Questions tagged [credit-history]

for questions related to credit worthiness history, related tags credit-score, credit-rating and credit-report

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64
votes
11answers
28k views

Should I open a credit card when I turn 18 just to start a credit score?

I spend about $20-30 a week on my debit card, with periodic $200-300 purchases every few months. I've thought about getting a credit card the moment I turn 18 and using it to buy everything, then ...
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, ...
37
votes
9answers
9k views

Purpose of having good credit when you are well-off?

I notice people talk about credit scores for many things, but typically they are: Helping tools for mortgages; Ability to get better loans; Ability to get better financing options. The general ...
27
votes
4answers
6k views

$7300 medical billing error reported to credit agencies

I opened up a Credit Karma account and noticed a collection in the amount of $7368. It was originated from Eisenhower Medical center. So I called Eisenhower to inquire and after 45 minutes on the ...
25
votes
6answers
7k views

Should I, as a young person, get a credit card with “bad” conditions?

I'm a twenty year old in Russia, not enrolled in education, working full-time officially for a software development company. I'm earning a taxed steady income that can be considered decent, yet when I ...
23
votes
3answers
683 views

Global credit record: Would my good credit history apply internationally?

Does my credit record apply internationally? For example, if I have a good credit record in Australia, with a car / house loan and a credit card or two, can my good credit rating be seen by banks and ...
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 ...
21
votes
5answers
5k views

Confused: Should I be opening more no annual fee credit cards to improve my score with the intention to not use them?

I was told that having more cards and more open accounts was more of a risk factor since you have more credit to abuse. However, this seems to say otherwise that credit trackers actually encourage you ...
20
votes
4answers
6k 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 ...
20
votes
3answers
2k views

Should I really pay off my entire credit card balance each month or should I maintain some balance?

I've heard two conflicting things: One is that you should pay your entire credit every month, and the other that you should maintain roughly %30, %50 (it varies by who you ask) of your available ...
18
votes
5answers
6k views

Is it true that it's better to have bad credit than no credit?

There's a popular saying: It's better to have bad credit than no credit. Is this true?
16
votes
4answers
32k views

Are credit histories/scores international?

I'm starting work in the US, and I'm wondering if my credit history will transfer. If not, is there a way for me to gain an "international" credit history, or equivalent, in expectation of other ...
16
votes
3answers
937 views

How can I build up credit using a credit card?

I am a poor/broke 20-something, I make minimum wage (or a few dollars above it.) I've been trying to build up credit, in case I need it someday - the likely event my aging vehicle explodes, for ...
15
votes
8answers
1k views

Relocated to USA. How to get credit card without existing credit history / score?

I recently relocated to USA and have no Credit Score. Is Secure Credit Card is the only option for me to start building my credit score? Also please recommend which other credit cards are available ...
15
votes
2answers
719 views

Should I keep recently opened Credit Cards that I don't use?

After investigating these questions (1 and 2) I am still in doubt in what to do with my current situation. I have many credit cards because over the years I have been given better deals on them. So I ...
13
votes
2answers
1k views

How do I prevent my ex from making bank and credit card accounts using my son's SSN?

As you may see from the history of my questions, my ex-wife is a financial disaster. Forever out of money, forever on the edge of crisis, forever not wanting to hold down a normal 9-5 job. But show ...
12
votes
1answer
701 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 ...
11
votes
2answers
32k views

Will upgrading my credit card affect my credit history length?

Background: I recently graduated from college. I have had a student credit card (Visa) with Wells Fargo since 2008 and it is my only credit card. Obviously, I do not want the history of this card to ...
10
votes
3answers
5k 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 ...
10
votes
4answers
2k views

Should I max out my first credit card in order to build credit if I can pay the balance immediately?

I was just approved for my first credit card. I will be making a large purchase soon which will exceed my credit limit. I could split the purchase between cash/debit card and my new credit card or ...
10
votes
4answers
7k 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 ...
10
votes
2answers
158 views

How to approach eliminating a record in my credit history that is hurting my score

I have a record in my credit history that shows a delinquency from 4/2005 that was paid off but was also marked as a "charge off." As of January 2011, this record no longer shows up in my file for ...
10
votes
1answer
267 views

Medical bill sent straight to collection agency

I was very surprised to receive a letter from a collection agency regarding a medical bill incurred during my wife's pregnancy last year. We never received any correspondence via mail, e-mail, or ...
10
votes
1answer
402 views

Might it make sense not to look into debt that is in collections?

I happened to glance at my credit report and one of the agencies shows that I have a debt of just over $100 in collections. It appears to be from an emergency room in a previous state (I moved about 6 ...
9
votes
3answers
4k views

Why was my credit card just cancelled?

I have had a credit card with Bank of America for many years. I also have a long-standing card with another bank, a Sears card, and a newer card (< 2 years old), for a total of 4 credit card ...
9
votes
1answer
1k views

If Sears is canceling my account that hasn't been used in years, will it hurt my credit score?

