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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-...

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1answer
97 views

Does the maximum amount ever owed affect credit score?

I have heard some people say that one of the factors lenders consider is the maximum amount that you have ever owed at one time. This appears on your credit report as the "highest balance" (1,2) or "...
25
votes
9answers
14k views

Is it legal to invent “artificial” bills to build credit?

EDIT: This question was based on a misunderstanding of how credit is built. However, the concept of moving money on a credit card without spending anything still has other potential benefits (such as ...
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1answer
59 views

Negative balance effect credit score

I have an saving account in Oriental Bank. I am not using this account for last 1.5 year. Currently the balance is negative. I am staying in Bihar since last two year. It is not possible to go ...
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votes
1answer
60 views

Closing a New Credit Card for Credit Score

I have 4 credit cards, and 3 of them are about 4 years old and 1 of them is less than a year old. I noticed that my FICO-8 went down by around 20 points since I got the new card and it hasn't gone up ...
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vote
1answer
304 views

My credit limit was raised without my asking, will this affect my credit rating?

I am a resident of Scotland, and have a credit card issued by my bank in my name only. I recently received a letter stating: Your credit limit is increasing We have good news for you. We ...
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4answers
185 views

Will this affect my credit

If I pay my credit card minimum balance a day before the due date but then use it again that day , does that affect my credit ?
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1answer
64 views

Understanding credit score

Probably a fairly generic question, but here it is. First, a very small background: I recently graduated in Europe and found a job in the US. I got the visa and everything, so now I finally moved ...
1
vote
1answer
46 views

Low percent vs moderate percent credit card limit effect on credit score

I was wondering if spending more (50-89%) or less (1-25%) of credit limit increases or decreases credit score depending on the amount spent on the credit card. I have recently turned 18 and became ...
0
votes
2answers
75 views

Can credit score be sponsored?

I vaguely know that a good credit score is very important in the US (we do not have such concept in France for individuals). I was wondering whether such credit score can be boosted through some kind ...
2
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0answers
56 views

What is the most efficient way to dispute an invalid collection on a credit report?

I had a surgery and a ton of medical issues. All but one thing went through insurance. The healthcare provider for that one thing went straight to collections. I contacted them, and my insurance ...
2
votes
2answers
218 views

Is it rational that agencies downgrade your credit rating if you close a card?

Multiple sources say that if you have several credit cards with balances, and you pay down one of them, your credit rating will take a hit if you close that card. Now I know what the stated reason is ...
0
votes
1answer
218 views

Can U.S. car dealerships pull your entire credit report or just your FICO score?

In the U.S. can car dealerships pull your entire credit report, or just your score if you go into them to apply for a loan? Of all the research I've done, it sounds like its just your FICO score that ...
1
vote
1answer
163 views

How does this credit scoring work?

I live in the UK, where credit referencing agencies are seen by many (myself included) as the devil. They hold a lot of life-critical information about me but they don't want to share that info, not ...
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0answers
56 views

How do I find out what is the minimum credit rating for a grad school loan (or undergrad) without a cosigner?

I'm in the US, and I'm trying to make a decision about my educational strategy. I have a basic idea of what I can do for unsecured undergrad bank loan, and what credit rating I would need. How can I ...
5
votes
1answer
249 views

Can I remove a cosigner from a car loan? Will it affect my credit?

I will be moving from NY to California for a job that starts 3 months from now. I flew to California to finance a car from a dealership, but since I had not found an apartment yet, I had no california ...
0
votes
1answer
110 views

Roughly how long should I ideally wait to apply for a large car loan after increasing my credit card limit?

Back in March, I elected to increase my existing line of credit limit up to $2,000, which came with a reduction in interest (from 12.5% to 8.5%). Now, I'm in line to buy a car that I really want, but ...
-1
votes
1answer
127 views

Using credit on the day of closing date [duplicate]

Would it not affect my credit score if I use my credit card on the day of my closing date or a day prior the closing date?
2
votes
1answer
69 views

How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?

Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and ...
1
vote
3answers
113 views

How to know which credit report / score will be consulted?

Question When you apply for a loan or a credit card, in the US, one credit report is pulled from one of the three "major" company: Equifax, Transunion, or Experian. Is there a way to tell which one ...
1
vote
1answer
144 views

Student Loans and Creditworthiness

In reading This Question about UK student loans I cam across several answers that state that student loans do not impact credit score beyond limiting the amount of disposable income used in the loan ...
0
votes
2answers
205 views

Ramifications of not paying a credit card

Scenario - Credit Card bill has not been paid for about a year. (A small amount, about $1700.00) There's a debate in the family. One side says pay it all off now (money was received from the sale of ...
0
votes
0answers
130 views

Google financing and credit score in US

I would like to start creating credit history in US but because I don't have any and I'm new in US, no bank want to give me a credit card. I heard that Google financing is quite liberal when it comes ...
1
vote
1answer
238 views

Dispute credit history hurt unknowingly by parents

This is question is about my friend's current situation that I found out about and now my dad and I are trying to help him. Background: My friend (22) had to go to the hospital (I believe he was 18+ ...
0
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1answer
70 views

Understanding credit-score fluctuations [closed]

Recently an old credit account that I've had sitting idle was closed due to inactivity. I get credit-score updates from the issuer (who still maintains the credit account that I actually use), and ...
0
votes
3answers
119 views

How will having two active credit accounts with different balances affect my monthly credit scores?

I heard that with the new FICO model, they want you to spend ten percent or less of your credit limit to keep your scores from dropping. I recently applied for a second credit card, one with four ...
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votes
1answer
151 views

How to transfer credit history to another bank?

I am planing to make first credit card (BOA secured credit card). Also, I want get UA explorer card later (I understand it is need high credit score). I am trying to build credit history by this BOA ...
4
votes
1answer
113 views

Is it advantageous to my credit score to not completely pay off my student loans?

I have $11,000 in subsidized loans. One loan is for $5,500 @ 3.9% and the other is $5,500 @ 4.5%. I must pay off the loans within 10 years, but there is no penalty for paying them off early. I will ...
0
votes
2answers
216 views

How badly is one's credit score affected if one stops paying one card but keep paying others?

I am in a very tight situation and I am wondering how the FICO score behaves if I stop paying 2 cards out of 4. How badly would it go down and how badly would it affect applying for loans at different ...
4
votes
1answer
122 views

Credit limit dropped and utilization high

I had a $7000 line of credit with Wells Fargo, and I have never been late, but they dropped my credit limit down to $5000, and my balance is $4800. This is hurting my credit. What should I do?
0
votes
1answer
180 views

How do I improve my ability to get loans to use as leverage for my business?

Relating to Europe, but an US-focused answer is also welcome. Plan: I have a small stain on my credit history due to a tax issue. I am otherwise financially sound. I am not big enough for a bank to ...
1
vote
3answers
98 views

Credit after a car loan

I just passed year two of my car loan and I'm planning to use my tax refund to pay it down. This will most likely shorten the loan a year. I'm thinking about how I can keep my credit score and such ...
2
votes
1answer
272 views

Should I make small monthly purchases on ALL six of my credit cards and then pay off in full each month?

I am trying to rebuild my credit. I know it’s critical to establish a history of responsible credit usage. I’ve been diligently making small purchases on two of my three major credit cards every month,...
16
votes
3answers
4k views

What's the best way to maintain your credit score after paying off all of your debt?

For several years we have had a mortgage, two car loans, and an active line of credit from our bank. We made payments on all of these religiously and our credit score is now in the high 700s. ...
0
votes
1answer
56 views

Effect of Student Loans on credit score

I've got student loans, for which I'm enrolled in the Pay As You Earn (PAYE) repayment plan. This means I'll only ever pay a maximum of 10% of my income towards these loans. Given a relatively low ...
2
votes
2answers
201 views

Optimum balance on individual credit cards for building credit

I've read that in order to build credit more effectively, it's often useful to have a non-zero balance on your monthly statement. I've also read that this should be around 10% of one's credit limit. ...
2
votes
1answer
147 views

Should I apply for another credit card?

