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
votes
1answer
168 views

How much will 3 hard inquiries effect my credit score?

I recently started to build credit, I applied for a CapitalOne card and got approved, about a month earlier I saw the option for Bill-me-Later on eBay, so I had checked if I was eligible, but I ...
3
votes
3answers
525 views

If I want a Credit Card offered through a different Credit Union should I slowly transition my banking to that CU?

The first bank, and subsequent credit card, I got was while in College. Its a small Credit Union that I only bank with now through Shared Branches. It works for me though and my credit score is ...
3
votes
2answers
227 views

Old Cancelled Cards

I was living abroad during the credit crisis, and a few of my credit cards were cancelled for non-use during the crunch to tighten credit. As a result, I have one older account and several newer ...
1
vote
1answer
230 views

Does using savings to pay off debt in bulk look bad on one's credit report?

I have my house deposit, which is pretty much exactly the amount of debt I am in. If I pay off all my debt in one hit, will it look bad on my credit report, or if a bank looks at it and thinks a ...
0
votes
2answers
114 views

Paying for things on credit and immediately paying them off: any help for credit rating?

So I have a big purchase that I have saved up for; I have all the money I need for it. I also have just about zero credit history; I have never had need for it. I recently got my first credit card ...
4
votes
1answer
449 views

Keeping your statement balance below ~30% of your credit limit

I read Little Advisor's article How does that thing with the credit cards work, again? According to the article, you should always keep your balance below 30% of your credit limit. However, I just ...
0
votes
1answer
152 views

How can I correct a mistake on my Credit Score?

I recently just looked at my credit score to try to figure out why I may have been rejected for a credit card. While it is not bad (between 700-725) it is not awesome either. When going through an ...
1
vote
6answers
591 views

What is the best use of “spare” money?

Here are some cliff notes about me: 30 years old immigrant (came to the US late 2009), so no established credit (got a $900 credit card with my bank finally last year) No spouse, no children. Just ...
0
votes
0answers
28 views

What loan options are there for minors? [duplicate]

I'm not yet 18, but I have been studying business for quite a while, paper trading, investments, etc. at this point, I'd like to try my hand at building some credit and making some money, but I am ...
7
votes
2answers
7k views

I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan?

I am under 18, currently shopping for a car. Like many people, I don't have enough money sitting in my bank account to purchase a good car, around $6,000 to $10,000. However, credit checks have ...
2
votes
2answers
250 views

How will my credit score be affected by a large purchase that raises my utilization if I pay it in full?

My Fiance and I realized that we need to start looking for homes and need to be pre-approved for a home loan. My fiance has better credit then I do, but mine is in good standing. We want to make ...
1
vote
1answer
689 views

Credit score getting lower - but I'm doing everything right?

My credit score has dropped considerably in the past year from ~700 - ~600. This is my first credit card so far, and have only used mainly debit in the past. Thing is, I'm not sure why it's ...
2
votes
3answers
1k views

Do lenders usually do multiple credit inquiries only a month apart?

I am in the process of applying for a home mortgage for the first time and something happened that I found a bit odd. Here's the sequence of events: Before talking to any lenders, I get my credit ...
4
votes
2answers
291 views

Any problem if I continuously spend my credit card more than normal people?

I continuously use my credit card for my friends' expenses. Normally I could spend 20~30K USD each month to get more points/cash back. I don't have large credit limits so in most time I'll put cash ...
4
votes
1answer
268 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
78 views

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

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 ...
1
vote
2answers
120 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
995 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
327 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
2answers
359 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 ...
4
votes
1answer
146 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
179 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
165 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
108 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
120 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
233 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 ...
12
votes
1answer
325 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
378 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
167 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
471 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
239 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
2k 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 ...
11
votes
4answers
737 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
166 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?
6
votes
1answer
1k 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
60 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
637 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
113 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
151 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
554 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
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
161 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
371 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
497 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
1k 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?
4
votes
2answers
598 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
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
907 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
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 ...
18
votes
4answers
40k 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, ...