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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.

2
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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 ...
2
votes
1answer
100 views

Building Credit [duplicate]

I'm 19 years old and recently opened a secured credit card with my local credit union in order to build credit. I payed off my balance last month and this one in full just because I was already paying ...
0
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2answers
214 views

How to remove a late payment from my credit report?

My boyfriend had horrible credit, so we bought a living room set with my credit, but when we broke up he decided to stop paying on it (even though he kept the couches) and I didn't realize till 90 ...
2
votes
3answers
285 views

Does early repayment affect the credit score?

If I take the personal loan, start making payments regularly and then decide to completely repay it - what will happen to my credit rating? Would it improve, decrease or not be affected?
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
0answers
82 views

When a hard check brings your credit score down, is the higher or lower (newer) score used in the current application?

I'm applying for a business loan that will involve a hard check on my personal credit, but according to a credit tracker that I use, I'm very close to going from "Excellent" to "Very Good". The next ...
6
votes
2answers
3k views

Credit freeze in UK

I've read a lot that in US people can protect themselves from identity theft by applying credit freeze on their credit history, is there similar option in UK?
3
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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 ...
3
votes
1answer
123 views

Is it possible for credit card companies to check credit score in India?

I had two credit card applications rejected with the following reasons: ...as your application is not in line with our existing credit policy. ...as it does not fulfill our internal policy ...
1
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3answers
326 views

What's the point of Ford loosening financing requirements?

Ford has recently announced that they will now allow buyers without credit score to obtain auto credit. Apparently there is even a special discount on new cars for people with low credit score. Why do ...
1
vote
4answers
425 views

How to go from Good to Excellent Credit for Free?

I looked up my Fico score for the first time in March of this year--it was 766. At that point, I had two credit cards, one that I used for almost everything and a store card that I hardly ever used. ...
5
votes
1answer
93 views

Do lenders have a practical obligation for prompt/accurate credit reporting?

Joe had a high-balance loan from Acme Bank and paid it off. Acme reported to the credit bureaus about every 30 days during the loan, up until the day after the scheduled payoff. On that last day, ...
2
votes
0answers
283 views

Why does a U.S. credit card application ask for other citizenships?

Looking at a credit card application, they are asking U.S. citizens whether they are citizens of another country. Why are they asking for this information? Will it hurt the application to disclose ...
2
votes
0answers
44 views

How do co-applicants affect loan terms and credit histories?

Alice and Bob are considering applying for a loan - for a discussion example, an Acme credit card. They have no previous credit connection. Applying individually, Alice would probably not be ...
3
votes
4answers
971 views

How to manage multiple credit accounts balances?

I have a dilemma understanding how and when I should pay my credit balances. At the moment I am using two credit accounts, one is from BofA and the other is from Discover. I always keep paying the ...
1
vote
1answer
67 views

Credit card accounts and credit score [duplicate]

I m relatively a new resident in the US. I opened an account with BofA (oct/2016) and after struggles they approved me for their student secured credit card account (700$). After 4 months I applied ...
17
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5answers
5k views

Will it hurt my credit to keep a bank account at a credit union, but not use it?

A previous job forced me to open a new account with their partner credit union. I was very uneasy about it at the time, but there wasn't room or time to really argue it. That was four years ago, and I ...
1
vote
1answer
60 views

Do personal bank loans affect credit score more than collection notices?

I have a (hopefully) simple question. In terms of a credit check (for a mortgage or similar) would a current half-paid personal loan for several thousand dollars look better or worse than several ...
5
votes
2answers
222 views

After successfully disputing a derogatory item on my credit report, can it reappear?

I have been fighting off an erroneous derogatory comment (collections) on my credit reports for the past few months. Two of the agencies have removed the item and I expect the third to follow suit ...
2
votes
1answer
130 views

Medical collection for parents - will it affect me?

My parents were visiting the US from Europe and they had some sort of travel insurance. During their visit, my dad had a fall and was taken to the ER; thankfully nothing was wrong and he was released ...
1
vote
3answers
246 views

Parents Credit on My Credit Report

While I still lived at home a few years ago, my parents added me onto one of their credit card accounts and gave me a card with my name on it. Fast forward to moving out and living with my wife; we ...
2
votes
3answers
154 views

Does an un-used credit card count towards my total credit? (for utilization)

I have a bunch of credit cards I've opened for their preliminary cash payout when you spend X dollars in Y months. I don't plan on using them after that, but will keep them to increase my total credit ...
2
votes
2answers
455 views

Credit utilization when large purchases are paid off mid-month? [duplicate]

Here's a situation I've always wondered: Suppose Alice has a $1500 Credit Card and wants to buy a $2000 trinket from Bob. Bob agrees to allow Alice to make 2 $1000 installments on a NET 30 term. ...
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 ...
9
votes
5answers
3k views

Should I lower my student loan payments to keep my account open (and credit score up)?

I am looking to buy a house within the next year or two. My issue is that I have a little under $2k in student loans. I could pay that off at any time and the interest is barely $2 per month. I ...
5
votes
3answers
4k views

Does a declined request to increase my credit limit hurt my credit score?

If I’m eligible for a line of credit increase request on my credit card, request one, but am declined one, does it hurt my credit score? If it can hurt my credit score, is it situational or does it ...
12
votes
2answers
731 views

How do I prevent my ex from making bank and credit card accounts using my son's SSN?

