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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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Can anyone do anything to me with this information?

I recently got a call from my “bank” telling me that there have been several fraudulent transactions on my credit card. Naively I believed them and gave them he last four digits of my credit card ...
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1answer
32 views

Applying for Credit Card Under New EIN

I have established a new EIN for a sole proprietorship under my name. This business' purpose is to separate my ventures flipping and doing other projects that make money from my personal finances. I ...
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1answer
165 views

Does not paying a collections company affect credit score?

From a discussion in comments, a question came up. For the purpose of this question, all I care about is my credit score. I got a credit card, used it and did not pay it back. The credit card ...
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2answers
141 views

Should I pay off a credit card or a collection balance first?

I have a collection and a credit card with roughly the same balance. I received a bonus and I am able to pay off one of them completely. Which is more beneficial to pay off first?
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1answer
113 views

Credit line opened without my authorization

Some company signed me up for this credit card without my knowledge and now the account is showing in my Mint.com credit report and lowering the average age of my credit lines, and hence my score. I ...
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1answer
176 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
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9answers
636 views

What's the fuss about Credit Score / History?

I have seen a number of questions about improving or checking your credit score / history. I think a Wiki would be a good idea to deal with these questions. My feeling is there that you shouldn't ...
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3answers
116 views

Do I need to open a credit card to improve my average credit score?

I recently checked my credit reports and score and found out I had a score in the high 630's - this was a shock as I had checked this a couple of years ago and my score was in the high 730's I ...
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2answers
156 views

Does paying minimum on 12 month 0%APR bonus credit card hurt credit score?

I sign up a credit card that has 0%APR for 12 months (plus some cash sign up bonus for spending certain amount in the first few months), and will use it for the purpose of purchasing flight tickets (...
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3answers
222 views

Large credit score drop

I use Mogo to review my credit score every month. I just moved to Canada so it took a while to even kickstart my rating, however, Mogos history shows. Dec (2 months after I got my credit card) - ...
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5answers
9k views

Does a cash advance hurt your credit or (official) reputation in any way?

Does a cash advance hurt your credit or (official) reputation in any way? Does it appear in records at all, and would it be frowned upon if it did? What if the cash advance were taken at a casino? I ...
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2answers
108 views

Ways to alleviate credit card missed payment due to bank problem?

A couple of months ago one of my banks randomly blocked my online account (I just had to call them and tell that I am still alive). Long story short, I called them multiple times and they never ...
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2answers
109 views

Why are credit scores so important in the US compared to Europe?

Back when I lived in Central Europe, most loans/mortgages only depended on your current income and employment history. If you held on to a good job for several years, you could well expect to get a ...
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1answer
80 views

Interest-free loan: how is “utilisation” calculated re credit score?

I have, historically, always had an excellent credit score. I never spend beyond my means, and always pay off my credit card in full every month. I really only have the credit card in order to accrue ...
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4answers
4k views

How does holding onto an active but un-used credit card affect your ability to get a loan?

I was debating with my friend about my old credit card. His view is that holding onto an unused credit card is bad for my credit b/c it will count as potential money I can borrow in an instant and ...
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3answers
811 views

How does selling my house affect my credit?

I bought a house 3 years ago. Since then I have made all my payments on time without ever missing a payment. From my understanding, this is good for my credit. I am now selling my house. How will ...
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3answers
182 views

Shopping for a car resulted in many hard inquiries within a short time frame. How to fix?

I was shopping around for a car, and in the process I was shopping for car loans. I finally bought a car within a couple weeks, but it resulted in many hard inquiries on my credit report (at least for ...
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3answers
1k views

Should I keep a credit card open to maintain my credit score?

I have a credit card that was opened when I first got ot of college, and was my first credit card. Since then, I have switched to cards with rewards, figuring that since I pay it in full each month, ...
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1answer
109 views

Supplementary data for thin credit history [closed]

I am part of a team at a startup trying to improve the way credit history is scored and calculated. We hope to improve the existing system by allowing for unconventional information that may be ...
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2answers
99 views

Questions about my credit score and how my debt/payments affect it

I've been out of college for a couple years and i'm quickly paying off my student loans. I have some loans and other bills I pay every month. I'll provide as many details as I can in order to get as ...
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2answers
90 views

Credit Union Merged Credit Card transferred to new bank Credit Score Drops 30 points

I live in the USA. I was a member of a small credit union which has merged with a much larger one. I kept a credit card with the small credit union because my interest rate was only 5.75% When the ...
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3answers
148 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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2answers
43 views

When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...
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1answer
111 views

Please help me increase my credit score. Take a look

Its been a journey paying off old debts and getting some creditors to wipe the slate clean. Below is my current situation. Any tips/recommendations on which way to go? 2 accounts are closed.
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1answer
1k views

If Sears is canceling my account that hasn't been used in years, will it hurt my credit score?

I have a Sears credit card that I haven't used in 14 years. They have recently contacted me and told me that if I don't make a purchase by Nov. 30, that they will cancel my credit card. If they (not ...
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3answers
8k views

Will cancelling department store credit cards improve my credit score?

