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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.

-2
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2answers
152 views

How can I force a reconciliation between VantageScore 3 and FICO® Score 8?

My wife's credit score via VantageScore 3.0 (via CreditKarma, which is based on TransUnion data) is 790. In contrast, My wife's credit score via FICO® Score 8 is 670 (also based on TransUnion data)....
1
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1answer
170 views

How can I understand historical changes in my credit score?

In October 2018, my wife's transunion credit score blipped down from a consistent 780 to a consistent 680. When I called to complain, Transunion noted that one of her credit cards seems to lag behind ...
0
votes
1answer
55 views

Does installment loan amount affect credit score?

I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
2
votes
1answer
105 views

Are there any particular ways to use a secured credit card best? [duplicate]

I am using a secured credit card to build back my credit. Is there a particularly good way to do this? I know that a secured credit card will allow me to increase my credit score. But I'm not sure ...
48
votes
12answers
11k views

How can sister protect herself from impulse purchases with a credit card?

My little sister is 18, and currently has a bank account with a debit card. She and mom believe it might be time to get her a credit card, mostly to build up her credit rating than out of necessity. ...
4
votes
0answers
119 views

Why would a bank suddenly start using a very old address for me?

I stumbled upon an infographic that reminded me of something strange that happened to me several years ago, possibly related to banking, law, and credit reporting. Apologies if this is not the right ...
1
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2answers
180 views

Is there a way to simulate credit score for settlement vs bankruptcy?

I'm considering either settlement or filing a Chapter 7 Bankruptcy for about $110k in credit card debt. However, it seems like both options will stay on your record for 10 years and also decimate ...
1
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2answers
114 views

Impact on credit score of opening and closing accounts

I'm planning on buying a house sometime in the Winter of 2020 to spring 2021. Currently, my credit score is about 770 and I have the following open credit lines: A 2.5 year old $25,000 Prosper loan ...
1
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1answer
156 views

Does an unused overdraft help or hinder credit score?

Whilst at university, I was given an interest- and fee-free overdraft of £2000. I finished uni a few years ago by now, and the interest- and fee-free deal has now ended. I don't use the overdraft at ...
4
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1answer
197 views

Would gambling with a credit card negatively impact my credit score assessment?

To preface I do know that gambling is generally a waste of both time and money, and as such I do not gamble. Sometimes though I do match betting. For those that don't, know it is betting for an ...
0
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2answers
94 views

How to appeal or remove the credit check taken on a Lender?

I was working with a car dealer to purchase a car. I realized that , Dealer ran the credit check and applied for a lender which i wasn't aware. I was hoping to get loan from LenderA. But dealer was ...
2
votes
1answer
625 views

What can someone do with the last four digits of my credit card number, last four digits of my social security number, and my zip code?

I recently got a call from my “bank” telling me that there have been several fraudulent transactions on my credit card. Naively I believed them and gave them he last four digits of my credit card ...
0
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1answer
51 views

Applying for Credit Card Under New EIN

I have established a new EIN for a sole proprietorship under my name. This business' purpose is to separate my ventures flipping and doing other projects that make money from my personal finances. I ...
2
votes
1answer
179 views

Does not paying a collections company affect credit score?

From a discussion in comments, a question came up. For the purpose of this question, all I care about is my credit score. I got a credit card, used it and did not pay it back. The credit card ...
1
vote
2answers
157 views

Should I pay off a credit card or a collection balance first?

I have a collection and a credit card with roughly the same balance. I received a bonus and I am able to pay off one of them completely. Which is more beneficial to pay off first?
2
votes
1answer
120 views

Credit line opened without my authorization

Some company signed me up for this credit card without my knowledge and now the account is showing in my Mint.com credit report and lowering the average age of my credit lines, and hence my score. I ...
0
votes
1answer
187 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
1
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3answers
127 views

Do I need to open a credit card to improve my average credit score?

