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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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219 views

How badly is one's credit score affected if one stops paying one card but keep paying others?

I am in a very tight situation and I am wondering how the FICO score behaves if I stop paying 2 cards out of 4. How badly would it go down and how badly would it affect applying for loans at different ...
4
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1answer
136 views

Credit limit dropped and utilization high

I had a $7000 line of credit with Wells Fargo, and I have never been late, but they dropped my credit limit down to $5000, and my balance is $4800. This is hurting my credit. What should I do?
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 ...
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3answers
101 views

Credit after a car loan

I just passed year two of my car loan and I'm planning to use my tax refund to pay it down. This will most likely shorten the loan a year. I'm thinking about how I can keep my credit score and such ...
2
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1answer
282 views

Should I make small monthly purchases on ALL six of my credit cards and then pay off in full each month?

I am trying to rebuild my credit. I know it’s critical to establish a history of responsible credit usage. I’ve been diligently making small purchases on two of my three major credit cards every month,...
16
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3answers
4k views

What's the best way to maintain your credit score after paying off all of your debt?

For several years we have had a mortgage, two car loans, and an active line of credit from our bank. We made payments on all of these religiously and our credit score is now in the high 700s. ...
0
votes
1answer
81 views

Effect of Student Loans on credit score

I've got student loans, for which I'm enrolled in the Pay As You Earn (PAYE) repayment plan. This means I'll only ever pay a maximum of 10% of my income towards these loans. Given a relatively low ...
2
votes
2answers
261 views

Optimum balance on individual credit cards for building credit

I've read that in order to build credit more effectively, it's often useful to have a non-zero balance on your monthly statement. I've also read that this should be around 10% of one's credit limit. ...
2
votes
1answer
154 views

Should I apply for another credit card?

I'm in a spot where my credit score has tanked over the last several years. I'm puzzled by the fact that I keep getting credit card offers. I am currently paying a credit card down. I have no open ...
3
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2answers
233 views

Opening Credit Cards to capture the Intro bonus [duplicate]

The past few years, I have been opening a new credit card that offers a intro bonus (usually $200 - $300 after spending $500 or $1000 within the first 3 - 4 months) and also 0% purchase APR for 12 ...
2
votes
1answer
142 views

“The number of inquiries was also a factor, but effect was not significant”

I monitor my (Experian) credit and see some factors are helping and some factors are hurting my score, which is borderline "Excellent". Of the 9 line items reported, one is, "The number of inquiries ...
2
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1answer
59 views

Collections account on one credit report yet CreditKarma reports my scores are almost the same. Why?

I've been fighting with the credit reporting agencies to get an incorrect collections account removed from my report. Two of the three have complied, but TransUnion is being very stubborn. It's been ...
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1answer
125 views

What can I do to get credit issuers to tell me exactly why I was not approved?

Whenever I apply for a credit card or credit line on the internet, I am often given the message that I was not approved, and that I would get a letter via snail mail as to why I was denied. But, when ...
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0answers
172 views

How to regain credit after two car voluntary repossesion, five credit cards amount to 10K?

What are the necessary steps to get back on the road to fixing a credit after not paying 10K worth of credit cards (behind 6 payments for 6 months) and two car voluntary repossession? This is after a ...
0
votes
1answer
121 views

How do credit checks work?

How do credit checks work? I am considering a loan to a person who doesn't have credit and isn't eligible to get a loan from a bank. How does the logic of credit checks work? At least, I hope to ...
4
votes
2answers
171 views

Student loans and credit score

A friend of mine hasn't been paying his student loans off in years now and obviously his credit has suffered. This friend is convinced that if he waits out 7 years of the loan it is taken off his ...
9
votes
5answers
2k views

Possibilities of Mortgage with incalculable Credit Score

I am 23, and I'm following Dave Ramsey's TMM plan. I am concerned, however, about completely closing credit accounts etc. due to the fact that I am not yet a homeowner. I do not want to dig myself ...
5
votes
2answers
470 views

Creditor sent Bill to wrong address and I was not notified

I signed up for a line of credit through a store, and ended up being approved. What I didn't know was there was a fee associated with opening up the card which was charged to the card. After 3 months ...
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votes
3answers
124 views

To take out or loan, or not to take out a loan, for the sake of credit score?