I have a Sears credit card that I haven't used in 14 years. They have recently contacted me and told me that if I don't make a purchase by Nov. 30, that they will cancel my credit card. If they (not ...
9
votes
5answers
7k views

Ways to establish credit history for international student

I am a student on a F1 Visa in the US. Being a non US Citizen and on a student Visa, I am unauthorized to work off campus, and so I am restricted to work upto 20 hours a week on a hourly wage and ...
9
votes
1answer
278 views

If my identity is stolen, is there another way to authenticate identity to the major credit bureaus other than my credit history?

Supposedly, one is able to monitor their credit rating with the three major credit bureaus to prevent/stop identity theft. However, the yearly report can only be viewed by answering questions about ...
9
votes
1answer
2k views

Can I freeze my credit file with no credit history?

I recently received notice from a major company that my personal information (SSN, DOB, address, etc.) has been compromised. As such, I would like to put a freeze on my credit. However, I have no ...
9
votes
1answer
149 views

Credit freeze and affect on perception as credit risk

In light of the Equifax hack I keep reading that people should apply a credit freeze on themselves at the 3 main bureaus. However, someone told me that their mortgage consultant said that placing a ...
8
votes
8answers
7k views

Credit score and financing new car

Little bit about my situation- Bought a car with cash about 5 years ago, at the time it was a year old. That car is now a total loss and I’m receiving about 5k for it from my insurance. I’m now in ...
8
votes
4answers
2k views

What are my chances at getting a mortgage with Terrible credit but High income

I want to get a house in the near future(ideally within 6 mo. to a year) and my credit is very poor right now. Basically, I was working in a job that I could barely make it on, and missed payments on ...
8
votes
2answers
936 views

Will paying off an old $8 collection hurt my credit?

Let me explain a little more. I was the victim of a car accident and medical bills went through the roof. I had about $16k racked up, then my settlement finally kicked in 3 years later and paid it all ...
8
votes
3answers
4k views

How bad would maxing out my credit card once a year affect my score

I just got approved for a $1500 cash secured credit card from Wells Fargo. This means I have no credit history whatsoever, and am going to use this card to establish one. With fall semester at ...
8
votes
3answers
8k views

How do I deal with a clinic billing mistake that was sent to collections?

Recently I created a CreditKarma.com account so that I can keep and eye on my credit. Upon logging in, I noticed I have a pretty low score (not that surprising since I just opened my first credit ...
8
votes
3answers
1k 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 ...
8
votes
3answers
2k views

How to build a U.S. credit history as a worker on a visa?

I am 30 and looking serious at moving to the United States to take a lucrative (career wise) job. Assuming I get the job offer and accept it, how can I go about getting credit in the US? I am from ...
8
votes
1answer
296 views

Why would something vanish from credit report?

I just got my Fico score (myFico.com) and was stunned when it was 67 points higher then 10 months ago (650 to 717). I noticed it was missing a medical bill I still haven't paid from 2008 for around $...
7
votes
3answers
612 views

Do I not have a credit score?

Today I tried to access my credit report for the first time from the three major agencies using annualcreditreport.com. When accessed through Experian, it gave me a generic error that my report wasn'...
7
votes
2answers
428 views

Can credit cards look at your credit report without your authorization (and reduce existing credit limits)

Just received a somewhat disturbing email where several of my credit cards from Citi have had their limits reduced. Email quoted / enclosed below. Q: I did not authorize for them to look up my credit ...
7
votes
6answers
912 views

Is NO credit history the same as BAD credit history?

I found the following article which said If you don’t use a card at all, you have no credit history. That’s almost the same as bad credit history. 1) Do they mean the same? 2) If YES, why? 3) ...
7
votes
3answers
337 views

What is the most financially appropriate approach to flipping and selling this home?

A few years ago, I purchased a home at $142,000 that has 12 bedrooms, 4 full bathrooms, a workroom, a basement with cement flooring, and an attic. In my divorce, it was awarded to me, as my ex was ...
7
votes
2answers
650 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 ...
7
votes
2answers
691 views

Will paying off my mortage quickly harm my chances in the future?

I'm currently nearing the end of the first year of my new 25-year mortgage, which is a five-year fixed plan at 3.39%. As it stands, I can make overpayments of up to 10% of the original loan every year ...
7
votes
2answers
284 views

Credit Freeze for Minor Child

I was told that identity theft of a minor's credit is a very sought after goal for thieves. Is it true that credit agencies will offer lines of credit to individuals who are not yet 18? Is there any ...
7
votes
1answer
1k views

How can I escalate a credit dispute when the bureau “confirms” the item?

A while back, I was moving to a new city. At the point when I got around to applying for an apartment, I had never checked my credit before. I was denied the apartment due to credit, and started ...
7
votes
2answers
205 views

How to monitor for identity theft of minor child

It's important to monitor your own credit for signs of identity theft and for errors, because recovery can be time consuming and expensive. What steps should parents take to monitor their minor ...
6
votes
2answers
221 views

I recently moved to the UK. Should I do something to build a credit history?

As the title says, I recently moved to the UK and obviously I don't have any credit history there but I think it would be a good idea to start building one, especially because sometimes in the (not ...
6
votes
4answers
268 views

What's a good next step in rebuilding my credit rating?

Here's a summary of my current position: Current credit rating of 600/610 (I think. I'm positive it was in the lower 600's 4 months ago) I've had a card for a year, $500 limit, no late payments, ...
6
votes
3answers
879 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 ...

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