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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.

4
votes
1answer
193 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 ...
8
votes
3answers
559 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'...
6
votes
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 ...
0
votes
2answers
414 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 ...
44
votes
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 ...
1
vote
2answers
76 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 ...
3
votes
3answers
716 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 ...
0
votes
2answers
103 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 ...
-1
votes
1answer
81 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
votes
1answer
103 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 ...
5
votes
1answer
453 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 ...
2
votes
3answers
123 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 ...
3
votes
5answers
532 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 ...
1
vote
0answers
100 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 ...
1
vote
1answer
80 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 ...
0
votes
1answer
129 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 ...
2
votes
2answers
257 views

Why has my credit score stopped moving?

I receive monthly credit card scores from my bank. After trending upwards, both scores have stopped moving. The bank score is a nice round number with 2 zeros and hasn't changed in 3 months. It seems ...
1
vote
2answers
165 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 "...
8
votes
3answers
3k views

How bad would maxing out my credit card once a year affect my score

I just got approved for a $1500 cash secured credit card from Wells Fargo. This means I have no credit history whatsoever, and am going to use this card to establish one. With fall semester at ...
2
votes
1answer
127 views

If I pay my car loan off will my credit drop?

I've been thinking lately about paying my car off. I owe less than 6k. The payment each month does not really hurt me and I was going to just keep it for on time payments to help my credit and my ...
0
votes
1answer
87 views

Investing loan amount taken primarily to increase credit rating?

I had been facing very big issue of bad credit score of mine. I was not able take any credit cards and I was constantly kept applying for new credit from different sources. It took my credit score ...
5
votes
2answers
464 views

How to build a credit history, for a 78 year old with none? Turned down for secured card

I helped a 78 year old neighbor apply for a secured credit card but he was turned down for having "no credit history". He has had no credit cards for 30-40 years, no credit accounts, nothing. On ...
3
votes
3answers
534 views

How to get rid of bad credit cards without impacting credit report

I have two bad credit cards, one at 11.8% + Prime (working out to about 18%+) and another recently raised to 30% (card issuer swears they did this on every cardholder, and that I'm a member in good ...
3
votes
1answer
149 views

Puzzled by (a) credit score and (b) abrupt jump in credit score

About six months ago, my credit score abruptly jumped from the low 300s to the high 700s. The only two things that changed in my financial life were: (1) I became listed as a joint trustee on my ...
17
votes
6answers
14k views

What does it take to get a 0 credit score

I'm not sure if a 0 credit score is the same thing as having 'no credit history'. I'm wondering how long it would take a credit score to drop to 0 (something Dave Ramsey says happens eventually after ...
0
votes
1answer
884 views

I was denied a margin account for being unemployed, what should I do?

I'm in Canada, and encountered something very strange in the last few months: my mother and I each opened an individual (not joint) discount brokerage account at HSBC InvestDirect. We both deposited $...
0
votes
3answers
116 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 ...
1
vote
1answer
875 views

Not Paying Loan Should I opt for One time Settlement. How will this reflect in CIBIL score?

I have loan. I didn't pay EMI for the past 1 year. Now the bank has provided me the option of One Time Settlement. This is roughly half of the entire loan. If I pay the One time settlement , how ...
9
votes
1answer
4k views

Does not being approved for an Amazon store credit card impact credit score?

I just applied for "Amazon Prime Rewards Visa Card" as I do lot of Amazon Shopping. But I received the below message after submitting my application: Thank you for Applying. Unfortunately, your ...
1
vote
1answer
138 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 ...
20
votes
2answers
12k views

How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score?

I currently have a 75% credit utilization, which I know is not favorable on about 35,000 revolving credit. I am getting my year end bonus and plan on using that to completely pay off all of my credit ...
0
votes
2answers
391 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 ...
3
votes
2answers
341 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 ...
3
votes
3answers
9k views

Is it a bad idea to have 3 secured credit card accounts open?

I initially signed up for a Wells Fargo cash secured credit card, last month, but lately with their changing the ToS and extra fee, I am worried about my choice. People have asked me not to close ...
3
votes
1answer
90 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
602 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 ...
2
votes
1answer
244 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 ...
2
votes
4answers
373 views

How to build up credit fast?

I live in the United States, am around 22 years of age, and recently graduated college with around $12,000 in student loans. I have had a full time job for around 4 months that pays around $55,000 a ...
22
votes
4answers
7k views

Car dealer saying that they cannot see any credit information for my co-applicant. Could this be a scam?

A couple of days ago, I went to a Chrysler dealer here in Florida to look for a new car. Being that my credit score is currently somewhat low (about 680), me and my wife thought that we could have ...
61
votes
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 ...
3
votes
2answers
1k views

How badly does a collection account sent to the credit bureau hurt my credit score?

I'm a college graduate, home owner, and I have a decent credit score. I just received a letter from a collection agency claiming I owe upwards of $700 on a delinquent debt from an apartment I lived in ...
2
votes
1answer
2k views

How does an eviction affect a guarantor's credit score?

If I am the guarantor for someone (say a child, or a younger sibling), and that person got evicted, under what conditions (if any) does this show up on my credit score/report?
5
votes
2answers
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 ...
2
votes
1answer
667 views

Does a car lease count as a car loan for credit reporting purposes?

I've been told that I need to get a loan on my credit report to increase my credit score. I've never gotten any type of loan before. If I get a car lease, does that count as a loan for increasing my ...
2
votes
1answer
9k views

Can you pay off lease early?

If I pay off lease amount early for a car, is there any impact on my credit? Let's say I'm paying $400/month for 36 months, which is 14,400 total. If I pay 14,400 within 6 months, are there any ...
4
votes
3answers
267 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. ...
1
vote
1answer
164 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 ...
26
votes
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 ...
3
votes
5answers
3k views

Do “Instant Approved” credit card inquires appear on credit report?

I have a very good credit score (just shy of excellent) and I wanted to purchase a fairly pricey item on Amazon. They have a couple of decent credit card offers, one with Chase that gives you $70 ...
2
votes
3answers
286 views

Is it ok to have multiple life time free credit cards?

I am currently having two life time free credit cards. These cards do not charge any annual fees. And another bank is offering me such credit card. I was thinking if I should go for it as its rare ...