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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1answer
42 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 ...
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3answers
135 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 ...
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2answers
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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 $...
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1answer
61 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 ...
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2answers
370 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 ...
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1answer
74 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?
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3answers
259 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 ...
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2answers
115 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 ...
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1answer
179 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 ...
2
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1answer
147 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 ...
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9answers
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 ...
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1answer
157 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, ...
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2answers
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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 ...
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0answers
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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.
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1answer
117 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 ...
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1answer
91 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 ...
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1answer
63 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 ...
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8answers
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 ...
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4answers
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 ...
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1answer
84 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 ...
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2answers
212 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 ...
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3answers
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 ...
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0answers
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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 positive effect on my credit report, if I want to remove myself as an authorized ...
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1answer
109 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 ...
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4answers
247 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 ...
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2answers
136 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 ...
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6answers
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 ...
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3answers
132 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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1answer
92 views

Is it normal for a Single error in credit report to make a big impact on one's credit score?

I just generated my credit report and it gave a score in the orange. Looking through the details in the report, I see only one "red mark" -- so presume this is the only thing that is ...
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0answers
99 views

Vehicle Trade-In

An ex-girlfriend and I took out a car together. After breaking up, she decided to trade in the car and get a new one. The dealership sent me a Power of Attorney form to fill out to have our car used ...
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3answers
135 views

In USA, is there a particular date in a month, on which if I pay off the total balance for credit cards, so that my credit score can get increased?

In USA, I was told that if I pay off my credit card in the middle of the month, or even pay off more than the statement balance to make it a $0 balance, it can increase my credit card score. But ...
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4answers
505 views

How much of my mortgage do I need to pay off for the FICO "Proportion of loan balances to loan amounts is too high" reason code to disappear?

I have a FICO 8 score that is fluctuating from 810-830 and the only reason code given is: Proportion of loan balances to loan amounts is too high The only balance I have from month to month is my ...
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8answers
5k views

How badly will my credit score be affected if I don't pay back a small margin debt?

I recently started trading stocks and was trading on ameritrade. I went in with just a little money to play around with and try and learn about it, but I forgot to turn off margin trading apparently. ...
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2answers
234 views

Is there any catch in life time free credit cards against fixed deposits?

Many banks have offerred me life time free credit cards because of my good credit score. However, there are some banks which did not offer any life time free credit card. However they offer credit ...
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1answer
93 views

Does it matter who the primary card holder is if both people have high credit scores?

Background My wife is in grad school and has no income. I have a high paying job and all bills are paid from my income from shared bank accounts. We both have high credit scores (> 750) though I ...
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1answer
104 views

How do I update my address with Transunion and Equifax and what are they?

I recently applied for a credit card with a bank I had never done business with before. One day I got a confusing call from them. From what I understood Equifax and Transunion have an old address on ...
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4answers
116 views

How can I check my credit score in the UK?

How can I check my credit score in the UK, and what is the safest way to do this? e.g. should I use https://www.experian.co.uk/? I am keen not to do anything that may risk hurting my credit score. (...
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0answers
77 views

Best possible outcome from paying a charged-off account

I had an auto loan from 2011. All but about 1,800 USD was paid off. Various financial challenges and a dose of me sticking my head firmly in the sand led to the account being charged off. I handled ...
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4answers
280 views

Should I open a second credit card just to improve my credit score?

I have one credit card, which is the only line of credit that I've ever had. I've never missed a payment, keep my credit utilization ratio reasonably low, and haven't had any other negative impacts on ...
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3answers
135 views

Paying more than your monthly credit card balance?

When is it a good idea to pay more than your monthly credit card balance? When does that help, when is that not worth doing / doesn't do anything? Why is that a good idea? Does that help your credit ...
4
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3answers
496 views

Keep secured credit card open?

I am young and want to try to start building credit. The tellers at SunTrust advised that I start with a secured credit card, and eventually I will transfer to an unsecured one. Is the transfer like ...
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7answers
7k views

Open many credit cards while I am young?

I just turned 19 years old and want to start planning for a future of good credit. Should I open many credit cards now so that in 10 years I will have a good history with many agencies, or is it ...
19
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6answers
3k views

Do I have to incur finance charges on my credit card to help my credit rating? [duplicate]

Does using a credit card actually build up your credit score or do you have to incur charges by not paying it off for X amount of time to help with your credit rating? If I'm paying it off every month ...
4
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3answers
136 views

Will hard pull affect my credit score even if I don’t currently have one?

Background I’m an international student who is currently on OPT I just received my SSN 2 months ago I have never applied for any credit card at any bank in America I don’t have any student loan or ...
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2answers
114 views

Procedure to get approved, and transfer balance to a 0% APR credit card?

I have the following two credit cards: Credit card A—$2500 balance, of $3000, 10.99% APR Credit card B—$0 balance, of $1300, 19.99% APR I want to transfer the balance of credit card A to a 0% APR ...
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0answers
43 views

Does mobile phone account negatively affect credit score?

I generally try and keep my credit utilization on my credit cards as low as possible, by having a high limit, and making payments frequently to keep the balance low. I was looking on my Equifax ...
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3answers
160 views

Will linking SSN with checking account help build up credit score?

Background: I’m an international student who is currently on F1 OPT. I only have a checking account with a debit card at USbank. I use the debit card very often with no overdraft history. I just ...
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1answer
1k views

What tools are there to investigate why my FICO score would have dropped significantly?

Please assume the basics have been considered, such as: Credit utilization could have went up Hard inquiries Closed an account Opened a new credit card Paying off a loan None of the above occurred ...
3
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2answers
214 views

Does credit score show you are a responsible borrower or a profitable client for the bank?

This might be a silly question, but I'm trying to wrap my head around how the US Credit Score works. I'm from Europe. Credit Score represents creditworthiness, which as I understand it, represents a ...
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1answer
94 views

What is the expected effect to credit of refinancing my student debt?

I have $20K in student loans across 8 accounts at 3 lenders dating back from 2004-2009 here in the USA. The average interest rate is around 6%. I can likely get a fixed rate around 3.5% if I refinance,...

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