My credit score is sitting around the 720 range and I'm interested in getting it back over 750. I utilized 2 different "0% for 18 month" credit cards as short term loans in order to pay for a wedding ...
1
vote
4answers
243 views

Am I hurting my credit in the long run by not using my card?

for starters, I'm a 23 year old in the USA. So when I lived at home, I took out a loan to buy a car, which my parents cosigned on, this was my primary credit-building exercise. I ended up paying that ...
3
votes
1answer
356 views

My ex boyfriend and I bought a house as tenants in common and it is ruining my credit score

My ex boyfriend and I bought a house as tenants in common more than a decade ago. Due to his abuse I left the house in 2002. After 10 years of trying to force the sell or buy me out, in 2012 he did, ...
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2answers
386 views

Getting credit card in the UK without the permanent address

I've been in the UK since May, but I've been subletting apartments. I have a permanent job and I'm able to save 70% of my salary. I have the bank account in Lloyds and they told me that I'm not ...
2
votes
4answers
86 views

Best loan/expenses to pay off to increase credit rating?

I am getting settled at a new job and starting to look into my personal finances to see where adjustments can be made. I have 7 companies I owe money to for various things like credit cards, car ...
5
votes
2answers
188 views

how far can one push the signup bonus game?

I have never signed up for cards with signup bonuses with the expectation of canceling, but I am getting curious about it. The signup bonuses range from $250-500, more if you redeem for travel ...
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3answers
141 views

Will fraudulent use of my credit card(s) impact my creditworthiness/score?

I am currently in a predicament where I am living in France but most of my credit cards (the ones I don't really use) are back in the U.S. with my parents. I didn't take pictures of the front/back ...
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1answer
75 views

When does a debt collection affect one's credit score in the United States?

Bob lives in the United States. Bob didn't pay for a bill, and the bill was sent to a third-party debt collector. When will it start affecting Bob's credit score? For example, will Bob's credit score ...
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0answers
38 views

Does business credit score transfer over when you incorporate from a sole proprietorship?

I have a newly registered sole-proprietorship in Canada that I am trying to build credit for. If later down the line I decide to incorporate my business, will the business credit score from my sole-...
1
vote
1answer
40 views

Whether credit report includes length of employment or pay check details?

Whether credit report includes length of employment (or) pay check details to the Financial Institute which is running credit check on an Individual? In order to provide Loan, Does the period of ...
1
vote
0answers
59 views

What's the safest/easiest thing I can add to my credit report

I'm in the excellent range on the credit score, but recently it started falling due to lack of (recent) credit report entries. Since it's only 1pt / month, over last half a year, I don't care that ...
3
votes
1answer
200 views

Should I purchase a new car or payoff my current car first?

Background My family is growing and I find my current car (a two-door GTI) inconvenient. I am in the market for a small, used SUV such as a Tiguan, CRV, or Equinox. I will be financing and plan to ...
2
votes
2answers
533 views

Authorized user on Lowe’s credit card (only credit history besides phone bill) how will this affect me when applying for an auto loan?

I’m 18 with a credit score of ~719. My grandfather added me on his Lowe’s credit card ($8,000 limit). He’s had this credit card for over two years and it shows up on my credit report as if I’ve had it ...
0
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1answer
88 views

How will “Final” closing down affect my credit score? [duplicate]

I recently opened up a new credit card with a company called "Final". That company has decided to close down (they did not go into details on why). In response to this, I have 2 questions: 1) How ...
1
vote
1answer
195 views

How much can owning part of a liquidated company affects my credit score?