I recently checked my credit reports and score and found out I had a score in the high 630's - this was a shock as I had checked this a couple of years ago and my score was in the high 730's I ...
0
votes
2answers
158 views

Does paying minimum on 12 month 0%APR bonus credit card hurt credit score?

I sign up a credit card that has 0%APR for 12 months (plus some cash sign up bonus for spending certain amount in the first few months), and will use it for the purpose of purchasing flight tickets (...
1
vote
3answers
230 views

Large credit score drop

I use Mogo to review my credit score every month. I just moved to Canada so it took a while to even kickstart my rating, however, Mogos history shows. Dec (2 months after I got my credit card) - ...
1
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2answers
110 views

Ways to alleviate credit card missed payment due to bank problem?

A couple of months ago one of my banks randomly blocked my online account (I just had to call them and tell that I am still alive). Long story short, I called them multiple times and they never ...
3
votes
2answers
125 views

Why are credit scores so important in the US compared to Europe?

Back when I lived in Central Europe, most loans/mortgages only depended on your current income and employment history. If you held on to a good job for several years, you could well expect to get a ...
3
votes
1answer
87 views

Interest-free loan: how is “utilisation” calculated re credit score?

I have, historically, always had an excellent credit score. I never spend beyond my means, and always pay off my credit card in full every month. I really only have the credit card in order to accrue ...
19
votes
4answers
5k views

How does holding onto an active but un-used credit card affect your ability to get a loan?

I was debating with my friend about my old credit card. His view is that holding onto an unused credit card is bad for my credit b/c it will count as potential money I can borrow in an instant and ...
0
votes
3answers
186 views

Shopping for a car resulted in many hard inquiries within a short time frame. How to fix?

I was shopping around for a car, and in the process I was shopping for car loans. I finally bought a car within a couple weeks, but it resulted in many hard inquiries on my credit report (at least for ...
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2answers
122 views

Questions about my credit score and how my debt/payments affect it

I've been out of college for a couple years and i'm quickly paying off my student loans. I have some loans and other bills I pay every month. I'll provide as many details as I can in order to get as ...
0
votes
2answers
46 views

When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...
0
votes
1answer
131 views

Please help me increase my credit score. Take a look

Its been a journey paying off old debts and getting some creditors to wipe the slate clean. Below is my current situation. Any tips/recommendations on which way to go? 2 accounts are closed.
1
vote
1answer
145 views

In what ways does getting married to someone with poor credit affect someone with good credit?

Two middle class individuals, Jim and Jane, are dating. Jim has a 715-730 credit score, as reported by Credit Karma, and has no problems (late payments, bankruptcies, etc) for the last 7-10 years. ...
1
vote
1answer
82 views

Will it adversely affect my credit score if I put off on buying a home?

Recently, my wife and I have been looking into buying a home - I have very good credit, only a small number of outstanding debts ($7,000 car loan, $1300/mo rent, and credit cards I pay off every month)...
2
votes
1answer
103 views

Closed credit card from compromise hurt credit score

My credit card was compromised, and the only reason I had the credit card was to improve my credit score. I chose to close the account (since someone was able to use it), but I forgot how ...
0
votes
2answers
159 views

Who actually decides whether a credit check is soft or hard?

Many web sites explain the different effects of hard and soft credit inquiries, but none of them actually explain how the process works, so they're not useful for figuring out how borderline cases are ...
0
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1answer
66 views

Does closing BOA Savings account hurt my credit score?

I have following accounts at BOA. a Savings Account a Checking Account (where my salary is crediting every 15 days) a Visa Credit Card a MasterCard Credit Card Lately I found that I am not using my ...
5
votes
1answer
252 views

Can my neighbours affect my credit report and/or credit score?

