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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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
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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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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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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
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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
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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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1answer
104 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
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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
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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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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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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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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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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 ...
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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
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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 ...
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6answers
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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 ...
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3answers
116 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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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
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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
86 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
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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 ...
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2answers
189 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
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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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1answer
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How do I recover from accidentally missing a credit card which made my account delinquent?

I have a credit card that I rarely use. It is set up so that the full balance is automatically paid off each month from my bank account. I switched bank accounts and updated the account details for ...
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4answers
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Credit bureau says I have a “Thin File”, though I've had several loans

Experian says I have a thin file. I have owned two homes, had 2 car loans, and paying a car loan now. Searching the web: a thin file is generally found in younger people without a credit history. I ...
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2answers
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Will a high interest rate consolidation loan improve my score enough to get a low interest rate loan?

As documented elsewhere, I'm paying off debt on credit card accounts totalling roughly 15K and at an average interest rate of roughly 20% My ultimate goal is to get a loan in the 5-8% range with fixed ...
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1answer
67 views

How long does it take for a major payment to influence better terms on credit cards or personal loans?

I have ~$10K in cash "thanks" to way overpaying IRS the previous 2 years. I'm not very good at doing my own taxes, apparently. I can use it to pay off some credit card debt, which is ...
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2answers
94 views

How do credit apps know credit details and scores even if there is a freeze on the credit records?

I went to apply for a loan online and was automatically denied because I had placed a freeze on my credit records after the data-breaches a few years ago. How is it that mobile apps (e.g. Credit Karma)...
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1answer
67 views

Which are the safest deposit banks worldwide (according to reputable rating agencies)? [closed]

I would like to know which global banks are the safest for holding money, and though the big three rating agencies are often used to estimate credit worthiness of financial institutions, this seems ...
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2answers
309 views

Can Having Less Debt Lower Your Credit Score?

Background: In preparation to buy my first house I've started keeping an eye on my (Experian FICO) credit score, and I've been seeing behavior that is very strange. After a year of my credit score ...
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2answers
261 views

Can collections agency actually remove debt from credit report or are they just lying?

I recently ran my credit score and discovered that unbeknownst to me there was evidently a $60 medical co-pay from last year that I never paid (they sent the bill to an old address and due to it being ...
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3answers
251 views

How exactly does paying your credit card balance in full increase your credit score?

Does anyone know how a credit score increase is calculated based on paying off credit card balance(s)? In addition, is it cumulative balance or just the balance at the end of a billing term? For ...
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If I get a credit card that will give me a higher credit limit if I make on-time payments, will it carry over if there is no balance?

So, I got a card, and let's say I was approved for $300, but the creditor promised to increase it to an actual credit line if I made five on-time payments starting in April. So, I make a few payments, ...
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1answer
259 views

Best Buy bait-and-switched me into applying for a credit card, how and when should I cancel it?

I'm buying a new $3,000 fridge from Best Buy and during the check-out, I was offered the opportunity to apply for a store card in exchange for a 10% discount "on first day of purchases". I ...
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2answers
320 views

18 years old with a 10k down payment towards a Challenger

I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as ...
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4answers
441 views

Credit score dropped 73 points after applying for a new card?

Why did my credit score drop from a 762 to a 689? According to creditkarma I got hit with: JPMCB-Card Service: Opening a new account can temporarily lower your score because it adds a hard inquiry ...
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1answer
124 views

How to finance a car when I have credit history but no active credit cards or loans

I paid off 30k of student loans and a 26k car (which I no longer own) years ago, and I had two credit cards at one point, but I foolishly decided I didn't need them and closed both credit cards ...
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1answer
55 views

Home Lender Shopping: Should I use Savings Funds to Zero-out Credit Cards?

[USA] A seller just agreed to my offer on their house ($500k). This would be my first, and I am about to start reaching out to lenders for loan offers. I have $50k in savings ($15k in cash and $35k ...
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220 views

Would making extra payments toward the principals of my loans improve my credit score?

About a year ago I started working on my credit score which I managed to ruin during my younger years. I got a 2 credit cards, 1 auto loan and 2 personal loans. I'm paying off the credit cards in ...
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2answers
153 views

S/O out of collections, where to go from here?

My S/O and I have been together for ten years (not married). We started attacking all of our debts starting October 2018 in order to move into a house debt-free (except a mortgage) in 2021. My last ...
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1answer
80 views

Denied credit based on student loans in deferment

I have had a secured credit card with my credit union, Self-Help FCU for 6 years. Every so often, I add more to the deposit, and it is now at $1750. I recently asked them if I could take the deposit ...
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0answers
40 views

Increasing score by improving utilization [duplicate]

I have 3 credit cards almost maxed out at 92% utilization. If I pay down all my credit cards to utilization totaling 20% is it possible to raise my credit score by 75 points? I am currently at 620.
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4answers
218 views

Making minimum payments on a credit card vs paying in full

I wasn't sure what to title this question. I am new to building my credit score and using credit cards. I am hoping to clear up a few questions I have. One is, if I purchase something on my credit ...
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3answers
162 views

Soft credit search without my permission

I recently bought a wallpaper sample for £1.99 online from a well known decorator company. I did not apply for credit for this purchase and paid the full amount at the time of purchase. I have since ...
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2answers
131 views

What is the effect of closing an account immediately after it is opened?

I applied for a credit card, intending to use an offer for no interest for X months on a purchase from the retailer offering me the card. They accepted the application, but informed me that I couldn't ...
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1answer
231 views

Does Schufa know how much you use your credit cards?

I read that if you use your credit cards, you build credit. I also read that if you get credit cards, your creditworthiness suffers. Both of these seem to make sense. Doing the former means that you ...
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2answers
121 views

Which debts to target to maximize credit score change

I have a variety of debts, and I have a strategy to pay them off. It starts with getting my credit score up another 40-80 points or so to reach the threshold where I can do a cash-out refi on the ...
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2answers
196 views

Does cancelling a credit card affect my credit score?

Recently I realized I haven't been using a credit card at all for purchases, and an annual fee would start to bite at my bank account for basically no reason - so I called up the card number to cancel ...
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3answers
184 views

Credit rating going down when adding more bank accounts

I am tracking my credit rating with Experian, CretiKarma and Clearscore. In the last 2 months it has gone down and the only change to it is that that I have opened two more bank accounts. My current ...
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2answers
196 views

Credit utilization ratio, in practice

So, I am new to the US credit card system, and I have read about the credit utilization ratio around. Everyone talks about it as being the percentage of your current balance over your current credit ...

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