I have about 5 department store credit cards that I never use. If I cancel those accounts, will my score improve? Even a little? Again, these aren't credit cards. They're store cards (like Home Depot, ...
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2answers
1k views

Why did my credit score drop after paying of a credit card?

I paid $25 on one card, which decreased the balance to $0. I immediately lost 13 points on my Equifax report from paying this $25 balance according to MyFICO. Why? I use the card regularly, but I ...
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2answers
124 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 ...
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1answer
635 views

Better to get loan from finance company or bank considering the drop of credit score?

I want to know if there's a difference between getting personal loan from a finance company or a bank, considering the drop of credit score/grade (assume all other aspects are exactly the same)? I've ...
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2answers
154 views

Who actually decides whether a credit check is soft or hard?

Many web sites explain the different effects of hard and soft credit inquiries, but none of them actually explain how the process works, so they're not useful for figuring out how borderline cases are ...
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3answers
1k views

How to deal with a landlord charging more than what is specified in the lease when I break the lease?

I am not from the U.S. and this is my first experience breaking the lease. I had to break it to move for a new job, and no one would like to sublet the apartment since it is a damp basement. The ...
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1answer
116 views

In what ways does getting married to someone with poor credit affect someone with good credit?

Two middle class individuals, Jim and Jane, are dating. Jim has a 715-730 credit score, as reported by Credit Karma, and has no problems (late payments, bankruptcies, etc) for the last 7-10 years. ...
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1answer
78 views

Will it adversely affect my credit score if I put off on buying a home?

Recently, my wife and I have been looking into buying a home - I have very good credit, only a small number of outstanding debts ($7,000 car loan, $1300/mo rent, and credit cards I pay off every month)...
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1answer
60 views

Does closing BOA Savings account hurt my credit score?

I have following accounts at BOA. a Savings Account a Checking Account (where my salary is crediting every 15 days) a Visa Credit Card a MasterCard Credit Card Lately I found that I am not using my ...
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3answers
7k views

How do I deal with a clinic billing mistake that was sent to collections?

Recently I created a CreditKarma.com account so that I can keep and eye on my credit. Upon logging in, I noticed I have a pretty low score (not that surprising since I just opened my first credit ...
2
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1answer
91 views

Closed credit card from compromise hurt credit score

My credit card was compromised, and the only reason I had the credit card was to improve my credit score. I chose to close the account (since someone was able to use it), but I forgot how ...
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1answer
243 views

Can my neighbours affect my credit report and/or credit score?

My wife and I live in a single building (in London, England) which contains three flats/apartments. We rent our flat privately (private tenants, renting from a private landlord) and the other two ...
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3answers
569 views

Do I not have a credit score?

Today I tried to access my credit report for the first time from the three major agencies using annualcreditreport.com. When accessed through Experian, it gave me a generic error that my report wasn'...
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3answers
1k views

Does being added as an authorized user help credit score?

My wife and I both filed bankruptcy 15 months ago, and are slowly getting our credit back. We both got a credit card from Capital One. Does adding each other to the other's card as an authorized ...
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2answers
415 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 ...
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5answers
13k views

Going house hunting next week and my credit score just dropped by 100+ points

My wife and I (usually) have excellent credit. TransUninion had me at 790 and other agencies well into the 800s. Our lenders have already prequalified us for our home, and sent the ratings they got ...
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3answers
736 views

Do I need multiple credit monitoring services?

I currently have credit monitoring through Experian and I pay extra for it to monitor all three credit bureaus. In light of the recent Equifax breach and Equifax offering credit monitoring for those ...
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1answer
87 views

Credit Utilization and Score. Early re-payment

I feel like this may result in the same unanswered question but I'm gonna ask it anyway just in case we can get a definitive answer. Does paying off your credit card (before a statement is generated) ...
3
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1answer
112 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 ...
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1answer
608 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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3answers
128 views

Will reissuing my credit card to get a new number every year or even more frequently hurt my credit or effective me negatively?

I recently had to have my card reissued because I noticed a charge on my account I did not make. Then I realized I had this card for like 4 years and credit card numbers are static. Why shouldn't I ...
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5answers
561 views

What should I do when my friend doesn't pay back a loan I gave him? [closed]

I lent money to my friend for his wedding through my credit card. It was around $5,000. He said that he would pay me back within 1 month. It has been almost 5 months. Every time on his salary date I ...
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0answers
106 views

Can debt collectors or creditors combine multiple “accounts” into one to increase sum above $100?

In this case, someone has several medical debts, for separate procedures/office visits. Each of these debts is of an amount less than $100. It would seem that, since the visits are separate, these ...
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1answer
82 views

Affect on credit score if I apply for a card just to get a one time discount

I currently have decent credit, but not exceptional due to limited use of credit. I have two credit cards, one used regularly (and payed off every month) and a backup credit card. I've run into ...
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1answer
131 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 ...