Questions tagged [credit-score]

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 credit-report.

Filter by
Sorted by
Tagged with
1
vote
1answer
65 views

Which are the safest deposit banks worldwide (according to reputable rating agencies)? [closed]

I would like to know which global banks are the safest for holding money, and though the big three rating agencies are often used to estimate credit worthiness of financial institutions, this seems ...
5
votes
2answers
216 views

Can Having Less Debt Lower Your Credit Score?

Background: In preparation to buy my first house I've started keeping an eye on my (Experian FICO) credit score, and I've been seeing behavior that is very strange. After a year of my credit score ...
2
votes
2answers
186 views

Can collections agency actually remove debt from credit report or are they just lying?

I recently ran my credit score and discovered that unbeknownst to me there was evidently a $60 medical co-pay from last year that I never paid (they sent the bill to an old address and due to it being ...
0
votes
3answers
235 views

How exactly does paying your credit card balance in full increase your credit score?

Does anyone know how a credit score increase is calculated based on paying off credit card balance(s)? In addition, is it cumulative balance or just the balance at the end of a billing term? For ...
0
votes
0answers
64 views

If I get a credit card that will give me a higher credit limit if I make on-time payments, will it carry over if there is no balance?

So, I got a card, and let's say I was approved for $300, but the creditor promised to increase it to an actual credit line if I made five on-time payments starting in April. So, I make a few payments, ...
0
votes
1answer
174 views

Best Buy bait-and-switched me into applying for a credit card, how and when should I cancel it?

I'm buying a new $3,000 fridge from Best Buy and during the check-out, I was offered the opportunity to apply for a store card in exchange for a 10% discount "on first day of purchases". I ...
0
votes
2answers
297 views

18 years old with a 10k down payment towards a Challenger

I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as ...
0
votes
3answers
201 views

Credit score dropped 73 points after applying for a new card?

Why did my credit score drop from a 762 to a 689? According to creditkarma I got hit with: JPMCB-Card Service: Opening a new account can temporarily lower your score because it adds a hard inquiry ...
2
votes
1answer
114 views

How to finance a car when I have credit history but no active credit cards or loans

I paid off 30k of student loans and a 26k car (which I no longer own) years ago, and I had two credit cards at one point, but I foolishly decided I didn't need them and closed both credit cards ...
0
votes
1answer
52 views

Home Lender Shopping: Should I use Savings Funds to Zero-out Credit Cards?

[USA] A seller just agreed to my offer on their house ($500k). This would be my first, and I am about to start reaching out to lenders for loan offers. I have $50k in savings ($15k in cash and $35k ...
1
vote
3answers
214 views

Would making extra payments toward the principals of my loans improve my credit score?

About a year ago I started working on my credit score which I managed to ruin during my younger years. I got a 2 credit cards, 1 auto loan and 2 personal loans. I'm paying off the credit cards in ...
3
votes
2answers
141 views

S/O out of collections, where to go from here?

My S/O and I have been together for ten years (not married). We started attacking all of our debts starting October 2018 in order to move into a house debt-free (except a mortgage) in 2021. My last ...
0
votes
1answer
72 views

Denied credit based on student loans in deferment

I have had a secured credit card with my credit union, Self-Help FCU for 6 years. Every so often, I add more to the deposit, and it is now at $1750. I recently asked them if I could take the deposit ...
0
votes
0answers
39 views

Increasing score by improving utilization [duplicate]

I have 3 credit cards almost maxed out at 92% utilization. If I pay down all my credit cards to utilization totaling 20% is it possible to raise my credit score by 75 points? I am currently at 620.
-1
votes
4answers
211 views

Making minimum payments on a credit card vs paying in full

I wasn't sure what to title this question. I am new to building my credit score and using credit cards. I am hoping to clear up a few questions I have. One is, if I purchase something on my credit ...
2
votes
3answers
148 views

Soft credit search without my permission

I recently bought a wallpaper sample for £1.99 online from a well known decorator company. I did not apply for credit for this purchase and paid the full amount at the time of purchase. I have since ...
0
votes
2answers
112 views

What is the effect of closing an account immediately after it is opened?

