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.

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13 votes
1 answer
2k views

Is there a strong correlation between credit score and mortgage rate in the US?

This is probably a naive question, but I've heard many conflicting answers so I figured it'd be worth asking here. Let's say I'm looking to buy a house in the US (e.g. worth $500k), and I'm getting a ...
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0 votes
1 answer
19 views

Do the HDFC credit card reward points calculated on billed amount or the amount spent using the card

I read that paying credit card bills before bill generation can help regulate credit utilization ratio and thereby improving credit score. But are the reward points computed on the total unpaid amount ...
0 votes
0 answers
69 views

How long will 3 month late stay on the credit report?

In US/Canada (and many other countries), R9 is a very bad mark that will stay on the credit report for 7 years. 2-month/3-month late in payment is less severe than R9. I wonder how long 2-month/3-...
-2 votes
1 answer
99 views

How credit score is improved after debts are paid off

Here is a scenario for the credit score improvement I am interested in. Suppose a person can not pay the credit card debts for over 6 months. This is very bad for his credit score because unpaid cards ...
0 votes
1 answer
60 views

How much does high credit utilization impact my credit score?

Prior information of the credit card in question: Maximum Available Credit limit: र100,000 Available Credit limit: र30,000 --- (Virtually set by me using bank's portal based on my spending habits on ...
  • 101
0 votes
1 answer
111 views

Which is worse for credit score: requesting the closure of a retail card or letting it close due to inactivity?

I applied and was approved for a TD Retail Card Services store credit card about two weeks ago but ultimately did not use it for my purchase. The card is currently sitting at $0 balance, and I do not ...
1 vote
3 answers
173 views

Opening first credit card and car financing

I just graduated and I'm about to start a new job in the US in September. I haven't had a credit card before and I would like to finance a car, which is $34k. My monthly salary after taxes will be $5k ...
1 vote
1 answer
135 views

UK: Building credit failed until now

I moved to the UK a bit more than a year ago. Until now, I have been using my payment cards and bank accounts I brought from abroad which a) worked fine and b) I did not have a lot of choice as I was ...
  • 200
0 votes
3 answers
278 views

I didn't use my credit card for one month and my credit score dropped 22 points. Will it be fixed in the next snapshot?

I only use my credit card to buy gas. I couldn't use it last month because the gas station's credit card system wasn't working. My FICO Score 9 dropped from 842 to 820 in this month's snapshot. I ...
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-3 votes
1 answer
151 views

Is there a way to have your credit score respect 0% APR? [closed]

I handle my credit like this: Pay for everything possible with 0% APR accounts. Put at least an identical amount into an interest-bearing account. Pay off the card when I want to maximize my credit ...
  • 111
-1 votes
2 answers
230 views

What will happen to a tiny debt if I ignore it?

I received a medical bill of $150.00 and I made a payment of $149.99 (just as an experiment) so technically I own the clinic $0.01. I am curious what will happen to this tiny debt. It will cost them ...
  • 1,007
0 votes
1 answer
75 views

FICO Classic (04) Credit Score calculation

A mortgage lender has pulled a FICO Classic (04) TransUnion score and it's a 100 points less than any other model I was able to track down (Experian-Vantage, Equifax, etc). Experian tells me the ...
  • 111
3 votes
1 answer
140 views

Can debt collections show up on my credit report if the collectors haven't contacted me first?

Can debt collectors report to credit bureaus when they haven't contacted me yet?
1 vote
2 answers
58 views

How does a balance on my credit card affect my credit score?

How my score will change if I go from having no balance to one that uses less than 20% of my available credit? Will it be a drop of just a few points or 20+?
1 vote
1 answer
75 views

Are there publicly available data to demonstrate the predictive power of credit scores?

Credit reference agencies assign and distribute a credit score for individuals based on their financial behavior. The implication is that this score has predictive power, such that an individual with ...
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1 vote
2 answers
204 views

My credit utilization went down from 19% to 2%. Why did my credit score go down?

According to multiple different credit score trackers, between last month and this month, the only change on my credit report was a significant decrease in my credit utilization (from 19% to 2%), ...
  • 177
10 votes
5 answers
6k views

Does paying off all credit accounts worsen your score?

