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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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3answers
98 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 ...
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1answer
76 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
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1answer
83 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
346 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 ...
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2answers
338 views

Is it a reasonable request for $1,000 credit limit increase?

I currently have the Barclay Apple Rewards credit card which I received on 06/2018 with a $1,000 credit limit. I used it to finance the purchase of a $950 iPad for school. I was given 12 months to ...
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6answers
11k views

Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?

A few years ago I got a credit monitoring app and started watching my credit score (high 700's). It's been climbing slowly and sends me an alert when I apply for new credit - like when I bought a car ...
4
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3answers
253 views

Can you hurt a nonexistent credit score?

I am a student, I just started my sophomore year. I have always been very financially responsible. Now, I want to start building my credit, so I did my research and applied for a student credit card. ...
3
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2answers
332 views

Effect on credit score of paying everything in one shot

Will paying everything at one shot help your credit score more then paying it quickly but over a few months?  To me, the former suggests a lottery winning or inheritance while the latter suggests ...
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1answer
152 views

I have a very good credit score from my previous country. Can I use that in the US?

I have a lot of question, which I have googled but did not really found a good answer that fit with my situation. So I have moved to the US as a student. I (think)have a high score credit back in my ...
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1answer
130 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 "...
26
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9answers
15k 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
97 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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1answer
74 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 ...
1
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1answer
321 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
205 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 ?
0
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1answer
71 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
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1answer
49 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
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2answers
78 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
60 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
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2answers
236 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
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1answer
280 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
167 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
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1answer
298 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 ...
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1answer
117 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 ...
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1answer
389 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
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1answer
73 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 ...
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3answers
120 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 ...
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1answer
162 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 ...
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2answers
207 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
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0answers
175 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
243 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+ ...
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1answer
74 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 ...
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3answers
121 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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1answer
158 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
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1answer
121 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
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2answers
218 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
126 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?
2
votes
1answer
242 views

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

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
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3answers
99 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
277 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
61 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
220 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
150 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
228 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
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1answer
135 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
52 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 ...