Linked Questions

1
vote
1answer
2k views

How to build credit score as fast as possible [duplicate]

I am looking for details on how to build and raise credit score as fast as possible. I have done some research already, but I am foggy on a few points. Details about me and my financial situation ...
61
votes
10answers
34k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
48
votes
12answers
10k views

Is it ever a good idea to close credit cards?

I have a bunch of credit cards with no balance, while others have fairly high balances. I'd like to close the 0 balance cards, but I know that will reduce my overall balance and hurt my credit rating, ...
29
votes
7answers
20k views

Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?

I am planning to make a big purchase. I have the money in savings to cover it, but I don't want to drop $2500 all at once if I can avoid it. I have a credit card with a $9000 limit, but I know that ...
21
votes
4answers
7k views

How to recover from credit score hit from paying off loan?

My credit score recently took a dip after I paid off my student loans recently. When I look at the credit report via mint it shows a "not bad" rating for number of accounts opened. ("not bad" is the ...
13
votes
3answers
2k views

Does having multiple credit cards contribute to “credit mix”?

Right now, the only credit account I have is one credit card, which I've had for about two years. If you don't count as debt the couple hundred dollars I put on that card and pay off in full each ...
6
votes
4answers
11k 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 ...
10
votes
1answer
1k views

What tools are there to investigate why my FICO score would have dropped significantly?

Please assume the basics have been considered, such as: Credit utilization could have went up Hard inquiries Closed an account Opened a new credit card Paying off a loan None of the above occurred ...
5
votes
2answers
3k views

Why is my TransUnion score different depending on where I look?

My Bank of America credit card shows me a "FICO credit score powered by TransUnion". I also have an account with CreditSesame which shows me a "credit score powered by TransUnion" (No FICO is ...
9
votes
3answers
450 views

Should I cancel my first of five cards, which has a $300 limit?

I currently have five credit cards, four of which total $11,500 in credit, the other is a $300 line. I'm a recent graduate not making tons of money, so I don't spend more than $6k per year on things ...
2
votes
2answers
939 views

If I increase my credit limit will my credit score go up?

Up until 2 months ago or so I had a credit score in the low 800s range. I recently opened a new credit card account and put a bunch of debt on it which I plan to pay off over an extended period. This ...
0
votes
1answer
1k views

Does closing car loan lower credit score?

The final payment on my car loan is due in December but I made a payment for the total payoff amount this month to close the account. The only account I currently have open is a credit card. Before I ...
4
votes
4answers
206 views

Should I open a second credit card just to improve my credit score?

I have one credit card, which is the only line of credit that I've ever had. I've never missed a payment, keep my credit utilization ratio reasonably low, and haven't had any other negative impacts on ...
0
votes
4answers
388 views

Is opening a new credit card worth the potential impact?

I'm trying to decide whether or not I should open up a second credit card. The primary reason is to have a backup credit card in case my only (and oldest) card is cancelled/eliminated for any reason. ...
3
votes
1answer
618 views

About to pay off car loan, how to maintain credit score?

I will soon be finishing paying off my car loan (yay!). This will be paid off with what is a normal monthly payment, not a large sum I'm throwing at the loan, so stretching the loan out longer (if I ...

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