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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3answers
2k 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 ...
17
votes
4answers
26k 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
626 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
129 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 ...
5
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
186 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
804 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
312 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
353 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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vote
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
189 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
452 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
103 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
273 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
130 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
814 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
986 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
566 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
688 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
195 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
297 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
596 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
votes
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
791 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
215 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
166 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 ...
2
votes
1answer
9k views

How can I switch my credit card to another issued by the same bank, keep my credit history, and get the sign-up bonus for the new card?

I have one card, but would rather have another - they're issued by the same bank. I don't want both of them because they both have annual fees and I want to keep only one card with an annual fee. ...
3
votes
3answers
2k views

Will getting a second credit card help my credit rating?

I've heard that getting a second credit card can help your credit rating. I am wondering if this is indeed true. If so, why is the case? Much thanks in advance!
2
votes
2answers
165 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
136 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 ...
8
votes
3answers
10k views

Will it hurt my credit to accept a credit limit increase?

I got an email from Citi offering me a credit limit increase on my 4 year old card: Subject: Good News About Your Citi Card - Please Open Immediately It's our job to make sure your Citi card is the ...
8
votes
3answers
17k views

Should I close my BestBuy Credit Card? Will it affect my credit score and history?

I was young and stupid and opened up a Best Buy credit card 5 years ago. I bought a new laptop and also a lot more stuff during these 5 years. I have bought over 10,000 dollars worth of stuff and paid ...
2
votes
1answer
122 views

Is it beneficial to my credit score if I close my youngest credit lines while preserving my current credit utilization rate?

I have several newer credit lines that I opened to get cheap financing for buying some appliances. They are paid off now, but they are really hurting my average age of credit line portion of my credit ...
3
votes
1answer
23k views

My Co-Signer is the Primary Account Holder for my Car Loan - Does this affect my credit?

I recently financed a car purchase, and my father co-signed for me. I received the first bill, to find out that he is listed as the primary account holder with the finance company, although I am the ...
3
votes
3answers
368 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
733 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
93 views

Does it make sense to remove old entries from my credit report?

On my credit report, I have a ton of stuff that ended in 2002, 2003, 2004. Theoretically speaking, these items should not be on my credit report due to age. None of these items are negative. ...