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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3answers
202 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
132 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
67 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
39 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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3answers
130 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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2answers
101 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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1answer
87 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
128 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
115 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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1answer
143 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
182 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
190 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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1answer
290 views

Is selling tradelines safe?

I recently learned about selling tradelines. As far as I understand it users with credit cards with long credit histories and large limits sell authorized user positions to people looking to improve ...
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78 views

Can prior credit card accounts with a specific bank affect your chances of approval for a future card with the same bank?

I had a Citi Mastercard for several years. About a year ago, I hit a couple bumps in the road and ended up having to settle with a collection agency on the account and it now shows up on my credit ...
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2answers
99 views

I want a loan that affects credit [duplicate]

I'm 18 with no credit (a collector has been disputed off) I want to get a personal loan of only a couple hundred but I need it to go towards my credit while I'm paying it back. I also want to take out ...
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2answers
102 views

Is getting Schufa entries you don't recognize deleted always advantageous?

I recently obtained my credit score information from Schufa. I chose the free option ("Datenkopie"). The oldest entry is this one (blanked out by me): I don't remember ever having done business with ...
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6answers
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Do insurance rates depend on credit scores?

When reading up on credit scores, I came across this article. It contains this paragraph: A bad score can become a black mark that leads to missing out on the home you want (credit checks are a ...
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2answers
104 views

Do consumption loans affect my credit score positively or negatively?

I want to build some credit in case I ever need a loan for something. I have never had any debt except for my credit card that I now have for about a year. But I only used it for a single purchase in ...
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6answers
259 views

Applied for car loan and got denied: No credit history or no credit file

I am currently looking for a loan to purchase a new vehicle. I just called my bank, and after briefly discussing with them, they said that I can apply to a 2.74% loan. This is the best I have found so ...
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2answers
171 views

How can checking credit to open a new account have no impact on your credit score?

The advice I've typically seen is more like this advice “Hard inquiries,” also called “hard pulls,” are the kind that can cost you points. They happen when someone pulls your credit for the purpose ...
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1answer
130 views

18 year old building credit

I'm 18 and currently my credit score was 524, only because theres an overdue bill of $500 from when I was a minor in my derogatory marks. I have disputed it through credit karma for Tranunion and it ...
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1answer
122 views

Used car loan and number of credit cards

My credit history is almost 6 months old and I have a score of around 700 now. I got my first credit card 6 months ago and two weeks ago I got another credit card. Last day I got prequalified for a ...
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1answer
185 views

Card Locking and Credit Score

My wife and I are trying to build up her credit, so we decided to: Add her as an authorized user to my Card A, which is about 10 years old and currently my only form of credit. I'll call hers Card B ...
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1answer
527 views

could pursing a TILA claim against my credit card result in a cancellation of my credit card?

Quoting https://www.carlsonattorneys.com/truth-in-lending-act/ , URGENT NOTICE: The Carlson Law Firm is currently investigating a Truth in Lending Act violation on behalf of American Express credit ...
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2answers
238 views

What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
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2answers
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Applying for first Credit Card in USA (International Student/Teacher)

I have been in the U.S. for the past 1 year and since then I just have a Wells Fargo Debit card. Recently I tried to apply for an American Express credit card (applied online) but I got rejected. ...
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1answer
98 views

Change credit card, keep age of credit line?

I have two credit cards that charge fees and have significantly downgraded their value to me. In both cases I would like to switch to no-fee versions of the same card, but I don't want to reduce my ...
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3answers
251 views

is high credit score an asset? [duplicate]

A quick definition of asset is a useful or valuable thing, person, or quality. Can a high credit score be thought as an asset ? I am not asking what can I do with my credit score, I am simply asking,...
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1answer
204 views

How soon can I close Amazon rewards credit card after opening?

I got the card today for the $70 sign up 'Gift Card', only have 2 other credit cards with $5,000+ limits with $0 balance on both and want to know when I can close the Amazon account. I only spent ....
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5answers
7k views

What can I actually do with a high credit score?

I recently checked my credit score via two of my credit card providers. It seems to be hovering between 790 and 815. One service brands the score it provides as a FICO score and the other specifically ...
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4answers
156 views

Impact of Spending Cash/Debit vs Credit Card on Debt to Income Ratio

Since debt-to-income ratio (dti) is an important factor in determining one's creditworthiness especially for mortgage rates, it is clear that one should keep the monthly recurring debt and credit card ...
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0answers
108 views

Are prepaid credit cards a form of secured loan?