I'm in a spot where my credit score has tanked over the last several years. I'm puzzled by the fact that I keep getting credit card offers. I am currently paying a credit card down. I have no open ...
3
votes
2answers
225 views

Opening Credit Cards to capture the Intro bonus [duplicate]

The past few years, I have been opening a new credit card that offers a intro bonus (usually $200 - $300 after spending $500 or $1000 within the first 3 - 4 months) and also 0% purchase APR for 12 ...
2
votes
1answer
130 views

“The number of inquiries was also a factor, but effect was not significant”

I monitor my (Experian) credit and see some factors are helping and some factors are hurting my score, which is borderline "Excellent". Of the 9 line items reported, one is, "The number of inquiries ...
2
votes
1answer
46 views

Collections account on one credit report yet CreditKarma reports my scores are almost the same. Why?

I've been fighting with the credit reporting agencies to get an incorrect collections account removed from my report. Two of the three have complied, but TransUnion is being very stubborn. It's been ...
1
vote
1answer
120 views

What can I do to get credit issuers to tell me exactly why I was not approved?

Whenever I apply for a credit card or credit line on the internet, I am often given the message that I was not approved, and that I would get a letter via snail mail as to why I was denied. But, when ...
1
vote
0answers
171 views

How to regain credit after two car voluntary repossesion, five credit cards amount to 10K?

What are the necessary steps to get back on the road to fixing a credit after not paying 10K worth of credit cards (behind 6 payments for 6 months) and two car voluntary repossession? This is after a ...
0
votes
1answer
117 views

How do credit checks work?

How do credit checks work? I am considering a loan to a person who doesn't have credit and isn't eligible to get a loan from a bank. How does the logic of credit checks work? At least, I hope to ...
4
votes
2answers
164 views

Student loans and credit score

A friend of mine hasn't been paying his student loans off in years now and obviously his credit has suffered. This friend is convinced that if he waits out 7 years of the loan it is taken off his ...
9
votes
5answers
2k views

Possibilities of Mortgage with incalculable Credit Score

I am 23, and I'm following Dave Ramsey's TMM plan. I am concerned, however, about completely closing credit accounts etc. due to the fact that I am not yet a homeowner. I do not want to dig myself ...
5
votes
2answers
297 views

Creditor sent Bill to wrong address and I was not notified

I signed up for a line of credit through a store, and ended up being approved. What I didn't know was there was a fee associated with opening up the card which was charged to the card. After 3 months ...
-1
votes
3answers
94 views

To take out or loan, or not to take out a loan, for the sake of credit score?

My credit score is sitting around the 720 range and I'm interested in getting it back over 750. I utilized 2 different "0% for 18 month" credit cards as short term loans in order to pay for a wedding ...
1
vote
4answers
187 views

Am I hurting my credit in the long run by not using my card?

for starters, I'm a 23 year old in the USA. So when I lived at home, I took out a loan to buy a car, which my parents cosigned on, this was my primary credit-building exercise. I ended up paying that ...
3
votes
1answer
335 views

My ex boyfriend and I bought a house as tenants in common and it is ruining my credit score

My ex boyfriend and I bought a house as tenants in common more than a decade ago. Due to his abuse I left the house in 2002. After 10 years of trying to force the sell or buy me out, in 2012 he did, ...
0
votes
2answers
232 views

Getting credit card in the UK without the permanent address

I've been in the UK since May, but I've been subletting apartments. I have a permanent job and I'm able to save 70% of my salary. I have the bank account in Lloyds and they told me that I'm not ...
2
votes
4answers
79 views

Best loan/expenses to pay off to increase credit rating?

I am getting settled at a new job and starting to look into my personal finances to see where adjustments can be made. I have 7 companies I owe money to for various things like credit cards, car ...