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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.

27
votes
8answers
260k views

Should I pay off my credit card online immediately or wait for the bill?

I'm a college student and I just got my first credit card (through Chase). The only reason I got the card is to try and build my credit score. I also have a checking account with Chase, and they let ...
22
votes
3answers
646 views

Global credit record: Would my good credit history apply internationally?

Does my credit record apply internationally? For example, if I have a good credit record in Australia, with a car / house loan and a credit card or two, can my good credit rating be seen by banks and ...
10
votes
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, ...
11
votes
3answers
799 views

What is the optimal ratio of used credit to credit limit for your credit score?

I have been told to never go over 50% of my credit limit on any credit card even if I pay always off in full for each statement, in order not to hurt my credit score. Is this true? What is the ratio ...
9
votes
5answers
5k views

How can I check my credit score?

I've seen the commercials for freecreditreport.com, but commercials with singing pirates make me uneasy; maybe they'll steal all my booty (personal information). What are the different ways to check ...
24
votes
4answers
9k views

Is a high credit limit on a credit card bad?

I've had a credit card for a long time, and every so often they've sent letters telling me they're increasing my available credit. Does it negatively affect my credit score to have a high limit, one ...
5
votes
4answers
8k views

Ways to improve my stagnant credit score

My credit score has been stuck at 695 for about four months. That's a vast improvement from the 500 or so it was four years ago, so I've come a long way. I have two credit cards with balances on ...
13
votes
5answers
832 views

How many credit cards do I need? Should I open another just for the cash back feature?

I just got a mailer from Discover offering a new card, with 5% back on some items and 1% back on everything else. However, I already have a Visa which I have had for a few years. Does it make any ...
7
votes
2answers
602 views

Does closing a normal bank account affect my credit like closing a credit line?

I have a checking account that I once opened to divide money into different piles. I have since stopped doing that and want to close the checking account. I still have other checking accounts with ...
8
votes
6answers
20k views

What impact does overpaying credit card bill have on credit score?

Lets say I got monthly credit card bill for $100 but when I go to bank account online to pay I see that my current credit card spendings are already $150. Should I pay $100 or $150?
9
votes
4answers
193 views

Should I have accepted the offer to double my credit?

I recently received an "invite" from my credit card company with a limited time offer to double my current credit limit. That's right, double! I didn't reply, and they later followed up with an ...
5
votes
2answers
196 views

When Is Using Too Much Credit Bad?

I currently have a secured credit card with $300 secured. I thought this would be a good approach to establish credit, so I started using it with the intention of fully paying it off after closing ...
10
votes
5answers
866 views

Why Am I Having Such A Hard Time Getting a Credit Report?

I have always heard about evil credit card companies preying on vunerable college students. I find that quite interesting, considering I've found it impossible to get a credit card! Even more ...
18
votes
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, ...
13
votes
3answers
2k views

I just moved to the United States. What should I do to develop a good credit rating, fast?

I just moved to the US for working purposes, and found out that for a lot of stuff you buy, you need to have a good credit rating (or pay more, or make a security deposit, etc). I found out also that ...
9
votes
4answers
799 views

I am co-renting with others who do not pay rent reliably. Is there a way I can stay without harming my credit rating?

I rent with other adults in a rental property and my name is on the rental agreement with them. I would like to know if I have to move out, or is there a way I can remain and still pay just my fair ...
9
votes
2answers
666 views

Can you calculate the ROI on your credit score?

I've heard it said from people who work in the industry that your credit rating isn't a measure of your ability to pay, but rather a measure of how profitable a customer you are. I've also heard ...
16
votes
3answers
416 views

Aside from having to re-establish credit & credit history, what are downsides to declaring personal bankruptcy?

If someone were to file for (personal) bankruptcy protection from their creditors, is their entire debt wiped clean? And then they have seven years to wait before their credit history no longer ...
6
votes
4answers
1k views

I keep receiving letters from banks saying I'm pre-approved for credit. Is this junk mail? Are they allowed to do this?

It's scary, because they have my name and address, and if they've pre-approved me, they must have a lot more than that. Am I safe to throw this away as junk mail? Are these random banks allowed to ...
12
votes
3answers
3k views

How often should I check my own credit score? If I do so, will my own inquiry reflect poorly on my score?

I've read that it's important to check your credit score in order to keep a handle on your credit health, as well as to protect yourself from identity theft or fraud (for instance, in this Lending ...
5
votes
1answer
196 views

How do credit scores work? How do they differ from credit ratings?

I've heard both these terms used - are they synonymous? Or is one for Canada, one for the U.K. (or U.S.)? What are the various factors go into determining an individual's "credit score"?
6
votes
5answers
461 views

What are good tips for someone starting out to establish good credit history?

When you started out on your own, whether it was moving out of home for the first time or getting that first job what things did you do that helped your credit rating/history?
46
votes
7answers
2k views

How can one get their FICO/credit scores for free? (really free)

TV and the web are filled with ads promising to give you a free copy of your credit report. Unfortunately, instead of being wholly free, they are actually free trials, which means: You only get them ...
14
votes
1answer
228 views

What is the best way to go about cleaning up a poor credit rating?

Is it true that poor decisions you make now can affect you for up to seven years? Can they negatively-affect one beyond then? What are some steps one could take to repair the damage?
6
votes
2answers
457 views

What is a FICO score and how is it related to a credit report?

What is a FICO score and how is it related to a credit report?