As part of my employee compensation when I started working for a small startup, I got 5% of the shares. The company didn't make it and the founder wrote me to tell me that he's going to liquidate it, ...
4
votes
5answers
483 views

Ways to build credit for my child now

TLDR What ways can I help my child to build their credit now? EDIT 2 This edit is more details for those seriously curious why I am doing this (there have been a couple more notes on the question). ...
1
vote
1answer
86 views

Affect of Credit card Utilization rate on Credit scores (for Balance Transfer)

Scenario 1: Two Credit cards have 50% utilization rate each Interest savings are moderate Convenience factor - medium Scenario 2: One card has 90% utilization rate. Interest savings are higher as ...
1
vote
1answer
97 views

Does opening credit cards at different banks impact credit score?

I have been building credit with a card for about 6 years while I went through school. My credit score is decent so I'm looking into opening another card to take advantage of cash back deals and ...
4
votes
4answers
405 views

I’m a minor, will mom's bad credit score stop me from buying used car?

I really just need opinions. I want to put a $1,500 down payment on a $10,000 used car and able to pay the monthly payment. Since I’m a minor and will be under my mom's name and she has a bad credit ...
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3answers
113 views

Best way to build a credit history for a graduate student in the US

I'm a first year graduate student in the US, and I'm considering several options to start building credit history. 1) Apply for a local credit union secured credit card (without annual fee) 2) Apply ...
2
votes
4answers
16k views

Is it ok to buy something on your credit card due date?

This is my first credit card so I'm a little confused. I'm with Capital One and my due date every month is the 6th and my minimum payment is $25, and anything less than $25 (example if I have $16 on ...
1
vote
1answer
120 views

Credit card fraud resulting in credit card account closure + reopening with a different account number: what's the impact on the credit score? [duplicate]

I live in the United States. One of my credit cards issued by a bank based in the US (namely, JPMorgan Chase Bank) was used fraudulently. I informed my bank, who Informed me they would close my credit ...
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 ...
6
votes
2answers
396 views

My bank wants to lower my credit limit on my credit card. Will this impact me negatively?

I have a credit card upon which I buy my day-to-day purchases, and pay off in full every month, in order to build a credit history. I have a credit limit of £4050. My bank (the issuer) emailed me ...
2
votes
1answer
106 views

Apply for credit card again after being rejected

I already have one discover credit card and I recently applied for Wells Fargo credit card. But it got rejected saying that I am not a US resident. Something about me:- I am a student doing masters ...
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vote
2answers
119 views

Minimum amount of PII (personally identifiable information) to ding credit

If I give a Dr. my past address (property that is either now a rental where I am the property manager or a house I no longer own), date of birth, age etc. and a copy of my passport, but don't give ...
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4answers
362 views

Credit card closed. Effect on credit score (USA)

So this just happened to me recently and I'm worried. I've been between jobs and making heavy use of my single credit card recently. The card was set up by my bank to make automatic payments of the ...
5
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4answers
2k views

Should I pay credit card balance to ZERO, or just the balance due?

I have a credit card set to pay the balance due in full on the due date automatically, so I don't pay interest. By the time the due date hits, my actual balance is of course, almost double the ...
4
votes
1answer
94 views

Is it possible to start building a credit score in the US from abroad?

I am an Italian citizen looking to move to the United States at some point next year; my fiancée submitted a petition for a K-1 Visa and we're waiting for it to be processed. I have done a little ...
20
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1answer
4k views

If you put a freeze on your credit, will your credit score stop changing?

I have placed credit freezes at all three agencies in the US. I have existing debt that I am paying on time, will the credit freeze stop that activity from being recorded and helping my credit score?
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votes
2answers
327 views

Do overdrafts on a checking account affect credit score?

I unfortunately had an overdraft on my checking account and my bank transferred money from a reserve line. Will this affect my credit score? Or is it independent from that?
3
votes
1answer
274 views

Does increasing credit limit on corporate card affect personal credit score?

An individual has a corporate credit card under their own name where the company reimburses them for expenses into their personal bank account. Corporate credit card bills are paid by the individual's ...