I was reading about different factors that determines credit score. One of them is having a "good credit mix" (IE having a healthy mix of secured (such as home loan, auto loan) and unsecured loans (...
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4answers
228 views

Are credit score calculations stateful or stateless?

Over labor day weekend my wife and I bought a furniture set. We'd been planning on it since we got married and had saved up enough that making the purchase was planned and as painless as dropping ...
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4answers
381 views

Will my credit score go down if I don’t borrow money for few years?

My credit score is relatively high. Due to personal circumstances I don’t intend to use my credit cards for the next 3 years. I won’t be getting any loans either. At the moment I have no debt at all, ...
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2answers
117 views

Does pre-qualification for a mortgage affect your credit score?

If submit a mortgage pre-qualification application, does my credit score go down? Does it trigger a hard credit check? Or do the hard credit checks only come when the mortgage process goes further ...
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0answers
59 views

Impact on credit score of paying off a debt very late

We went through a rough patch a few years ago after a disabling accident and got behind on some payments. When things turned around, we squared our accounts with our creditors and our credit report is ...
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2answers
94 views

When calculating credit score, does the “average age of credit history” field include closed lines of credit?

One of the important values in calculating credit score is the average age of credit line. What I am wondering is if this includes all credit lines ever opened or just currently open credit lines. ...
72
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11answers
19k views

Shouldn't the “credit score” prevent Americans from going deeper and deeper into personal debt?

I'm not from the U.S but I know about the dreaded "credit score" that haunts Americans. I've seen a lot of documentaries and videos on YouTube with people that can't get a loan to buy a house because ...
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1answer
243 views

What happens to small bills if they are unpaid?

I understand that bills are sold to collection agencies if they are unpaid. But what about very small bills then? For example, say if there is a bill of less than $10.00, will the company bother to ...
0
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1answer
110 views

When does credit card utilization matter?

I'm learning more about credit before I get a credit card, and I read that it's advised to never use more than 30% of your credit card's limit. Let's say someone has a $2000 credit line and he spends ...
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1answer
109 views

What impact does a car lease have on credit, if any?

Does having any number of car leases impact one's credit score? Does it count towards amount of credit debt I have and impact credit usage ratio?
2
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2answers
189 views

Student loans w/ employer contribution payoff strategy

I have $17k in student loans (4 of them, all Stafford less than 4.5%). My monthly minimum payment is under $200, and my employer contributes exactly $200 on my loans each month (regardless of minimum ...
4
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1answer
156 views

Check if the management of the building I'm in sends late rental to credit agencies

I'm running low on money for the next 6 weeks until I get payment for contract work I've done. In the meantime I owe to various places. I'd like to prioritize paying back to places that will report to ...
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1answer
73 views

Are there negative consequences to having multiple credit monitoring services?

I already have one credit monitoring service that I am not paying for due to a security breach somewhere many years ago. I am not 100% sure but I think it expires/ends in a few years. My data was ...
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0answers
71 views

UK: Will signing up for a mobile phone contract affect my credit rating?

Especially I would like to understand one thing: There are operators who offer contracts without credit check for people who otherwise would be denied because of for example a completely missing ...
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2answers
210 views

Which debt(s) to minimize first to improve credit most quickly?

Current score is ~650. Looking to improve my credit as effectively as possible, as I'm looking into houses after getting married next summer. I'm coming off of a tougher employment patch so very much ...
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1answer
169 views

Virtual landline to achieve better credit score - is that a worthy investment? [closed]

https://www.moneysavingexpert.com/mortgages/why-remortgage/ https://www.express.co.uk/life-style/life/732040/credit-score-free-card-history-file-martin-lewis-this-morning Put a landline number not ...
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2answers
287 views

will it increase or decrease my credit score, if i split a high balance on 2 credit cards

Is it better for your credit score to have one high balance of to split the balance between two credit cards
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8answers
7k views

Credit score and financing new car

Little bit about my situation- Bought a car with cash about 5 years ago, at the time it was a year old. That car is now a total loss and I’m receiving about 5k for it from my insurance. I’m now in ...
8
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1answer
415 views

I'm starting a new job in 20 days - can I include my future income when applying for a credit card now?

I'm starting a new job soon and moving to a new city. I've never held a credit card and want to apply for one. As with all moves there are likely to be expenses so I'd love to be able to stick them on ...

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