I applied for a credit card, intending to use an offer for no interest for X months on a purchase from the retailer offering me the card. They accepted the application, but informed me that I couldn't ...
1
vote
1answer
150 views

Does Schufa know how much you use your credit cards?

I read that if you use your credit cards, you build credit. I also read that if you get credit cards, your creditworthiness suffers. Both of these seem to make sense. Doing the former means that you ...
0
votes
2answers
119 views

Which debts to target to maximize credit score change

I have a variety of debts, and I have a strategy to pay them off. It starts with getting my credit score up another 40-80 points or so to reach the threshold where I can do a cash-out refi on the ...
1
vote
2answers
184 views

Does cancelling a credit card affect my credit score?

Recently I realized I haven't been using a credit card at all for purchases, and an annual fee would start to bite at my bank account for basically no reason - so I called up the card number to cancel ...
1
vote
3answers
182 views

Credit rating going down when adding more bank accounts

I am tracking my credit rating with Experian, CretiKarma and Clearscore. In the last 2 months it has gone down and the only change to it is that that I have opened two more bank accounts. My current ...
3
votes
2answers
191 views

Credit utilization ratio, in practice

So, I am new to the US credit card system, and I have read about the credit utilization ratio around. Everyone talks about it as being the percentage of your current balance over your current credit ...
2
votes
1answer
327 views

Is selling tradelines safe?

I recently learned about selling tradelines. As far as I understand it users with credit cards with long credit histories and large limits sell authorized user positions to people looking to improve ...
0
votes
2answers
78 views

Can prior credit card accounts with a specific bank affect your chances of approval for a future card with the same bank?

I had a Citi Mastercard for several years. About a year ago, I hit a couple bumps in the road and ended up having to settle with a collection agency on the account and it now shows up on my credit ...
0
votes
2answers
99 views

I want a loan that affects credit [duplicate]

I'm 18 with no credit (a collector has been disputed off) I want to get a personal loan of only a couple hundred but I need it to go towards my credit while I'm paying it back. I also want to take out ...
2
votes
2answers
108 views

Is getting Schufa entries you don't recognize deleted always advantageous?

I recently obtained my credit score information from Schufa. I chose the free option ("Datenkopie"). The oldest entry is this one (blanked out by me): I don't remember ever having done business with ...
19
votes
6answers
4k views

Do insurance rates depend on credit scores?

When reading up on credit scores, I came across this article. It contains this paragraph: A bad score can become a black mark that leads to missing out on the home you want (credit checks are a ...
1
vote
2answers
107 views

Do consumption loans affect my credit score positively or negatively?

I want to build some credit in case I ever need a loan for something. I have never had any debt except for my credit card that I now have for about a year. But I only used it for a single purchase in ...
1
vote
6answers
266 views

Applied for car loan and got denied: No credit history or no credit file

I am currently looking for a loan to purchase a new vehicle. I just called my bank, and after briefly discussing with them, they said that I can apply to a 2.74% loan. This is the best I have found so ...
4
votes
2answers
172 views

How can checking credit to open a new account have no impact on your credit score?

The advice I've typically seen is more like this advice “Hard inquiries,” also called “hard pulls,” are the kind that can cost you points. They happen when someone pulls your credit for the purpose ...
1
vote
1answer
131 views

18 year old building credit

I'm 18 and currently my credit score was 524, only because theres an overdue bill of $500 from when I was a minor in my derogatory marks. I have disputed it through credit karma for Tranunion and it ...
0
votes
1answer
123 views

Used car loan and number of credit cards

My credit history is almost 6 months old and I have a score of around 700 now. I got my first credit card 6 months ago and two weeks ago I got another credit card. Last day I got prequalified for a ...
2
votes
1answer
185 views

Card Locking and Credit Score

My wife and I are trying to build up her credit, so we decided to: Add her as an authorized user to my Card A, which is about 10 years old and currently my only form of credit. I'll call hers Card B ...
0
votes
1answer
986 views

could pursing a TILA claim against my credit card result in a cancellation of my credit card?

