help make my credit a touch better. But I'm wondering if I should just go with a line of credit, ...
3
votes
1answer
365 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 ...
8
votes
2answers
290 views

How does Paying credit card in full VS paying with interest will affect your credit score?

What is the effect of paying credit card in full or with interest on your credit score?
5
votes
2answers
202 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 ...
4
votes
2answers
150 views

How soon are credit reports available, after opening one's first credit account ?

They say that your credit reports are available after having an open credit account for 6 months. I've had a Citi Forward card for international students for 6 months and a week now, but I still can't ...
4
votes
4answers
4k views

TEC Credit Score - What is it and what are my rights?

Recently I moved to a new state and needed to get signed up with the local electric company. They ran a credit check on me and determined that I needed to pay a $200 deposit. They said this was ...
10
votes
3answers
196 views

Are credit monitoring services worth the monthly fee?

Several services offer to monitor your credit - supplying you with an updated credit report every month and your credit score, too. Are they worth the monthly cost ($10-20 is the range I've most ...
4
votes
1answer
196 views

Can I pay a collection agency in a way that will improve my credit score?

Finally, I've got cash in the bank. But this comes after a few years of building up a credit card debt of about $5,000 and not paying it off. A collection agency has come after me. I'm sure my ...
4
votes
2answers
736 views

Buying a car - advice needed

Some bad decisions and/or stupidity during grad school left me with a credit score of 593 and a collection+late payment on my credit report. A month ago my car died and now I need to get another one ...
3
votes
2answers
116 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 ...
6
votes
1answer
157 views

Will “rate shopping” affect my credit score?

I'm thinking of buying a car but I have a low credit score (649). I have a bank account that I've been using for the past five years so I thought I would apply at that bank first, get a quote and then ...
2
votes
4answers
146 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
3k 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 ...
4
votes
7answers
2k views

Closing unused credit cards: how much will it really hurt?

I have three credit cards, but I only use the newest. I pay it off in full every month, and the two older credit cards haven't seen a single transaction in over a year. None have an annual payment, so ...
3
votes
2answers
189 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 ...
7
votes
2answers
358 views

My credit score took a massive dip. Why?

I checked my credit score today and it took a massive dip compared to one month ago: Ignore the gray line - it's immaterial. Transunion - Green Experian - Blue Equifax - Red I downloaded the ...
15
votes
4answers
4k views

What can I realistically do to raise my credit score?

I have a crappy credit score. My situation in a nutshell: In the divorce, the ex got the home, which was then foreclosed on. My name was still on the mortgage. That was in 2009 or so. I attempted ...
4
votes
2answers
173 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
2k 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
605 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 ...
4
votes
3answers
483 views

How does selling my house affect my credit?

I bought a house 3 years ago. Since then I have made all my payments on time without ever missing a payment. From my understanding, this is good for my credit. I am now selling my house. How will ...
7
votes
1answer
148 views

What is the source of this blog post about maximum credit scores?

So I'm reading up on credit scoring, and I came across this posting: The maximum score held by a U.S consumer is…834. There are consumers in New York, Florida, New Jersey and Pennsylvania who ...
3
votes
3answers
103 views

Lost ID and Identity Theft

my wallet was stolen, and the thief used my credit cards, which I now cancelled. In my wallet was also my state ID (what I have instead of a driving license, since I don't drive). How likely is it ...
1
vote
1answer
189 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 ...
3
votes
4answers
151 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. ...
6
votes
2answers
256 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 ...
2
votes
1answer
2k views

What factors are used to calculate one's credit worthiness?

What factors are used to calculate one's credit worthiness? I believe this is a non-localized topic, so I am interested in hearing factors that are used from all over the world. It is possible that ...
5
votes
2answers
85 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
640 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 ...
6
votes
2answers
417 views

What is the difference between credit score and debt rating?

Why is it that the credit worthiness of individuals is tracked via 'credit rating (score)' while that of nations (soverign debt) is tracked via 'debt rating'?
4
votes
3answers
173 views

What proactive measures can be taken before or when a lender closes your credit card?

A blogger and contributor here recommended Digital Federal Credit Union (DCU) as a possible lender in my search for cash secured credit cards to establish my credit history, and I got approved for one ...
2
votes
3answers
4k 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
173 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 ...
6
votes
3answers
406 views

Would consolidating my student loans improve my credit score?

I graduated college a few years ago and have roughly $12,000 in student loan debt left. Even though I make 1 monthly payment, the loan shows up on my credit score as 6 installment loans. When I go to ...
3
votes
1answer
108 views

How does it influence the credit score if the credit card was used in the past, but not in present

If I own a credit card and I used it for a while (say 6 months) and after that I decided to stop using the credit card and use my debit all the time. How will this influence my credit score? Being ...
19
votes
10answers
931 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 ...
1
vote
2answers
373 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" ...