My wife and I live in a single building (in London, England) which contains three flats/apartments. We rent our flat privately (private tenants, renting from a private landlord) and the other two ...
44
votes
5answers
13k views

Going house hunting next week and my credit score just dropped by 100+ points

My wife and I (usually) have excellent credit. TransUninion had me at 790 and other agencies well into the 800s. Our lenders have already prequalified us for our home, and sent the ratings they got ...
1
vote
2answers
94 views

Credit Union Merged Credit Card transferred to new bank Credit Score Drops 30 points

I live in the USA. I was a member of a small credit union which has merged with a much larger one. I kept a credit card with the small credit union because my interest rate was only 5.75% When the ...
2
votes
3answers
130 views

Will reissuing my credit card to get a new number every year or even more frequently hurt my credit or effective me negatively?

I recently had to have my card reissued because I noticed a charge on my account I did not make. Then I realized I had this card for like 4 years and credit card numbers are static. Why shouldn't I ...
1
vote
1answer
82 views

Affect on credit score if I apply for a card just to get a one time discount

I currently have decent credit, but not exceptional due to limited use of credit. I have two credit cards, one used regularly (and payed off every month) and a backup credit card. I've run into ...
2
votes
2answers
266 views

Why has my credit score stopped moving?

I receive monthly credit card scores from my bank. After trending upwards, both scores have stopped moving. The bank score is a nice round number with 2 zeros and hasn't changed in 3 months. It seems ...
3
votes
5answers
584 views

What should I do when my friend doesn't pay back a loan I gave him? [closed]

I lent money to my friend for his wedding through my credit card. It was around $5,000. He said that he would pay me back within 1 month. It has been almost 5 months. Every time on his salary date I ...
2
votes
1answer
133 views

If I pay my car loan off will my credit drop?

I've been thinking lately about paying my car off. I owe less than 6k. The payment each month does not really hurt me and I was going to just keep it for on time payments to help my credit and my ...
0
votes
1answer
91 views

Credit Utilization and Score. Early re-payment

I feel like this may result in the same unanswered question but I'm gonna ask it anyway just in case we can get a definitive answer. Does paying off your credit card (before a statement is generated) ...
0
votes
1answer
90 views

Investing loan amount taken primarily to increase credit rating?

I had been facing very big issue of bad credit score of mine. I was not able take any credit cards and I was constantly kept applying for new credit from different sources. It took my credit score ...
3
votes
1answer
161 views

Puzzled by (a) credit score and (b) abrupt jump in credit score

About six months ago, my credit score abruptly jumped from the low 300s to the high 700s. The only two things that changed in my financial life were: (1) I became listed as a joint trustee on my ...
17
votes
6answers
15k views

What does it take to get a 0 credit score

I'm not sure if a 0 credit score is the same thing as having 'no credit history'. I'm wondering how long it would take a credit score to drop to 0 (something Dave Ramsey says happens eventually after ...
5
votes
2answers
479 views

How to build a credit history, for a 78 year old with none? Turned down for secured card

I helped a 78 year old neighbor apply for a secured credit card but he was turned down for having "no credit history". He has had no credit cards for 30-40 years, no credit accounts, nothing. On ...
0
votes
3answers
152 views

Auto loan finance for building credit

I recently moved to the USA and I have no credit history. I want to buy a car that costs $18,300. My down payment will be $12,000 and I will finance the balance at 15.4% (extremely high!) over 36 ...
1
vote
1answer
587 views

Does paying off my credit balance before the due date for a lower utilization rate hurt my score?

Last month I opened a cash rewards credit card with Bank of America. I am worried about my credit score, as my first closing date was the end of September. I paid off the balance that I used a ...
3
votes
1answer
93 views

UK app that counts rent payments towards credit score [closed]

I live in the UK. A few months ago, I saw in the tube an add for a app that allowed users to count their rent payments towards their credit scores. I wasn't interested at that time, but now I want ...
2
votes
1answer
669 views

How can I save myself after falling for an alarm scam?

Last week my wife let in an alarm salesman that she had spoken to earlier in the day and asked me to sit down with him. I have no internet at home so he showed me a set of good reviews on his phone ...