I am 60. I have a mortgage that's nearly paid off. I have also paid off all my cards, and my oldest cards were closed from lack of utilization. In order to protect my age of credit, do I need to not ...
2 votes
2 answers
120 views

I paid off a car loan early, but it was reported on my credit score as "closed" bringing it down. Shouldn't paying off that debt increase my score?

I paid on it for at least 3 to 4 years. It was reported as a "closed account" instead of paid off in good standing. I called the creditor and customer service ultimately send me a letter ...
13 votes
3 answers
3k views

What happens to your credit score on prolonged absences from the US?

What happens to your personal credit score when you live overseas for over a decade while only maintaining a checking account and a credit card(used only on the short trips back to US), but no ...
1 vote
1 answer
164 views

Why didn’t my credit score fully recover after paying off a collections account?

My credit score went down 58 points due to a medical collection account that got reported. I ended up paying the account in full and submitting a request for it to be removed from my credit report. ...
2 votes
1 answer
110 views

Is a Service Like Extra Credit or Experian Boost for Building Credit Score Worth It?

I am looking to build my credit score to have a better chance of qualifying for a home loan. I've seen a few credit building tools out there but am wondering if anyone has used Experian Boost or Extra ...
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1 vote
1 answer
139 views

Does overpaying credit card to pay a much larger sum than your credit limit to get cashback negatively impact credit score?

I am an immigrant and the concept of credit cards is fairly new to me, I understand it enough and know that using more than 30% percent of your credit card can hamper or negatively impact my credit ...
0 votes
1 answer
177 views

Credit score lower after paying debts

Please can someone explain me why does even lower my credit score: Increase in my credit limit lower my balance on the same credit card from ~$400 to ~$1 ( 1%) Check the image below. Thanks in ...
  • 101
3 votes
4 answers
226 views

What's the minimum utilisation rate on a credit card that lets you build credit?

I don't need credit, but I want to keep my credit score as high as possible, for when I might want a mortgage or come across a credit card with nice rewards. I got a credit card with a borrowing limit ...
  • 165
1 vote
2 answers
126 views

Will using 0% intro APR crashes my credit score?

If I get a new credit card with $5000 credit line and 0% intro APR for the first year, and use all the credit limit at the beginning, will this drops my credit score? If I pay back this money like $...
0 votes
1 answer
69 views

Timing the payment of a credit card to maintain a maximized credit score [duplicate]

I monitor my credit score using Credit Karma and the only item that impacts it from month to month is my credit card utilization percentage. I pay my credit card in full every month. The credit card ...
  • 138
2 votes
2 answers
463 views

Mother using my details and committing fraud

I’ve lived with my single mother all my life in the UK. My bank accounts and all details, electoral etc are at the same address I’ve lived my entire life with her at. Growing up, whenever we (my ...
-2 votes
1 answer
82 views

Credit Score Limit [closed]

Someone just tell me what was the minimum and maximum credit score! Is there any difference in the credit score for individual and an organisation's credit score?
  • 5
2 votes
3 answers
355 views

Why do Credit Card companies reduce credit lines?

For the second time this year, I've had a credit line reduced. I can't think of why. My accounts are paid off monthly, my FICOs are all in the 800s. By any measure I'm a good risk, what does it matter ...
  • 151
1 vote
2 answers
163 views

How will closing my credit card affect my credit?

When I was a teen, my mom opened a credit card with Capital One and added me as an authorized user. I used this credit card for pretty much everything, but when I went to get a loan for a home years ...
  • 183
1 vote
1 answer
191 views

Why does my low utilization negatively affect my credit score?

Since my bank started offering free monitoring of my credit score, I've become aware of its minor ups and downs for the first time, and I've noticed a puzzling pattern. So far as I understand, low ...
  • 155
2 votes
1 answer
163 views

Unexplained FICO drop of 140 points [duplicate]

My FICO score dropped from 815 to 675 (a drop of 20%) as reported by two credit cards two months ago. I ordered three credit reports, including one from Lexis Nexis. I do not see any oddities. No late ...
  • 1,053
27 votes
9 answers
7k views

Why do credit scores have a maximum value?

I live in the UK, and I recently checked my credit score for the first time, on Experian. I saw that it is a number out of maximum of 999. I was surprised to see that there is a maximum credit score ...
  • 485
0 votes
1 answer
172 views

About Credit Card Referral epidemics

I have recently come into an epidemic of credit card referrals. My friends are going berserk in referring to each other and having bits and pieces of commotions about 'fair shares'. In one incident, ...
2 votes
2 answers
169 views

Is it possible to force-update Equifax that a specific credit card balance has been paid off?