Quoting https://www.carlsonattorneys.com/truth-in-lending-act/ , URGENT NOTICE: The Carlson Law Firm is currently investigating a Truth in Lending Act violation on behalf of American Express credit ...
1
vote
2answers
299 views

What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
0
votes
2answers
84 views

Applying for first Credit Card in USA (International Student/Teacher)

I have been in the U.S. for the past 1 year and since then I just have a Wells Fargo Debit card. Recently I tried to apply for an American Express credit card (applied online) but I got rejected. ...
2
votes
1answer
98 views

Change credit card, keep age of credit line?

I have two credit cards that charge fees and have significantly downgraded their value to me. In both cases I would like to switch to no-fee versions of the same card, but I don't want to reduce my ...
3
votes
3answers
253 views

is high credit score an asset? [duplicate]

A quick definition of asset is a useful or valuable thing, person, or quality. Can a high credit score be thought as an asset ? I am not asking what can I do with my credit score, I am simply asking,...
-1
votes
1answer
231 views

How soon can I close Amazon rewards credit card after opening?

I got the card today for the $70 sign up 'Gift Card', only have 2 other credit cards with $5,000+ limits with $0 balance on both and want to know when I can close the Amazon account. I only spent ....
28
votes
5answers
7k views

What can I actually do with a high credit score?

I recently checked my credit score via two of my credit card providers. It seems to be hovering between 790 and 815. One service brands the score it provides as a FICO score and the other specifically ...
1
vote
4answers
158 views

Impact of Spending Cash/Debit vs Credit Card on Debt to Income Ratio

Since debt-to-income ratio (dti) is an important factor in determining one's creditworthiness especially for mortgage rates, it is clear that one should keep the monthly recurring debt and credit card ...
2
votes
0answers
109 views

Are prepaid credit cards a form of secured loan?

I was reading about different factors that determines credit score. One of them is having a "good credit mix" (IE having a healthy mix of secured (such as home loan, auto loan) and unsecured loans (...
3
votes
4answers
230 views

Are credit score calculations stateful or stateless?

Over labor day weekend my wife and I bought a furniture set. We'd been planning on it since we got married and had saved up enough that making the purchase was planned and as painless as dropping ...
3
votes
4answers
383 views

Will my credit score go down if I don’t borrow money for few years?

My credit score is relatively high. Due to personal circumstances I don’t intend to use my credit cards for the next 3 years. I won’t be getting any loans either. At the moment I have no debt at all, ...
2
votes
2answers
118 views

Does pre-qualification for a mortgage affect your credit score?

If submit a mortgage pre-qualification application, does my credit score go down? Does it trigger a hard credit check? Or do the hard credit checks only come when the mortgage process goes further ...
1
vote
0answers
60 views

Impact on credit score of paying off a debt very late

We went through a rough patch a few years ago after a disabling accident and got behind on some payments. When things turned around, we squared our accounts with our creditors and our credit report is ...
2
votes
2answers
96 views

When calculating credit score, does the “average age of credit history” field include closed lines of credit?

One of the important values in calculating credit score is the average age of credit line. What I am wondering is if this includes all credit lines ever opened or just currently open credit lines. ...
72
votes
11answers
19k views

Shouldn't the “credit score” prevent Americans from going deeper and deeper into personal debt?

I'm not from the U.S but I know about the dreaded "credit score" that haunts Americans. I've seen a lot of documentaries and videos on YouTube with people that can't get a loan to buy a house because ...
2
votes
1answer
246 views

What happens to small bills if they are unpaid?

I understand that bills are sold to collection agencies if they are unpaid. But what about very small bills then? For example, say if there is a bill of less than $10.00, will the company bother to ...
0
votes
1answer
117 views

When does credit card utilization matter?

I'm learning more about credit before I get a credit card, and I read that it's advised to never use more than 30% of your credit card's limit. Let's say someone has a $2000 credit line and he spends ...

1
2 3 4 5
16