As you may see from the history of my questions, my ex-wife is a financial disaster. Forever out of money, forever on the edge of crisis, forever not wanting to hold down a normal 9-5 job. But show ...
9
votes
4answers
2k views

Negatives to increased credit card spending limit? [duplicate]

My credit card company is giving me credit increases despite me not asking for them. Are there any drawbacks to an increased spending limit? For reference I spend 25$ per month on this card, pay it ...
21
votes
4answers
7k views

How to recover from credit score hit from paying off loan?

My credit score recently took a dip after I paid off my student loans recently. When I look at the credit report via mint it shows a "not bad" rating for number of accounts opened. ("not bad" is the ...
1
vote
1answer
751 views

Credit report in Italy

I am Italian, looking to move back to Italy. I'd like to know if Italy has some sort of credit-score or credit history and this is actually checked on mortgage application? Is credit score report ...
0
votes
4answers
229 views

How to approach building credit without a credit card

I am a recent college graduate and I've just landed a full time, good paying consulting job. I am 18 years of age and I would like to purchase a duplex(or some type of rental property) property in ...
21
votes
9answers
7k views

Should I pay off my car loan within the year?

I saw another question like this, but I am in a bit of a different situation. I am 19 years old, in college, and have no credit history. I saved up enough money to buy a car, but decided to get a ...
4
votes
1answer
119 views

Effects on personal credit report of a dispute with a merchant

I am curious: I placed a credit card order with a merchant late last year for a subscription service as a Christmas gift. It was an "X of the month" style subscription for a family member, of six ...
9
votes
3answers
390 views

Should I cancel my first of five cards, which has a $300 limit?

I currently have five credit cards, four of which total $11,500 in credit, the other is a $300 line. I'm a recent graduate not making tons of money, so I don't spend more than $6k per year on things ...
1
vote
1answer
79 views

How does credit rating work in Canada?

I would like to understand how to model to evaluate if credit score is different in Canada from the USA. I just finished paying some debt on a 0% credit card and I have no more use of this card (and ...
1
vote
3answers
237 views

Why is low credit utilization considered good?

I am a beginner at using credit cards. [My first credit card is a month old now]. I am reading this blog post, where I came across this line about credit utilization: if you have a $10,000 credit ...
1
vote
4answers
214 views

How do these credit score numbers add up?

Two years ago I moved to the United States and got a brand-new, never-used social security number. I started with a blank slate. I have read "How much does credit score matter" and I've read "What is ...
21
votes
5answers
5k views

Confused: Should I be opening more no annual fee credit cards to improve my score with the intention to not use them?

I was told that having more cards and more open accounts was more of a risk factor since you have more credit to abuse. However, this seems to say otherwise that credit trackers actually encourage you ...
-2
votes
1answer
136 views

Is using multiple sites to get your “free credit score” a bad idea — do all credit review sites pull from the same data?

My bank has a free credit score review option. There are several sites that offer it. Does it matter which one you pull from? Do they all pull from the same sources so the data is all the same or does ...
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'...
1
vote
1answer
198 views

car purchase loan versus car collateral loan

We're looking to buy a used car and wonder if there's any difference in rates and/or impact on your credit score to buying the car with cash and using it as collateral for a loan or getting a loan to ...
1
vote
0answers
35 views

Do administrative wage garnishments for nontax debts count as judgments or other public records for the purposes of the three credit bureaus?

When I was in my late teens, I made some bad choices. Most notably, I was on SSI, which the government retroactively decided I was not eligible for. They put the debt on my credit report, some years ...
1
vote
1answer
195 views

Can I get penalized for maxing out my credit card on one purchase?

I have an Amazon Visa card with a $2,000 limit, and I get a certain number of rewards points every time I use it that I can put toward future Amazon purchases. Ergo I like to use this card for more ...
2
votes
2answers
335 views

Opening 5 credit cards at once with no history to ruin, is it a good idea?

I have no credit. I'm a student, who has never had a credit card short of a secured card I had a few years ago that I was poorly advised to close, and now I'm trying to build credit. Conventional ...
1
vote
1answer
730 views

Excessive Credit Check from Comcast

I used to be a customer of Comcast, but left them a long time ago for another ISP. When I started doing business with Comcast, they performed a credit check on me. At that time, I had no issue with it ...
1
vote
1answer
95 views

Will my credit score be affected for credit card application rejections?

I have got my credit card this month. So, the next month would be my first payment of my bills [Will pay it in full] However, I travel a lot, and I get offered credit cards in airports [via the ...
7
votes
5answers
411 views

Why are banks providing credit scores for free?

It used to be that you had to pay to see your credit score and that credit scores were kept a "secret" so you'd never know what it was when you went to apply for a loan. However, now, almost every ...
1
vote
2answers
275 views

Worth canceling an old Amex Charge Card Account?

I'm looking for a bit of advice as whether or not it is worth canceling my Amex Charge Card. Currently, I am using an Amex Gold Card as my one and only card. I have had a Charge Card account with Amex ...
4
votes
2answers
5k views

Can I check US credit score from abroad?

I permanently left the US a few years ago and I am no longer permanent resident. Is there a way to check my own credit score for personal verification purposes (the major credit agencies require a ...
3
votes
1answer
173 views

Removed late payment, score went down

I'm in the process of securing a mortgage. My mortgage lender pulled my credit score approximately a month ago and it came back at 695 which was lower than it has been in the past. We assumed it was ...