I called credit card issuer and they told me that they reported the latest $0 balance to credit bureaus. I logged in creditkarma.com and can see that at least Transunion report shows latest $0 balance ...
0 votes
0 answers
49 views

Do collateralized loans impact your credit score?

Do collateralized loans impact your credit score? Such as a securities loan collateralized by your stocks, a refinance on your home, a personal loan collateralized by a car, and so on.
1 vote
1 answer
124 views

Will getting a second credit card raise my credit score like the first card I got did?

I just got my first credit card a few months ago and it had a huge effect on my score, raising it by about 90 points. Now my score is hovering around 600. I would like to get it up to 650 to increase ...
  • 31
0 votes
1 answer
107 views

If I get a credit card without providing a SSN/ITIN, will they still report my activities like normal?

I am a new student in US with no SSN/ITIN at the moment. I want to apply for unsecured Bank of America credit card and secured capital one and citi/US bank credit cards. But I don't know if I get ...
0 votes
1 answer
81 views

Do secured and unsecured credit cards have a different effect on credit history/score?

I have a regular credit card from Bank of America, and I want to apply for another secured credit cards from capitol one and citi or US bank. What I want to know is: 1- Are there any differences ...
13 votes
8 answers
3k views

What's the best way to quickly get a car on low budget with a poor credit score?

I am starting a new position somewhere that I'll absolutely need a car, so I have to buy one. But I have a poor credit score, so the best APR rate I can receive is about 18%. That means financing a ...
  • 302
14 votes
4 answers
4k views

Is it better to have/use more credit cards to build credit history/score?

If someone has a credit card with $5,000-$10,000 credit line, and the average amount of monthly payments of this person is around $1500, what is the best scenario for this person to increase their ...
1 vote
1 answer
93 views

Which one is better for credit score: use and charge the card a lot or keep money on them and don't spend much?

If we have a credit card with 1000, 2000, 5000 of dollars, is it a good idea to use it daily like spend 30%-50% of the money per day and recharging the card at the same day just to increase the credit ...
3 votes
2 answers
217 views

Will the credit score fall when we don't use our credit cards for a while?

If someone gets a credit card and builds his credit up to above 800, then he doesn't use his credit card for a while like one month, one year, etc., will his credit score remain at his previous score ...
9 votes
3 answers
2k views

Will closing a checking/saving account have a bad effect on my credit report?

I opened a saving and a checking account in Chase bank. But I decided to close them. I want to know will this has a bad effect on my credit, etc? I also like to know should I pay money to close my ...
1 vote
1 answer
197 views

What will happen if I remove myself as an authorized user of a credit card?

If I am an authorized user of a credit card for a period of time and the card owner has a good credit score and has a positive effect on my credit report, if I want to remove myself as an authorized ...
0 votes
1 answer
149 views

Which is better to build credit score? Becoming an authorized user of another credit card or get a personal secured credit card?

I am new to the US with a F-2(student dependent) visa, I want to have credit history and build credit score in the US. I think I have three options but don't know which is better to do or maybe better ...
0 votes
4 answers
277 views

Is the 30% of credit rule per month?

I have heard that it is best for your credit to use under 30% of the credit available to you. Does this mean per month or at a time? The difference: A. Per month = For a $2,500 credit limit in total ...
  • 103
2 votes
2 answers
162 views

Credit Rebuilding Strategy

My credit score isn't terrible - 715ish and my total utilization across 2 cards (one is my own card, and I'm an authorized user with a balance transfer on one of my gf's cards for the other) is around ...
  • 123
15 votes
6 answers
4k views

When should I pay off charges on credit card if my main concerns are reward points and credit score?

I am starting the process of paying my bills with my Chase credit card. I do not want to carry a balance from month to month. Which option is better? Option A: Pay a bill on credit card. Bill goes ...
  • 151
1 vote
3 answers
183 views

Which is worse for credit score: Bank closure for inactivity, or consumer closure, of a credit card?

Even if a zero-balance credit card is not used, the account age and available credit limit help a person's credit score. If the person decides they no longer wish to use the card (e.g. due to a ...
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