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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4
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1answer
107 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
141 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 ...
1
vote
1answer
441 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 ...
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3answers
2k 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
156 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
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3answers
320 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
423 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
891 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?
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votes
2answers
545 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. ...
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3answers
2k 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
815 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
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3answers
3k 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 ...
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votes
4answers
29k 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
3answers
644 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 ...
2
votes
1answer
131 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
1k 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 ...
4
votes
2answers
2k 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
189 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
892 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 ...
5
votes
1answer
334 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
4answers
6k 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? ...
4
votes
3answers
386 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, ...
7
votes
1answer
2k 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
3k 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 ...
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0answers
45 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
1k 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?
3
votes
1answer
191 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 ...
7
votes
1answer
2k views

My student loans are on an income-based repayment plan. How does this affect my debt-to-income ratio?

If my student loans are on an income-based repayment plan, how does that affect my debt-to-income ratio? Is it reported at the current amount I'm paying, or what I would have been paying if it weren't ...
6
votes
4answers
456 views

Does making all one's payments through a credit card make sense?

Does making all one's payments (including house rent, etc.) through a credit card make sense, if privacy is not a concern? If I am planning to pay completely within no interest period (first ~45 ...
2
votes
1answer
104 views

Advise for closing secure credit card

I have a secure credit card with $300 limit in Wells Fargo bank. I was thinking that they will graduate my secure credit card to a regular one after a year. However, it turns out they do that only for ...
9
votes
1answer
286 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 ...
2
votes
2answers
57 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 ...
3
votes
1answer
89 views

Can multiple inquiries with only one mortgage lender over months hurt your credit?

We applied for a home loan in the beginning of January and was told to wait 2 months. I want to know if multiple credit inquiries from only ONE lender will hurt or does it count as one creditor? Over ...
0
votes
1answer
131 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?
4
votes
2answers
2k views

How can I build up my credit history when I have nearly none

I am trying to build up my credit, but I'm not sure how to. Currently, I only have 2 minor things on my report. Both are not necessary good. I owe $75 to a company(which I plan on paying now that I ...
8
votes
2answers
846 views

How is your credit score related to credit utilization?

A few questions: Is it better to use your card and pay off the bill completely every month? [I prefer building the credit score over paying interest] How is credit utiltization calculated? Is it ...
4
votes
4answers
6k views

Pay off credit cards in one lump sum, or spread over a few months?

I am doing a refi + cash out on a rental home. The cash out is to pay off ~24K in credit cards. I am aware of secured debt/unsecured debt and how it is often not a good idea to refinance a home to pay ...
4
votes
2answers
1k views

How do the personal finances of additional cardholders affect your reputation?

I have excellent credit myself, but I have on my account an additional cardholder (family) whose credit isn't so spectacular. (They only use the card for emergencies and always deposit cash in my ...
3
votes
3answers
588 views

How will making monthly student loan payments before grace period ends affect credit?

I recently graduated with student loan debt, and my grace period will be ending soon. Most of these loans are subsidized, meaning I do not pay interest until the end of my grace period. If I begin ...
5
votes
2answers
714 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 ...
9
votes
2answers
4k views

How do I fix my credit score when I have bad things in my credit history?

I am trying to improve my credit score and have been looking for companies to take charge of this effort. But I found them to all be shady at best so I have taken the task upon myself. I have not yet ...
8
votes
3answers
3k views

I am closing one credit card and getting a new one. What order should I do this in?

I currently have a MasterCard from a bank that I am unhappy with. I want to get another MasterCard from a different issuer. Should I close my current account then open the new account? The other way ...
4
votes
1answer
196 views

How does paying off one of two mortgages affect my credit score?

As a follow up to Should I pay off investment property mortgage question, if a person has 2 mortgages and decides to use all the savings to pay off one of the mortgages (why give the bank 5%), how ...
3
votes
1answer
299 views

Does maintaining a low (versus zero) balance on a credit card improve your credit score? [duplicate]

Possible Duplicate: How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score? I've read in a few places some statistics to indicate that people with zero ...
12
votes
4answers
3k views

What's the fastest way I can raise my credit score from nothing?

I'm very fortunate to have had no need for a credit card and I don't own one (debit card only), I have no debt and an excellent job. I attempted to open an account with a respected online-only bank ...
4
votes
1answer
608 views

Calculate 'Credit Score' from Experian statutory credit report?

I ordered a statutory credit report from Experian (UK) last week and it came today. I forgot that it doesn't include a one-off credit score with the report. Is it possible to calculate a credit ...
9
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2answers
2k views

Do margins on a brokerage account affect your credit score?

If you have the ability to trade on margin, will this improve your credit history/score? If you refuse to pay the margin and lack the funds to pay for the money borrowed, I understand that it can ...
4
votes
3answers
804 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
219 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 ...
4
votes
2answers
168 views

Is it good to get 2 credit cards for different bonus?

I currently have a pretty plain credit card, the First Tech Platinum, but I was thinking that I don't really get much out of it, so I started to looked into other cards with better rewards, and cancel ...